Homework Answers
SOLUTION
1. Bank reconciliation statement
| Particulars | Amount ($) | Amount ($) |
| Balance on Bank Statement | 13,177 | |
| Additions: | ||
| Deposit of August 30 in Transit | 1,410 | |
| Deposit of August 31 in Transit | 697 | |
| Total additions | 2,107 | |
| 15,284 | ||
| Deduction: | ||
| Check 712 | 106 | |
| Check 713 | 121 | |
| Check 716 | 234 | |
| Check 736 | 573 | |
| Check 739 | 74 | |
| Check 741 | 116 | |
| Total deduction | (1,224) | |
| Adjusted Bank Balance | 14,060 | |
| Balance in books | 12,246 | |
| Additions: | ||
| Notes Receivables | 2,064 | |
| Interest on note receivable | 59 | |
| Total Additions | 2,123 | |
| 14,369 | ||
| Deductions: | ||
| NSF Check | 300 | |
| Service Charge | 9 | |
| Total Deductions | (309) | |
| Adjusted Book Balance | 14,060 |
2. Journal entries
| S.No. | Accounts titles and Explanation | Debit ($) | Credit ($) |
| 1. | No Entry Required For Deposit in Transit | ||
| 2. | Service fee | 9 | |
| Cash | 9 | ||
| (To record the bank service fee) | |||
| 3. | Account Receivable | 300 | |
| Cash | 300 | ||
| (To record the returned check) | |||
| 4. | No Entry Required Record the outstanding checks. | ||
| 5. | Cash | 2,123 | |
| Note Receivable | 2,064 | ||
| Interest | 59 | ||
| (To record the note collected by the bank plus interest) |
3. Net effect- Increase by $50 (59-9)
Add Answer to:
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry...
On August 31 Year 1 the general ledger of a company shows a balance for cash...
On August 31 Year 1 the general ledger of a company shows a balance for cash of $7.934 Cash receipts yet to be deposited into the checking account total 53.328, and checks written by the academy but not yet processed by the bank total $1415 The company's balance of cash does not reflect a bank service fee of $34 and interest earned on the checking account of $45. These amounts are included in the balance of cash of $6,032 reported...
On March 31, 2019, Home Decorating Pavilion received a bank statement showing a balance of $9,800....
On March 31, 2019, Home Decorating Pavilion received a bank statement showing a balance of $9,800. The balance in the firm's checkbook and Cash account on the same date was $10,370. The difference between the two balances is caused by the items listed below. a. A $2,925 deposit made on March 30 does not appear on the bank statement. b. Check 358 for $510 issued on March 29 and Check 359 for $1,700 issued on March 30 have not yet...
A company general ledger shows a checking account balance of $22,820 on July 31, Year 1....
A company general ledger shows a checking account balance of
$22,820 on July 31, Year 1. The July cash receipts of $1,735,
included in the general ledger balance, are placed in the night
depository at the bank on July 31 and processed by the bank on
August 1. The bank statement dated July 31 shows bank service fees
of $40. The bank processes all checks written by the company by
July 31 and lists them on the bank statement, except...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,370. The balance shown on the bank statement on the same date was $13,247. Notes The firms records indicate that a $1,550 deposit dated August 30 and a $711 deposit dated August 31 do not appear on the bank statement. A service charge of $7 and a debit memorandum of $370 covering an NSF check have not yet been...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 39,500 62,380 $ 25,800 16,800 21,000 8,300 226,300 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent...
Saved Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the...
Saved Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 42,300 40,810 $ 24,700 20,500 8,200 226,000 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent...
On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for...
On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7864. Cash receipts yet to be deposited into the checking account total $3,258, and checks written by the academy but not yet processed by the bank total $1.345. The company's balance of cash does not reflect a bank service fee of $27 and interest earned on the checking account of $38. These amounts are included in the balance of cash of $5.962...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) Other (noninventory) assets $ 42, 800 59, 130 $ 25, 800 Total liabilities Common stock 16, 240 Retained earnings 20, 300 8, 800 Dividends Sales 226, 200 2, 260 13, 500 73, 000 32,...
Exercise 4-10A Calculate the balance of cash using a bank reconciliation (L04-5) On August 31, 2021,...
Exercise 4-10A Calculate the balance of cash using a bank reconciliation (L04-5) On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7774. Cash receipts yet to be deposited into the checking account total $3,168, and checks written by the academy but not yet processed by the bank total $1,255. The company's balance of cash does not reflect a bank service fee of $18 and interest earned on the checking account of...
On August 31 Year 1 the general ledger of a company shows a balance for cash of $7.934 Cash receipts yet to be deposited into the checking account total 53.328, and checks written by the academy but not yet processed by the bank total $1415 The company's balance of cash does not reflect a bank service fee of $34 and interest earned on the checking account of $45. These amounts are included in the balance of cash of $6,032 reported...
On March 31, 2019, Home Decorating Pavilion received a bank statement showing a balance of $9,800. The balance in the firm's checkbook and Cash account on the same date was $10,370. The difference between the two balances is caused by the items listed below. a. A $2,925 deposit made on March 30 does not appear on the bank statement. b. Check 358 for $510 issued on March 29 and Check 359 for $1,700 issued on March 30 have not yet...
A company general ledger shows a checking account balance of
$22,820 on July 31, Year 1. The July cash receipts of $1,735,
included in the general ledger balance, are placed in the night
depository at the bank on July 31 and processed by the bank on
August 1. The bank statement dated July 31 shows bank service fees
of $40. The bank processes all checks written by the company by
July 31 and lists them on the bank statement, except...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 39,500 62,380 $ 25,800 16,800 21,000 8,300 226,300 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent...
Saved Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 42,300 40,810 $ 24,700 20,500 8,200 226,000 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent...
On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7864. Cash receipts yet to be deposited into the checking account total $3,258, and checks written by the academy but not yet processed by the bank total $1.345. The company's balance of cash does not reflect a bank service fee of $27 and interest earned on the checking account of $38. These amounts are included in the balance of cash of $5.962...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) Other (noninventory) assets $ 42, 800 59, 130 $ 25, 800 Total liabilities Common stock 16, 240 Retained earnings 20, 300 8, 800 Dividends Sales 226, 200 2, 260 13, 500 73, 000 32,...
Exercise 4-10A Calculate the balance of cash using a bank reconciliation (L04-5) On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7774. Cash receipts yet to be deposited into the checking account total $3,168, and checks written by the academy but not yet processed by the bank total $1,255. The company's balance of cash does not reflect a bank service fee of $18 and interest earned on the checking account of...
Most questions answered within 3 hours.
-
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 20 seconds from now -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 1 minute ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 2 minutes ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 45 minutes ago -
A hospital performs 100 surgeries per week. The probability that
complications after surgery occur is 10%....
asked 1 hour ago -
1 point) Given the significance level α=0.01 find the following:
(a) left-tailed z value z= (b)...
asked 43 minutes ago -
Assuming you are the head of the software development unit at
Cyber.Soft, explain and justify why...
asked 10 minutes ago -
Magnesium and nitrogen react in a combination reaction to
produce magnesium nitride. 3 Mg + N2...
asked 18 minutes ago -
Two electrons are initially at rest separated by a distance of
2nm. At time t=0, they...
asked 15 minutes ago -
A martial artist is practicing breaking 5 boards. He is able to
break aboard with probability...
asked 23 minutes ago -
The rate constant of a first-order reaction is 2.95 × 10−4 s−1
at 350.° C. If...
asked 26 minutes ago -
implement a class called PiggyBank that will be used to
represent a collection of coins. Functionality...
asked 17 minutes ago