Notes receivable and interest collected by bank |
1,480 |
Bank charge for check printing |
50 |
Outstanding checks |
3,000 |
NSF check |
280 |
The adjusted cash balance per books on June 30 is
· Question 14 Which of the following is least likely to help a company minimize losse s as credit standards are relaxed ?
· Question 15 A company usually determines the amount of supplies used during a p eriod by :
· Question 16 If a company is given credit terms of 2 / 10 , n / 30 , it should
· Question 17 Independent internal verification of the physical inventory process occ urs when
· Question 18 Two companies report the same cost of goods available for sale but eac h employs a different inventory costing method . If the price of goods has increased during the period , then the compan y using
· Question 19 At Emerson Company , one bookkeeper prepares the cash deposits whil e the other bookkeeper enters the collections in the journal and ledger .
Which of the following is the best explanation of this type of internal c ontrol principle over cash receipts ?