Question

Question 36

Angel Hair Limited gathered the following reconciling information in preparing its November bank reconciliation:

Cash balance per books, November 30	$36,100
Electronic collection of account	7,200
Outstanding cheques	13,600
Deposits in transit	18,100
Bank service charge	3,650
NSF cheque	2,875

The reconciled cash balance per books at November 30 is

$21,175.

$36,775.

$39,275.

$16,675.

Question 34

The use of prenumbered cheques is an example of

assignment of responsibility.

segregation of duties.

review and reconciliation.

documentation.

Question31

On the adjusted trial balance of Orlando Corporation as at January 31, 2018, the following are some of the account balances (all normal balances): Supplies $740, Prepaid Insurance $1,620, Unearned Revenue $680, Salaries Payable $1,190, Supplies Expense $950, Service Revenue $2,030, Insurance Expense $540, Salaries Expense $1,740. Orlando's year-end is December 31 and its adjusting journal entries are recorded monthly. If the amount in Insurance Expense was recorded in the January 31 adjusting entry, and the original insurance premium was for 1 year, what was the total premium?

dollars

Question 26

Blended principal and interest payments are repayable in

equal periodic amounts plus interest.

varying periodic amounts plus interest.

equal periodic amounts including interest.

varying periodic amounts including interest.

Answer 1

Solution 36:

reconciled cash balance per books at November 30 is = Cash balance as per books + Electronic collection - Bank service charge - NSF check = $36,100 + $7,200 - $3,650 - $2,875 = $36,775

Hence 2nd option is correct.

Solution 34:

The use of prenumbered cheques is an example of "Documentation"

Hence last option is correct.

Solution 31:

Total premium = $540*12 = $6,480

Solution 26:

Blended principal and interest payments are repayable in "

equal periodic amounts including interest. Hence 3rd option is correct.