Practice Exam 2 – ACC 221 (PREVIEW)
PREVIEW only contains 3 out of 27 total questions.
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- Question 1 of 3
1. Question
In March, Steez Inc. receives a $400 payment from a customer for merch. Steez Inc. then accidentally records it as a $40 deposit in the Cash account on the General Ledger, despite depositing $400 in their CashForDays Bank account. CashForDays Bank correctly recorded the $400 deposit for Steez Inc. This error would result in which reconciling item on Steez Inc.’s March bank reconciliation?
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2. Question
FogMachineToYou uses the Allowance Method for their uncollectible accounts. On May 1, Sigma Apple Pi informed them they wouldn’t be able to pay off their $1,000 account, so FogMachineToYou wrote off their account as uncollectible. Which journal entry should FogMachineToYou make to write off Sigma Apple Pi’s account?
Transaction Debit Credit
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3. Question
Refer to the image below and familiarize yourself with Steez Inc.’s March inventory information. Assume that no units were lost or stolen during the month, and Steez Inc. utilizes the periodic method for inventory.
Date Description Jan 1 Beginning Inventory 15 units @ $10 each $150 Jan 10 Sold 10 units @ $20 each Jan 12 Purchase 20 units @ $8 each $160 Jan 24 Sold 15 units @ $20 each Jan 30 Purchase 10 units @ $5 each $50 Total $360 The cost of goods sold for January using LIFO is…
Cost of Goods Sold (LIFO): $
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