Asdfaf - Lecture notes 1 PDF

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UNSW Business School School of Accounting ACCT1501 Accounting and Financial Management 1A Term 1 2021

TUTORIAL WEEK 9 Solutions to Socrative Questions 1. In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for a $8 100 dividend on shares, deposited directly into the bank account, appearing on the bank statement is to: add it to the balance as per bank statement. deduct it from the balance as per bank statement. add it to the balance per company records.  deduct it from the balance per company records.

2. In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for $870 from a debtor paid directly into the company’s bank account is to: add it to the balance as per bank statement. deduct it from the balance as per bank statement. add it to the balance per company records.  deduct it from the balance per company records.

3. In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for a cheque for $871 in payment of an account payable that was erroneously entered as $817 in the company’s books is to: add it to the balance as per bank statement. deduct it from the balance as per bank statement. add it to the balance per company records. deduct it from the balance per company records. 

4. In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for a deposit for $2 300 not appearing on the bank statement is to: add it to the balance as per bank statement.  deduct it from the balance as per bank statement. add it to the balance per company records. deduct it from the balance per company records.

5. In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for $240 in interest earned on the account is to: add it to the balance as per bank statement. deduct it from the balance as per bank statement. add it to the balance per company records.  deduct it from the balance per company records.

6. Included in the bank statement was a debit for bank service charges. What entry is required in the company’s accounts? DR Bank charges CR Cash  DR Cash CR Other revenue DR Cash CR Accounts payable DR Accounts payable CR Cash

7. Griffin Ltd made a sale of $800 to a customer on terms of 2/10, n/30 on 1 July. The account was paid on 8 July. Griffin Ltd would make which of the following postings to the ledger on 8 July? DR Discount expense DR Accounts receivable

$16  $800

CR Discount revenue

$16

CR Discount expense

$16

8. At 30 June 2019 Shifty Ltd had a balance of Accounts receivable of $90 000 and an Allowance for doubtful debts of $4 000. It was further decided that the Allowance for doubtful debts should stand at 5 per cent of Accounts receivable. What was the journal entry needed to adjust the allowance account?

DR Bad debts expense $500 CR Accounts receivable

$500

DR Bad debts expense $500 CR Allowance for doubtful debts

$500 

DR Allowance for doubtful debts $500 CR Accounts receivable

$500

None of the above...