using the information from question 2 what is the reconciled balance on hapley s nov 646374

1. A company needs to replenish its $500 petty cash fund. Its petty cash box has $75 cash and petty cash receipts of $420. The journal entry to replenish the fund includes

a. A debit to Cash for $75.

b. A credit to Cash for $75.

c. A credit to Petty Cash for $420.

d. A credit to Cash Over and Short for $5.

e. A debit to Cash Over and Short for $5.

2. The following information is available for Hapley Company:

• The November 30 bank statement shows a $1,895 balance.

• The general ledger shows a $1,742 balance at November 30.

• A $795 deposit placed in the bank’s night depository on November 30 does not appear on the November 30 bank statement.

• Outstanding checks amount to $638 at November 30.

• A customer’s $335 note was collected by the bank in November. A collection fee of $15 was deducted by the bank and the difference deposited in Hapley’s account.

• A bank service charge of $10 is deducted by the bank and appears on the November 30 bank statement. How will the customer’s note appear on Hapley’s November 30 bank reconciliation?

a. $320 appears as an addition to the book balance of cash.

b. $320 appears as a deduction from the book balance of cash.

c. $320 appears as an addition to the bank balance of cash.

d. $320 appears as a deduction from the bank balance of cash.

e. $335 appears as an addition to the bank balance of cash.

3. Using the information from question 2, what is the reconciled balance on Hapley’s November 30 bank reconciliation?

a. $2,052

b. $1,895

c. $1,742

d. $2,201

e. $1,184

4. A company had net sales of $84,000 and accounts receivable of $6,720. Its days’ sales uncollected is

a. 3.2 days

b. 18.4 days

c. 230.0 days

d. 29.2 days

e. 12.5 days

5.A company records its purchases using the net method. On August 1, it purchases merchandise on account for $6,000 with terms of 2/10, n/30. The August 1 journal entry to record this transaction includes a

a. Debit to Merchandise Inventory for $6,000.

b. Debit to Merchandise Inventory for $5,880.

c. Debit to Merchandise Inventory for $120.

d. Debit to Accounts Payable for $5,880.

e. Credit to Accounts Payable for $6,000.