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ACCT 2101 Exam 3 Study Guide (Chapters 7 � 9)

A comprehensive study guide with solved questions for Exam 3 in ACCT 2101.

Scarlett Carter
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ACCT 2101 Exam 3 Study Guide (Chapters 7–9)Chapter 71.SchwinnCompanyassembledthefollowinginformationincompletingitsMarchbankreconciliation:Balance per bank$15,280Outstanding checks$3,100Deposits in transit$5,000NSF check$320Bank service charge$100Cash balance per books$17,600As a result of this reconciliation, Schwinn willa.reduce its cash account by $1,900.b.reduce its cash account by $100.c.increase its cash account by $220.d.reduce its cash account by$420.(NSF & Bank Charge)2.The following information was taken from Mitchell Company cash budget for the month ofJuly:Beginning cash balance$100,000Cash receipts96,000Cash disbursements136,000If the company has a policy of maintaining end of the month cash balance of $100,000,the amount the company would have to borrow isa.$40,000.(100000+96000-136000=60000; 100000-60000=40000)b.$20,000.c.$60,000.d.$24,000.3.The following credit sales are budgeted by Garcia Company:January$255,000February375,000March525,000April450,000The company’s past experience indicates that 70% of the accounts receivable arecollected in the month of sale, 20% in the month following the sale, and 8% in thesecond month following the sale. The anticipated cash inflow for the month of March isa.$462,900.(525000March*70%=367500;375000Feb*20%=75000;255000Jan*8%=20400; 367500+75000+20400=462900)b.$420,000.c.$450,000.d.$441,000.4.Higgins Company gathered the following reconciling information in preparing its October bankreconciliation:Cash balance per books, 10/31$12,600Deposits in transit450Notes receivable and interest collected by bank2,550Bank charge for check printing60

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Document Details

University
East Carolina University
Course
ACCT 2101
Subject
Accounting

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