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Unit 7 Financial Assets
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Accounts Receivable Bank Rec Petty Cash Marketable Securities Hodge Podge
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Which account is NOT considered a cash equivalent:  Money Market Accounts, Accounts Receivable, Supplies

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


Accounts Receivable


Allowance for doubtful accounts is classified as

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Allowance for doubtful accounts is classified as


a Contra-Asset


What does the Accounts Receivable Turn Over Rate indicate?

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What does the Accounts Receivable Turn Over Rate indicate?


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


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?

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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?


56 days


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

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


Uncollectable Accounts Expense and Allowance for Doubtful Accounts


What does the bank reconciliation explain?

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What does the bank reconciliation explain?


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


When preparing a bank reconciliation, the outstanding checks should be

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When preparing a bank reconciliation, the outstanding checks should be


deducted fromt he balance of the bank statement


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?

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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?


Increase the cash balance per the books


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?

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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?


Deduct from the book balance


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

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


added to the book balance


How is a petty cash fund created?

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How is a petty cash fund created?


Debit to Petty Cash and Credit to Cash


What account is used to replensih the petty cash fund?

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What account is used to replensih the petty cash fund?


Credit to Cash


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

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


Every two weeks, or two times a month


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?

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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?


$4


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

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


Debit to Petty Cash and a Credit to Cash


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

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


Marketable Securities


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

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


Because they are liquid


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?

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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?


Debit Marketable Securities and Credit Unrealized Gain


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

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


subtracted from the cash amount collected from the sale


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

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


Dividend Revenue


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

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


Asset


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?

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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?


Marketable Securities will be DEBITED, Unrealized GAIN would be CREDITED


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

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


Deducted from the Book balance


Define Outstanding Checks

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Define Outstanding Checks


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


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

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


Allowance for Doubtful Accounts is Debited and AR is Credited



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