Bank Reconciliation is as prepared below:
ABB Insurance | ||
Bank Reconciliation | ||
Dec-31 | ||
Particulars | Amount ($) | Amount ($) |
Unadjusted bank Balance | 18,590.0 | |
Add: Deposit in transit | 1,870.0 | |
1,870.0 | ||
Less: outstanding checks | ||
2420 | 1,450 | |
2421 | 1,200 | |
2422 | 640 | 3,290 |
True cash balance | 17,170.0 | |
Unadjusted book Balance | 16,650.0 | |
Add: Funds collected through EFT | 400.0 | |
Bank Collections | 1,700 | |
2,100 | ||
Less: | ||
Check No. 2419 entered with less amount (1,960-1,490) | 470.0 | |
Service Charges | 10.0 | |
NSF Checks | 700.0 | |
EFT | 400.0 | 1,580.0 |
True cash balance | 17,170.0 |
Date | Particulars | L.F | Amount ($) | Amount ($) |
20XX | ||||
Dec-31 | Cash | 400 | ||
Rent Revenue | 400 | |||
(To record electronic fund transfer received by bank) | ||||
Dec-31 | Cash | 1,700 | ||
Note Receivable | 1700 | |||
(To note receivable collected) | ||||
Dec-31 | Rent Expense | 470.0 | ||
Cash | 470 | |||
(To record error in recording check) | ||||
Dec-31 | Bank Charges | 10.0 | ||
Cash | 10 | |||
(To record bank service charges) | ||||
Dec-31 | Account Receivable-Dunlap Chemical | 700 | ||
Cash | 700 | |||
(For NSF check returned) | ||||
Dec-31 | Insurance Expense | 400 | ||
Cash | 400 | |||
(for paid for insurance) |
c. Sales tax payable of $14,400. IL. (20') The December cash record of ABB Insurance follow...
IL. (20') The December cash record of ABB Insurance follow: Cash Receipts- Cash Payments Check No. Date Cash Debit Cash Credit Dec 3 S 4,150 540 560 2,190 1,870 2416 2417 2418 2419 2420 2421 2422 S 850 160 670 1,690 1,450 1,200 640 16 23 31 ABB Insurance's cash account shows a balance of $16,650 at December 31. On December 31, the received the following bank statement: Bank Statement for December Beginning Balance $14,000 Checks and other Debits Dec....
11, (20') The December cash record ofABB i Insurance follow: Date Cash Debit Check No. Cash Credit Dee 3 S 4,150 2416 2417 2418 2419 2420 2421 2422 5 850 160 670 1,690 1,450 1,200 640 16 23 31 560 2,190 1,870 ce's cash account shows a balance of $16,650 at December 31. On December 31, the company ABB Insuran received the following bank statement: Bank Statement for December Beginning Balance $14,000 sits and other Credits EFT ec $ 400...
to record a wrise-oft of an ning the drect metthod invelves e, credit to Cash so Bad Debes Expeme oosts 345,000 when mew g A copy machine esipany sold the maxbine for 51,000. wha is the reuit of the disposal trensstio a No gain no loss s. Gain of31.000 10. Your and has aceumulated deprecistion of $44,000. Suppose your b. Loss of $1.000 d. Loss of 545,000 cempany sells 5180,000 (selling price) of goods and cellects seles Nability does the...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable e. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction a. No gain no loss c. Gain of $1,000 10. Your company liability does the...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable e. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction a. No gain no loss e. Gain of $1,000 10. Your company sells S 180,000...
g. The entry to record a write-of of an acoount wihen uning the direct wrise off method invelves a delblit to Allowance for Bad Detts b. debit so Accounts Receivable d detits so Bad Dabts Experme e, credit to Cash ompaty sold the machine for $1,000. What is the result of the disgosal transaction? of $44,000. Suppose yow No pain no loss c. Gain of s 10. Your soeheasinriceofod and selletis sses b. Loas of $1,000 Loss of $45,000 (selling...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a. debit to Allowance for Bad Debts c. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction? a. No gain no loss c. Gain of $1,000 10. Your company sells $180,000 (selling price) of goods and collects...
P7-27A Preparing a bank reconciliation and journal entries The December cash records of Davidson Insurance for Learning Objective 1. Adved Balance 5 Cash Receipts Date Cash Debit Dec 4 $4,240 Cash Payments Check No. $ 810 1417 Cash Credit 1416 630 1.900 1,860 1418 1419 1420 1421 1422 1,390 1,490 700 600 Davidson's Cash account shows a balance of $17.450 at December 31. On December 31. Davidson Insurance received the following bank statement NSF PIZ $ 14,100 550 9.040 Bank...
P8-27A Preparing a bank reconciliation and journal entries The December cash records of Davidson Insurance follow Davidson's Cash account shows a balance of $17,450 at December 31. On December 31, Davidson Insurance received the following bank statement: Explanations: BC-bank collection; EFT-electronic funds transfer; NSF-nonsufficient funds checks; SC-service charge Additional data for the bank reconciliation follow: a. The EFT credit was a receipt of rent. The EFT debit was an insurance payment. b. The NSF check was received from a customer. c. The $1,400 bank collection was for a...
Please complete in excel P8-25A Preparing a bank reconciliation and journal entries The December cash records of Dunlap Insurance follow Cash Receipts Cash Payments Cash Debit Check No. Cash Credit Date Dec. 4 S 860 $ 4,170 1416 510 1417 130 1418 530 14 650 17 1419 2,180 1,490 1420 1,440 1,850 1421 900 1422 630 Dunlap's Cash account shows a balance of $16,740 at December 31. On December 31, Dunlap Insurance received the following bank statement Bank Statement for...