Which account is NOT considered a cash equivalent:  Money Market Accounts, Accounts Receivable, Supplies

Allowance for doubtful accounts is classified as

What does the Accounts Receivable Turn Over Rate indicate?

Your company had net sales of $8.5 million.  Your receivables were 1.2 a the beginning of the fisical period and 1.4 at the end of the fiscal period.  What is the average number of days to collect AR?

What is the adjusting entry that is needed to bring the allowance for doubtful accounts to the proper amount in the general journal?

What does the bank reconciliation explain?

When preparing a bank reconciliation, the outstanding checks should be

When doing the bank reconciliaiton, you realize a check for $200 was erroneously entered as $500 by the company.  What would you do to correct this on the bank statement?

A company wrote a check for $76 and it cleared the BANK for $76.  However the company recorded the check in the cash account as $67.  How is the difference of $9 handled on the bank reconciliation?

How is INTEREST credited to the bank account handled on the bank reconciliation?

How is a petty cash fund created?

What account is used to replensih the petty cash fund?

Approximately, how many times a month is petty cash replenished?

Petty cash was established with $125.  Cash in the petty cash fund is $26 at the end of the month.  Receipts for the month  total $95.  Whaat amount will be recorded as over/short?

What accounts are used to increase the balance in the Petty Cash Fund?

Companies with large amounts of liquid resources often hold most of these resources in what type of investments?

Why are Marketable Securites classified as a current asset on the balance sheet?

How do you record the adjusting entry for Marketable Securities at the end of the year when the market value is greater than your account balance?

When selling shares of a marketable security, how is the brokerage commission factored into the transaction?

Nike issued a $.10 dividend per share of stock.  You owned 2,000 shares of Nike stock.  What account would be credited?

A line of credit would be classified as an Asset, Liability or as Owners Equity?

Is Marketable Securites debited or credited if there is a GAIN when preparing the Mark to Market adjusting entry at the end of the year?

How is the bank service charge recorded in the bank reconciliaiton process?

Define Outstanding Checks

On Feb 14, an accounts receivable for $2,000 is written off.  What is the journal entry?

Accounts Receivable

a Contra-Asset

How many times the receivable were converted into cash during the year

56 days

Uncollectable Accounts Expense and Allowance for Doubtful Accounts

The differences between the cash balance on the bank statement and the cash balance of the depositors records

deducted fromt he balance of the bank statement

Increase the cash balance per the books

Deduct from the book balance

added to the book balance

Debit to Petty Cash and Credit to Cash

Credit to Cash

Every two weeks, or two times a month

$4

Debit to Petty Cash and a Credit to Cash

Marketable Securities

Because they are liquid

Debit Marketable Securities and Credit Unrealized Gain

subtracted from the cash amount collected from the sale

Dividend Revenue

Asset

Marketable Securities will be DEBITED, Unrealized GAIN would be CREDITED

Deducted from the Book balance

Checks that have not been cleared by the bank.  The checks have been recorded in the cash ledger.

Allowance for Doubtful Accounts is Debited and AR is Credited