Use the following information to answer questions 1 and 2.The M.T. Malinow Company maintains its petty cash on an imprest basis. The following is a list of activities relating to petty cash for the month of May.May 1 The company established a petty cash fund of $200.28 The petty cash fund was replenished. A count of the fund before it was replenished showed the following:CASH ON HANDDENOMINATION$20.0010.005.001.00.50.25.10.05.01VOUCHERS$30.9019.0041.2353.47Because of the small amount of cash left at the end of the month, a check was drawn to increase the fund’s balance by $100.1. The correct May 28 journal entry is30.9019.0041.2353.471.20145.8030.9019.0041.2353.471.20145.802.The ending balance in the petty cash account on May 31 is A) $54.20 B) $200.00 C) $300.00Use the following information to answer questions 3 and 4.Assume that all of Thurmond Company’s sales are credit sales. It has been the practice of Thurmond Company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. For the year 20×1 the company had net credit sales of $2,021,000 and the Allowance for Doubtful Accounts account had a credit balance, before adjustments, of $630 as of December 31, 20×1. During 20×2, the following selected transactions occurred:Jan 20 – The account of H. Scott, a deceased customer who owned $325, was determined to be uncollectible and was therefore written off. Mar 16 – Informed that A. Nettles, a customer, had been declared bankrupt. His account for $898 was written off.Apr 23 – The account of J. Kenney & Sons was written off as uncollectible.3 – Wrote off as uncollectible the $750 account of Clarke Company.Oct 20 – Wrote off as uncollectible the $1,130 account of G. Michael Associates.Oct 27 – Received a cheque for $325 from the estate of H. Scott.This amount had previously been written off on Jan 20 of the current year.Dec 20 – Cater Company paid $7,000 of the $7,500 it owed Thurmond Company. Since Cater Company was going out of business, the $500 balance still owed was deemed uncollectible and written off.3. Which one of the following entries should have been made on December 31,20×110,10510,1059,47510,1054. The balance in the Allowance for Doubtful Accounts account after all 20×2 transactions have been posted but prior to final adjustment isA) 6,226 B) 6,551 C) 7,0515. On March 1, Alexander and Company discounted at its bank a $3000, one-year, 14% interest-bearing note due on August 31. The discount rate was 16%. The journal entry that is made to record the discounting of the note is3,146.60146.403,000.003,000.00146.403,146.403,000.00146.402,853.606. On January 18, Billings Company received a $1,200, 6%, 60-day note from the Zero Company in settlement of a $1,200 account receivable balance. When the note came due on March 19, it was dishonored by the Zero Company. What entry was made by Billings Company on March 19?12 121,2121,200121,18812 1,2007. On January 1,20×1, Bauman Corporation established a petty cash fund of $300. On December 31,20×1, the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses amounting to $212. In addition, there was cash amounting to $80. What entry would be required to record replenishment of the petty cash fund on December 31,20×1?2208212212822021282208. In preparing its bank reconcilation for the month of June, Whittaker Corporation has available the following information: $60,0003,7502,875Credit erroneously recorded by bank 20025A) $58,925 B) $60,675 C) $70,0759. The following information relates to doubtful accounts expense for Monroe Corporation at December 31,20×1 nd for the year ended December 31,20×1.$3,000 (Debit balance)$2,240,000$50,000The basis for estimating doubtful accounts expense is 3% of net credit sales. At December 31,20×1, the correct amount of doubtful accounts expense for Monroe Corporation should be A) $62,700 B) $65,700 C) $68,70010. A cheque drawn by a depositor for $149 was recorded in the journal as $194. This item would be included in the bank reconciliation as a(n)A) Addition to the balance per the depositor’s records.B) Deduction from the balance per the depositor’r records.C) Addition to the balance per the bank statement.11. The Carlyle Company began operations on January 1,20×1. During January the company had a net credit sales of $800,000. The Company estimates that 4% of the net credit sales will become uncollectible and sets up an allowance account based on this assumption. Cash of $600,000 was collected from customers in payment of their accounts. Specific accounts totaling $14,000 were written off during the month. What would be the balances in the Allowance for Doubtful Accounts and the Uncollectible Accounts Expense at the end of January after the necessary adjusting entry?A) Allowance for Doubtful Accounts $32,000 and $18,000 Uncollectible Accounts ExpenseB) Allowance for Doubtful Accounts $18,000 and Uncollectible Accounts Expense $32,000C) Allowance for Doubtful Accounts $14,000 and Uncollectible Accounts Expense $32,000
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