Multiple Choices 1-20 (Please hi light the correct answers and submit them to me). Thanks :)

Multiple Choices 1-20 (Please hi light the correct answers and submit them to me). Thanks :)

11. Cash from sales of merchandise will be recorded in thea. cash receipts journal.b. sales journal.c. purchases journal.d. general journal.2. Which one of the following columns in a cash receipts journal is notposted in total to an account in the general ledger?a. Accounts Receivable columnb. Cash columnc. Sales Discounts columnd. Other Accounts column3. A subsidiary ledger frees the general ledger from details ofa. individual balances.b. internal transactions.c. The control accountd. External account4. Postings are made daily to thea. Accounts Receivable control account.b. Accounts Payable control account.c. Control accounts in the general ledger.d. Accounts Receivable subsidiary ledger.5. Adjusting entries are recordeda. in the general journal.b. in the special journals.c. only on the worksheet.d. only in the general ledge6. The reference column of the accounts in the accounts payable subsidiary ledger after posting may showa. G, P, or S references.b. only CP references.c. only P references.d. CP, P, or G references.7. Richmonds Wholesale uses a sales journal. An entry in this journal represents aa. debit to Sales Discounts; credit to Cash.b. debit to Accounts Receivable; credit to Sales Revenue.c. debit to Accounts Payable; credit to Sales Returns and Allowances.d. debit to Cash; credit to Sales Revenue.8. Entries in a sales journala. are made from sales invoices.b. will indicate the invoice number in the reference column of the sales journal.c. will occupy two lines of the sales journal.d. indicate either a cash debit or accounts receivable debit.9. Principles of an efficient and effective accounting information system include all of the following excepta. cost effectiveness.b. useful output.c. flexibility.d. all of these answer choices are principles.10. A student should recognize a need to study manual accounting systems becausea. all small companies only use manual accounting systems.b. the structure of electronic systems differs greatly from manual systems.c. the software and hardware of electronic systems vary greatly, which makes manual procedures more practical to study.d. companies that use manual systems hire more accountants11. Internal control is defined, in part, as a plan that safeguardsa. liabilities.b. capital stock.c. all balance sheet accounts.d. assets.12. Using prenumbered checks and having an approved invoice for each check is an example ofa. establishment of responsibility.b. segregation of duties.c. documentation procedures.d. independent internal verification.13. Companies that are subject to, but fail to comply with, the Foreign Corrupt Practices Act of 1977a. may do so legally by obtaining an exemption.b. may be forced to sell their foreign subsidiaries.c. will be automatically dissolved.d. may be subject to fines and officer imprisonment.14. The principles of internal control include all of the following excepta. establishment of responsibility.b. combining of duties.c. physical, mechanical, and electronic controls.d. independent internal verification.15. When opening a bank checking account, a signature carda. is required only when dealing with an out-of-state bank.b. indicates to whom money is to be paid.c. is attached to all pre-printed checks.d. indicates each person authorized to sign checks on the account.16. Trudy, Inc. had the following bank reconciliation at March 31, 2014:Balance per bank statement, 3/31/14 $37,200 Please show solutionAdd: Deposit in transit 6,30043,500Less: Outstanding checks 8,600Balance per books, 3/31/14 $34,900Data per bank for the month of April 2014 follow:Deposits $46,700Disbursements49,700All reconciling items at March 31, 2014 cleared the bank in April. Outstanding checks at April 30, 2014 totaled $6,000. There were no deposits in transit at April 30, 2014. What is the cash balance per books at April 30, 2014?a. $34,200b. $38,500c. $25,900d. $31,90017. Hoppmann Company wrote checks totaling $25,620 during October and $27,975 during November. $24,360 of these checks cleared the bank in October, and $27,330 cleared the bank in November. What was the amount of outstanding checks on November 30? Please show solutiona. $2,355b. $1,260c. $1,905d. $64518. Carothers Company assembled the following information in completing its March bank reconciliation: balance per bank $7,640; outstanding checks $1,550; deposits in transit $2,500; NSF check $160; bank service charge $50; cash balance per books $8,800. As a result of this reconciliation, Carothers willa. reduce its cash account by $210.b. reduce its cash account by $950.c. increase its cash account by $110.d. reduce its cash account by $50.19. In the month of November, Kinsey Company Inc. wrote checks in the amount of $18,500. In December, checks in the amount of $25,316 were written. In November, $16,936 of these checks were presented to the bank for payment, and $21,766 were presented in December. What is the amount of outstanding checks at the end of November?a. $1,564b. $6,816c. $4,830d. $5,11420. If the month-end bank statement shows a balance of $72,000, outstanding checks are $54,000, a deposit of $15,000 was in transit at month end, and a check for $3,000 was erroneously charged by the bank against the account, the correct balance in the bank account at month end isa. $114,000.b. $72,000.c. $33,000.d. $36,000.


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