When credit card sales occur, the seller may receive cash immediately, or within a few days, depending upon the specific credit card program being used. Group starts True or False
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When credit card sales occur, the seller may receive cash immediately, or within a few days, depending upon the specific credit card program being used.
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- 8) You have recently started your training with National Bank of Oman. A customer approaches you to get information about different types of deposit accounts. Which of the following do you think is not true for demand deposit account? a. Is suitable for firms and companies b. Can withdraw amount before the maturity c. No interest given on deposit d. Deposit accepted many times in a day22.) Credit memos from the bank Select one: a. decrease a bank customer's account b. are used to show a bank service charge c. show that a company has deposited a customer's NSF check d. show that the bank has collected a note receivable for the customer 23.) If merchandise sells for $3,500 on account, with terms of 3/15, n/45, and the cost of the inventory sold is $2,100, the journal entry for the receipt of the customer’s payment on account within the discount period under the gross method would include Select one: a. a credit to Cash for $3,395 b. a credit to Accounts Receivable for $3,395 c. a debit to Sales of $105 d. a credit to Sales Discounts for $105 26.) The direct write-off method of accounting for uncollectible accounts Select one: a. emphasizes balance sheet relationships b. is often used by small companies and companies with few receivables c. emphasizes cash realizable value d. emphasizes the matching of expenses with revenues33 - What is the record to be made when the company pays a debt that arises from the purchase of goods on credit, by paying a check from a customer by endorsement?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT COMMERCIAL GOODS XX SELLERS XXB) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT SELLERS XX CHECKS RECEIVED XXC) THE CODE AND NAME OF THE ACCOUNT WILL BE DEBT COMMERCIAL GOODS XX CHECKS RECEIVED XXD) CODE AND NAME OF THE ACCOUNT WILL BE DEBT SELLERS XX CHECK GIVEN AND PAYMENT ORDERS. XXE) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT CHECK GIVEN
- 28 [Question text] If a company’s average collection period is higher than the industry average, then the company may be: Select one: A. enforcing credit conditions upon its customers which are too stringent. B. too strict in granting credit facility. C. allowing its customers too much time to pay their bills. D. too strict in collecting its accounts receivable.20 - What is the most risky payment method for the importer company?A) Advance payment B) On-off payment C) Payment against documents D) AllE) Payment with acceptance creditMC51 The following bank reconciliation is presented for the Pony Co. for the month of November, 2020: Balance per bank statement, 11/30/2020 P180,400 Add: Deposit in transit P41,500 Erroneous bank charge 15,500 56,500 Subtotal P236,900 Less: Outstanding Checks 78,200 Balance per books, 11/30/2020 P158,700 Data for the month of December 2020 follow: Per bank: December deposits/credits — P261,000 December charges/debits — P224,200 Balance, December 31, 2020 — P217,200 All items that were outstanding as of November 30 cleared through the bank in December, including the bank charge. In addition, P25,000 checks were outstanding as of December 31, 2020. What is the amount of cash balance per books in December 2020? (WITH SOLUTION) a. P257,200 b. P242,200 c. P207,200 d. P192,200
- 12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 320 SELLERS HS 45.000101 CHECKS RECEIVED HS 45.000 Which of the following transactions belongs to the journal entry?A) Check collectionB) Sellers debt payment by check turnoverC) Issuing a checkD) Sellers pay debt by issuing checksE) Returning the Check30.The process of selling a promissory note to a bank at any time before maturity is known as _____ a note. a.discounting b.lending c.maturing d.investingMC50 The following bank reconciliation is presented for the Pony Co. for the month of November, 2020: Balance per bank statement, 11/30/2020 P180,400 Add: Deposit in transit P41,500 Erroneous bank charge 15,500 56,500 Subtotal P236,900 Less: Outstanding Checks 78,200 Balance per books, 11/30/2020 P158,700 Data for the month of December 2020 follow: Per bank: December deposits/credits — P261,000 December charges/debits — P224,200 Balance, December 31, 2020 — P217,200 All items that were outstanding as of November 30 cleared through the bank in December, including the bank charge. In addition, P25,000 checks were outstanding as of December 31, 2020. What is the amount of cash receipts per books in December 2020? (WITH SOLUTION) a. P204,500 b. P219,500 c. P246,000 d. P317,500
- MC49 The following bank reconciliation is presented for the Pony Co. for the month of November, 2020: Balance per bank statement, 11/30/2020 P180,400 Add: Deposit in transit P41,500 Erroneous bank charge 15,500 56,500 Subtotal P236,900 Less: Outstanding Checks 78,200 Balance per books, 11/30/2020 P158,700 Data for the month of December 2020 follow: Per bank: December deposits/credits — P261,000 December charges/debits — P224,200 Balance, December 31, 2020 — P217,200 All items that were outstanding as of November 30 cleared through the bank in December, including the bank charge. In addition, P25,000 checks were outstanding as of December 31, 2020. What is the amount of cash disbursements per books in December 2020? (WITH SOLUTION) a. P146,000 b. P171,000 c. P249,200 d. P249.20038 Assume that Arkan Majan International LLC sold goods to its customer on credit for OMR 2500 and received notes receivables for the same amount. The customer directly deposited the amount of OMR2500 in company bank account that the company unaware. The company received the bank statement in which OMR 2500 is showing more as compared to company’s cash book balance. Therefore while preparing the Bank Reconciliation statement, what adjustment the accountant will do? Choose the correct answer from the following given options. a. Add OMR2500 to the bank statement balance b. Add OMR2500 to the cash book balance c. Less OMR2500 from the cash book balance d. Less OMR2500 from the bank statement balance Clear my choice
