Which of the following are checks without sufficient fund, as contemplated by BP Blg. 22? (I) A check dishonored by the bank upon presentment, due to insufficiency of funds, and the issuer has knowledge of insufficiency at the time of issue. (II) A check which would have been dishonored for insufficiency, were it not for the drawer’s unjustifiable order to his bank to stop the payment of the check. (III) A check dishonored for insufficiency when presented for payment within 90 days from issue, even if there was sufficient fund at the time of issue.  I and II only II and III only I and III only I, II and III

Nick steals two checks from Pauline—a blank check and a check payable to the order of Retail Outlets Company, drawn on Pauline’s account with State Bank. Nick forges Pauline’s signature on the blank check and makes it payable to himself. Nick forges Retail Outlets’s indorsement on the back of the check payable to Retail Outlets, and adds “Pay to the order of Nick.” At United Credit Union, Nick indorses the back of both checks with his own name and gives them to United for cash. United does not know about the theft or the forged signatures and presents the checks to State Bank, which pays them. Pauline, who was not negligent, discovers the forgeries and asks State Bank to recredit her account. Who suffers the loss on each check?​

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Two days after closing, The seller gives a $500 bonus to the selling agent. The agent should:   a) immediately deposit check into his account b) instruct the seller to issue the check to agents broker c) cash the check and give the broker his share of the bonus d) instruct seller that bonuses are illegal

Mary, a keen pottery collector, saw a notice in the Daily News for an auction at James Pottery Limited on September 30th 2022. She traveled 300 kilometers to attend the auction in order to bid for a particularly rare item the “Mozart Pottery”, specifically mentioned in the list of items to be auctioned. However, when she got to the auction site, she found a notice stating that the auction had been canceled.   Mary thereafter proceeded to a nearby antique shop and saw on display in the window, the identical “Mozart Pottery” priced at $10,000.  Mary told the shop owner, Anthony, that she was only willing to pay $8,000 for it. However, Anthony indicated that he is willing to sell the pottery for $9,500.  Mary then indicated to him that she desires some time to think it over and after lunch she will advise him. Anthony subsequently, agreed not to sell the identified pottery, until she return after lunch.   However, Anthony forgot his promised to Mary and sold it to John for  $9,500 before…

Pisey needs $ 8,000 for her pig farm. After Sisey Pisey told her about the $ 8,000 she needed, the bank said she had collateral, such as a house, because borrowing, in principle, requires the bank to have collateral? Sister Pisey says I mortgaged the title deed to get a $ 8,000 loan from the bank. The bank assessed the land and told Pisey to borrow $ 25,000 (by submitting the land title), otherwise the bank would not lend her $ 25,000, not $ 8. $ 000) Do you agree? Sister Pisey said that I only need $ 8,000, $ 25,000 is more than I need! The bank said it was likely to force her to borrow $ 25,000 ... Finally, Pisey gave up the loan, fearing that the bank would not be able to confiscate land worth more than 25,000. Dollars.   How do students understand the situation? Delay. As a Business Manager

Gamestop Corp. said the following about its gift card sales in its most recent (2019) annual report:“We establish a liability upon the issuance of merchandise credits and the sale of gift cards. Revenue is subsequently recognized when the credits and gift cards are redeemed.”When Gamestop sells merchandise to a customer who is using a Gamestop gift card to purchase the merchandise, what is the impact on Gamestop’s financial statements? (Ignore any inventory effects)     Liabilities decrease and cash decreases     Liabilities increase and the Income Statement decreases     Liabilities decrease and the Income Statement increases     Liabilities decrease and cash decreases     No effect because the transaction was already booked when the customer purchased the gift card

68. if a policy loan is not repaid A Nonforfeiture is activated Interest on the loan accrues The incondensable period extended The policy lapses automatically

What happens when an employee records a fictitious refund of goods at his cash register? a. A disbursement from the register is unrecorded. b. The victim company’s inventory is unreported, and a disbursement from the register is overstated c. The victim company’s inventory is overstated, and a disbursement from the register is recorded. d. The victim company’s inventory is understated.

Entries for bonds payable and installment note transactionsThe following transactions were completed by Winklevoss Inc., whosefiscal year is the calendar year   Instructions1. Journalize the entries to record the foregoing transactions. Round allamounts to the nearest dollar.2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2.3. Determine the carrying amount of the bonds as of December 31, Year2.