accounting-The special journal that an accounts receivable clerk
by ella | Aug 20, 2025 | Business
| 1.The special journal that an accounts receivable clerk would use most often would be the ________ journal. (Points : 20) |
general
sales
cash disbursements
cash receipts |
Question 2.2.Jeezy Inc. had a bank balance of $6,500 at the end of the month. They also had the following reconciling items:
|
Deposits in transit
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$2,300
|
|
Interest revenue earned on the account
|
$12
|
|
Outstanding checks
|
$1,400
|
|
Bank service charge
|
$25
|
|
Bookkeeping error (check for $500 was recorded as $50)
|
$450
|
|
NSF checks
|
$150
|
What is the adjusted bank balance for Jeezy Inc.? (Points : 20) |
$5,887
$6,800
$8,200
$7,400 |
| Question 3.3.________ provide(s) useful information to management by delineating which customers are current and which customers are overdue on their accounts, and by reporting how long the account has been outstanding. (Points : 20) |
Net realizable value of accounts receivable
The allowance method
The aged receivables report
Interim financial statements |
| Question 4.4.ABC Company requires that all checks over $1000 be signed by two corporate officers. This required review of large checks by upper management is an internal control focusing on ________. (Points : 20) |
safeguarding assets
promoting operational efficiency
encouraging employees to follow company policy
ensuring accurate and reliable accounting records |
Question 5.5.Mapco had the following information related to accounts receivable during the year:
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Accounts receivable balance on January 1st
|
$15,000
|
|
Net credit sales
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$150,000
|
|
Collections on accounts receivable
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$144,000
|
|
Allowance account balance on January 1st
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$3,200
|
|
Write-offs during the year
|
$3,500
|
Mapco uses the percentage-of-sales method of estimating uncollectible accounts. Historically, 2.5% of net credit sales will be uncollectible. What will be the balance in the allowance account for Mapco at the end of the year? (Points : 20) |
$3,450
$6,950
$4,125
$3,750 |
