Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 407 Weeks Ago, 6 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 09 Feb 2018 My Price 8.00

Lusy Company

1. Given the following information:

 

Petty cash balance: $530.00
Postage receipt: $25.30
Business meal receipt: $54.51
Courier receipt: $74.52
Office supplies receipt: $95.94
Cash on hand at the end of the month: $300.01


What is the amount that needs to be recorded for cash over and short?

  Credit $20.28
  Credit $23.00
  Debit $23.00
  Debit $20.28
  No cash over and short is necessary


2.

Lusy Company has an agreement with a major credit card company which calls for cash to be received immediately upon deposit of Lusy customers' credit card sales receipts. The credit card company receives 3% of card sales as its fee. If Lusy has $5,000 in credit card sales, which of the following statements are true?
  Lusy credits Sales $4,850
  Lusy debits Cash $5,000
  Lusy debits Accounts Receivable %u2212 Credit Card Co $4,850
  Lusy debits Accounts Receivable %u2212 Credit Card Co $5,000
  Lusy debits Cash $4,850



3. Based on the following trial balance, what would be the total credits on a post closing trial balance, assuming all accounts have a normal balance?

Cash $6,760
Accounts receivable 13,739
Office supplies 2,631
Land 37,159
Office equipment 14,541
Accounts payable 6,469
Common stock 54,496
Dividends $2,006
Consulting fees earned 13,724
Rent expense 3,679
Salaries expense 6,648
Telephone expense 566
Miscellaneous expense 286
Retained earnings ?

rev: 03_02_2012, 05_29_2013_QC_31074

  $87,985
  $88,015
  $81,299
  $74,701
  $61,504

 

Answers

Maurice Tutor
(5)
Status NEW Posted 09 Feb 2018 10:02 PM My Price 8.00

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