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Intermediate Accounting

Question 1

Sandhill Enterprises owns the following assets at December 31, 2017.

Cash in bank—savings account

 

71,700

 

Checking account balance

 

27,000

Cash on hand

 

8,400

 

Postdated checks

 

900

Cash refund due from IRS

 

38,800

 

Certificates of deposit (180-day)

 

94,380


What amount should be reported as cash?

Cash to be reported

 

$

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Question 2

Blue Family Importers sold goods to Tung Decorators for $45,000 on November 1, 2017, accepting Tung’s $45,000, 6-month, 5% note.

Prepare Blue’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Question 3

Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $3,345 per month, has just purchased a new Acura. You decide to test the accuracy of the accounts receivable balance of $182,860 as shown in the ledger.

The following information is available for your first year in business.

(1)

 

Collections from customers

 

$441,540

(2)

 

Merchandise purchased

 

713,600

(3)

 

Ending merchandise inventory

 

200,700

(4)

 

Goods are marked to sell at 40% above cost

   


Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account.

The ending balance of accounts receivable from customers

 

$

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Apparent shortage

 

$

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Question 4

The trial balance before adjustment of Whispering Inc. shows the following balances.

   

Dr.

 

Cr.

Accounts Receivable

 

$96,700

   

Allowance for Doubtful Accounts

 

3,050

   

Sales Revenue (all on credit)

     

$723,000

Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 5% of gross accounts receivable and (b) 6% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,654 credit balance. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Question 5

Sandhill, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April.

1. On April 1, it established a petty cash fund in the amount of $265.
2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows.

Delivery charges paid on merchandise purchased

 

$76

Supplies purchased and used

 

41

Postage expense

 

49

I.O.U. from employees

 

33

Miscellaneous expense

 

52


The petty cash fund was replenished on April 10. The balance in the fund was $12.

3. The petty cash fund balance was increased by $116 to $381 on April 20.

Prepare the journal entries to record transactions related to petty cash for the month of April. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Question 6

Kimmel Company uses the net method of accounting for sales discounts. Kimmel also offers trade discounts to various groups of buyers.

On August 1, 2017, Kimmel sold some accounts receivable on a without recourse basis. Kimmel incurred a finance charge.

Kimmel also has some notes receivable bearing an appropriate rate of interest. The principal and total interest are due at maturity. The notes

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