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AFTER THE BANK RECONCILIATION IS PREPARED

AFTER THE BANK RECONCILIATION IS PREPARED

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Author: Joyce Buda
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Question 1 (1 point)1After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to_______________.Question 1 options:Bank Service Charge ExpenseCashPetty CashCash Short and OverNone of the aboveSaveQuestion 2 (1 point)2Malloy Company estimates uncollectible accounts using the percentage-of-receivables method andexpects that 5 percent of outstanding receivables will be uncollectible for 2015. The balance in Accounts Receivable is $200,000, and the allowance account has a $3,000 credit balance before adjustment atyear end. The uncollectible accounts expense for 2015 will be _______________.Question 2 options:$7,000$10,000$13,000$9,850None of the aboveSaveQuestion 3 (1 point)3Malloy Company issued its own $10,000, 90-day, non-interest-bearing note to a bank. The only paymentMalloy will ever make to the bank will be for $10,000 at the maturity date of the loan as the bankdiscounts the note at 10 percent. The proceeds to Malloy are _______________.Question 3 options:$10,000$9,000$9,750$10,250 None of the aboveSaveQuestion 4 (1 point)4Malloy company uses a calendar year. On 2015 July 1, Malloy Company purchased equipment for$400,000, and installation and testing costs totaled $40,000. The equipment has an estimated useful lifeof 10 years and an estimated salvage value of $40,000. If Malloy uses the double-declining-depreciationmethod, the depreciation expense for 2015 is _______________.Question 4 options:$88,000$72,000$36,000$44,000


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