Essay Final Exam Account 2

4326 Words Aug 31st, 2012 18 Pages
Grade Details 1. Question:
A firm's internal control environment is not influenced by ________. Your Answer:
| |[pic]|management's operating style | | |
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| |[pic]|organizational structure | | |
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| |[pic]|personnel policies | | |
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| |[pic]|monitoring policies | | CORRECT |
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Question:
A check drawn by a depositor in payment of a voucher for $725 was recorded in the journal as $257. What entry is required in the depositor's accounts? Your Answer:
| |[pic]|debit Accounts Payable; credit Cash | | CORRECT |
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| |[pic]|debit Cash; credit Accounts Receivable | | |
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| |[pic]|debit Cash; credit Accounts Payable | | |
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| |[pic]|debit Accounts Receivable; credit Cash | | |
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Points Received: 4 of 4 Comments:
6. Question:
Jones Company had checks outstanding totaling $5,400 on its June bank reconciliation. In July, Jones Company issued checks totaling $38,900. The July bank statement shows that $26,300 in checks cleared the bank in July. A check from one of Jones Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Jones Company's July bank reconciliation should be ________. Your Answer:
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