Questions from College Accounting

Q: What is a promissory note? What entry is made to record

What is a promissory note? What entry is made to record the collection of a promissory note and interest? Which journal is used?

Q: Describe the major controls for cash payments.

Describe the major controls for cash payments.

Q: Why are journal entries sometimes needed after the bank reconciliation is prepared

Why are journal entries sometimes needed after the bank reconciliation is prepared?

Q: Explain what bonding means. How does bonding relate to safeguarding cash

Explain what bonding means. How does bonding relate to safeguarding cash?

Q: Describe the major controls for cash receipts.

Describe the major controls for cash receipts.

Q: Explain the meaning of the following terms: a. Canceled

Explain the meaning of the following terms: a. Canceled check b. Outstanding check c. Deposit in transit d. Debit memorandum e. Credit memorandum f. Dishonored check g. Blank endorsement h. Deposit sl...

Q: The following statements concern the use of online banking. Identify whether

The following statements concern the use of online banking. Identify whether each is true or false. a. Businesses can use online banking to send tax payments to government agencies. b. Businesses can...

Q: What account is debited for the purchase of merchandise inventory when (

What account is debited for the purchase of merchandise inventory when (a) the periodic system is used and (b) the perpetual inventory system is used?

Q: What account is credited for the return of merchandise inventory when (

What account is credited for the return of merchandise inventory when (a) the periodic system is used and (b) the perpetual inventory system is used?

Q: What account is debited for freight charges on merchandise inventory purchases when

What account is debited for freight charges on merchandise inventory purchases when (a) the periodic system is used and (b) the perpetual inventory system is used?