Questions from General Accounting

Q: James Hughes Company established a petty cash fund on May 1,

James Hughes Company established a petty cash fund on May 1, cashing a check for $100.The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.75. Recei...

Q: Mingenback Company has the following internal control procedures over cash disbursements.

Mingenback Company has the following internal control procedures over cash disbursements. Identify the internal control principle that is applicable to each procedure. 1. Company checks are prenumbere...

Q: Lincolnville Company uses an imprest petty cash system. The fund was

Lincolnville Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. During March the following petty cash receipts were found in the petty cash box. The...

Q: Anna Pelo is unable to reconcile the bank balance at January 31

Anna Pelo is unable to reconcile the bank balance at January 31.Anna’s reconciliation is as follows. Cash balance per bank…………………..$3,560.20 Add: NSF check……………………………….690.00 Less: Bank service charge...

Q: On March 20, Terrell’s petty cash fund of $100 is

On March 20, Terrell’s petty cash fund of $100 is replenished when the fund contains $7 in cash and receipts for postage $52, freight-out $26, and travel expense $10. Prepare the journal entry to reco...

Q: On April 30, the bank reconciliation of Galena Company shows three

On April 30, the bank reconciliation of Galena Company shows three outstanding checks: no. 254, $650, no. 255, $820, and no. 257, $410.The May bank statement and the May cash payments journal show the...

Q: (a) Reeves Company ships merchandise to Cox Company on

(a) Reeves Company ships merchandise to Cox Company on December 30. The merchandise reaches the buyer on January 6. Indicate the terms of sale that will result in the goods being included in (1) Reev...

Q: Maria Gonzalez is the owner of a successful printing shop. Recently

Maria Gonzalez is the owner of a successful printing shop. Recently her business has been increasing, and Maria has been thinking about changing the organization of her business from a proprietorship...

Q: What are the advantages of using a journal in the recording process

What are the advantages of using a journal in the recording process?

Q: Explain the differences between depreciation expense and accumulated depreciation.

Explain the differences between depreciation expense and accumulated depreciation.