Questions from General Accounting

Q: The following reconciling items are applicable to the bank reconciliation for Nuessen

The following reconciling items are applicable to the bank reconciliation for Nuessen Co. Indicate how each item should be shown on a bank reconciliation. (a) Outstanding checks. (b) Bank debit memora...

Q: Using the data in BE 8, indicate (a)

Using the data in BE 8, indicate (a) the items that will result in an adjustment to the depositor’s records and (b) why the other items do not require adjustment. BE 8: The following reconciling it...

Q: The internal control procedures in Edmiston Company make the following provisions.

The internal control procedures in Edmiston Company make the following provisions. Identify the principles of internal control that are being followed in each case. (a) Employees who have physical cus...

Q: On January 10, 2014, Tolleson Co. sold merchandise on

On January 10, 2014, Tolleson Co. sold merchandise on account to Simmons for $8,000, terms n/30. On February 9, Simmons gave Tolleson Co. a 7% promissory note in settlement of this account. Prepare th...

Q: Roy Luber is uncertain about the control features of a bank account

Roy Luber is uncertain about the control features of a bank account. Explain the control benefits of (a) a checking account and (b) a bank statement.

Q: Span Company has these cash balances: cash in bank $12

Span Company has these cash balances: cash in bank $12,742; payroll bank account $6,000; and plant expansion fund cash $25,000. Explain how each balance should be reported on the balance sheet.

Q: The following information is available for Conger Company for the month of

The following information is available for Conger Company for the month of January: expected cash receipts $59,000; expected cash disbursements $67,000; and cash balance on January 1, $12,000. Managem...

Q: Richman Corp. had a beginning balance in accounts receivable of $

Richman Corp. had a beginning balance in accounts receivable of $70,000 and an ending balance of $91,000. Credit sales during the period were $598,000. Determine cash collections.

Q: These expenditures were incurred by Dunston Company in purchasing land: cash

These expenditures were incurred by Dunston Company in purchasing land: cash price $60,000; accrued taxes $5,000; attorney’s fees $2,100; real estate broker’s commission $3,300; and clearing and gradi...

Q: Gant Company reported net income of $157,000. It

Gant Company reported net income of $157,000. It reported depreciation expense of $12,000 and accumulated depreciation of $47,000. Amortization expense was $8,000. Gant purchased new equipment during...