STRAYER ACCT 557 QUIZ WK 2 TO 6Wk 6 Chap 7 & 81. Cash equivalents include each of the following except2. Each of the following items affect the cash balance per booksexcept3. A petty cash fund is generally established in order toAns. pay relatively small expenditures.4. At April 30, Yaddof Company has the following bank information: cash balance per bank $4,600; outstanding checks $780; deposits in transit $550; credit memo for interest $100; bank service charge $20. What is Yaddofâs adjusted cash balance on April 30?5. Which of the following wouldnotbe reported on the balance sheet as a cash equivalent?6. Bank errors7. Under a voucher system, a prenumbered voucher is prepared for every8. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $11,000. If the balance of the Allowance for Doubtful Accounts is $2,000 credit before adjustment, what is the amount of bad debts expense for that period?9. Which receivables accounting and reporting issue is not essentially the same for IFRS and GAAP?10. Randie Company lends Luann Company $10,000 on April 1, accepting a four-month, 9% interest note. Randie Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared?11. An aging of a company’s accounts receivable indicates that $3,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $700 debit balance, the adjustment to record bad debts for the period will require a12. The percentage of receivables basis for estimating uncollectible accounts emphasizes13. On February 1, 2013, Fugit Company sells merchandise on account to Armen Company for $6,500. The entry to record this transaction by Fugit Company is14. Which of the following are also called trade receivables?15. Under the allowance method, writing off an uncollectible account
