Showing 1051 to 1060 of 1587 Questions
  • Shortly after July 31, Morse Corporation received a bank statement containing the following information:December cash transactions and balances on Morse’s records are shown in the following T-account:Required:1. Prepare a bank reconciliation for July.2. Prepare the adjusting entries made by Morse Corporation as a result of this reconc

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  • Shortly after July 31, Towanda Corporation received a bank statement containing the following information:December cash transactions and balances on Towanda’s records are shown in the following T-account:Required:1. Prepare a bank reconciliation for July.2. Prepare the adjusting entries made by Towanda Corporation as a result of this

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    220
  • Should external auditors do all audit procedures themselves, or should the relationship between the auditor and the client be more friendly? You have just graduated from college and are now working as an auditor for a public accounting firm. Your first client is a major shipping company on the west coast that specializes in sending goods

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  • Signs-A-Rama Co. is a small merchandising company with a manual accounting system. An investigation revealed that in spite of a sufficient bank balance, a significant amount of available cash discounts had been lost because of failure to make timely payments. In addition, it was discovered that the invoices for several purchases had been

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    175
  • Silverstone’s production budget for March called for making 200,000 units of a single product. The firm’s production standards allow one-quarter of a machine hour per unit produced. The fixed overhead budget for March was $108,000. Silverstone uses an absorption costing system.Actual activity and costs for March were:Units produced .

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    145
  • Slacks.com received a bank statement from French Bank indicating a balance of $8,200. Based on Slacks.com’s check stubs, the ending checkbook balance was $9,000. Your task is to prepare a bank reconciliation for Slacks.com as of July 31, 201X, from the following information (journalize as needed):a. Checks outstanding: no. 122, $850; no

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    54
  • Slacks.com received a bank statement from Italian Bank indicating a bank balance of $7,600. Based on Slacks.com’s check stubs, the ending checkbook balance was $8,767. Your task is to prepare a bank reconciliation for Slacks. com as of July 31, 201X, from the following information (journalize entries as needed):a. Checks outstanding: no

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    49
  • Smith Law Firm specializes in the preparation of wills for estate planning. On October 1, 2015, the company begins operations by issuing stock for $11,000 and obtaining a loan from a local bank for $35,000. By the end of 2015, the company provides will preparation services of $42,000 cash and pays employee salaries of $33,000. In addition

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  • Smithville Timber Company established a $180 petty cash fund on January 1, 2013. Required a. Is the establishment of the petty cash fund an asset source, use, or exchange transaction? b. Record the establishment of the petty cash fund in a horizontal statements model like the following one:c. Record the establishment of the fund in gener

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  • Smyrna Inc. has a petty cash fund of $900. (a) Since the petty cash fund is only $900, should Smyrna Inc., implement controls over petty cash?(b) What controls, if any, could be used for the petty cash fund?

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