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Exam 7: Accounting for Cash

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Question 1

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Posting must be done from the petty cash payments record.

A) True
B) False

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Question 2

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A debit to Accounts Receivable for $50 and a credit to Cash for $50 would be an accurate journal entry to record

A) electronic funds transfers (EFTs) .
B) not sufficient funds (NSF) checks.
C) petty cash.
D) ATM deposits.

E) B) and C)
F) A) and C)

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Question 3

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The difference between the balance in the cash account on the depositor's books and the bank's books is usually due to errors.

A check deposited that is not paid because the drawer did not have sufficient funds is called an NSF check.

Match the terms with the definitions. -A set of procedures designed to ensure proper accounting for transactions.(Appendix)

Post the differences between the cash count and the cash register tape to the Cash Short and Over T account.Assume a change fund of $100. $\begin{array} { r r c c } \underline{\text { Date }} & \underline{\text { Cash Register Tape }} & \underline{\text { Cash Count }} \\\text { March } \quad 3 & \$ 1,495.89 & \$ 1,601.89 \\4 & 1,878.55 & 1,986.55 \\5 & 741.76 & 843.76 \\6 & 1,646.62 & 1,744.62 \\7 & 1,714.13 & 1,814.13\end{array}$ ? $\begin{array}{cc}\text {Cash Short and Over }\\\hline\begin{array}{ll|l}& \\\end{array}\end{array}$ 1. What is the amount of cash sales for the week? $\underline{\quad\quad}$ 2. What is the balance in the cash short and over account? $\underline{\quad\quad}$ 3. Does the balance in the cash short and over account represent a shortage or overage? $\underline{\quad\quad}$ 4. How much cash was deposited? $\underline{\quad\quad}$

To sign the back of a check with the name of the company and "Pay to any bank" is an example of a

____________________ are checks that have been issued during the period,but have not been presented to the bank for payment before the bank statement is prepared.

Match the terms with the definitions. -Deposits that have not reached or been recorded by the bank before the bank statement is prepared.

To use an ATM machine,the depositor must have a

The petty cash payments record indicates classified expenditures as follows: Automobile Expense,$20; Supplies Expense,$12; Postage Expense,$6; and Miscellaneous Expense,$5.The transaction would include

The depositor who orders the bank to pay a certain amount of money is known as the drawee.

____________________ are checks written by a depositor and paid by the bank.

When words such as "for deposit only" or "pay to the order of" are added to a blank endorsement,it becomes a(n)____________________.

Businesses commonly use cash registers with tapes that accumulate a record of the day's cash receipts.

The check written to establish the petty cash fund is recorded in the journal by crediting Cash and debiting Petty Cash.

Outstanding checks are checks issued that have not yet been presented to the bank for payment.

When it is necessary to replenish the petty cash fund,the petty cashier prepares a statement of payments.

Cash receipts of $719 and a cash count of $715 would indicate a cash overage.

A statement of account issued by a bank to each depositor once a month is known as a(n)____________________.