Homework Answers
please find below the solution.. let me know if you need any clarification..
correct answer is option B) Interest received and collections of notes receivables.
Exp: Interest received and collection of notes receivable will be directly done by the third party to the banker of the firm. Therefore CHS will not know these transaction which are not yet recorded in the books of account.
Other transaction are having just timing difference and firm should have already done the proper accounting of these transaction.
therefore CHS need to record the interest and notes receivable collection thru the bank statement information.
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lancial ALCUUITLITY WILM COMTEC...
Please show method of how to calculate each entry Milton Company has just received the following...
Please show method of how to calculate each entry
Milton Company has just received the following monthly bank statement for June 2017. Checks Deposits Balance Date June 1 $25,000 June 2 $150 24,850 $6,000 June 3 30,850 30,100 June 4 750 June 5 1,500 28,600 June 7 10,050 18,550 June 9 8,000 26,550 3,660 June 10 22,890 20,200 June 11 2,690 June 12 9,000 29,200 June 13 550 28,650 June 17 7,500 21,150 5,500 June 20 26,650 June 21 650...
e December 30th - January 2nd Class Activity (Chapter 7) Bank Reconcili Name: Student ID: 1....
e
December 30th - January 2nd Class Activity (Chapter 7) Bank Reconcili Name: Student ID: 1. What are the reconciling items in a bank reconciliation (b) 2. Reconciling Procedure: Cash Balance per Bank Cash Balance per Books Corrected Balance Corrected Balance 3. If a check correctly written and paid by the bank for $519 is incorrectly recorded on the company's books for $591, the appropriate treatment on the bank reconciliation would be to a. add $72 to the bank's balance....
1. Havermill Co. establishes a $490 petty cash fund on September 1. On September 30, the...
1. Havermill Co. establishes a $490 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $97 for Office Supplies, $185 for merchandise inventory, and $46 for miscellaneous expenses. The fund has a balance of $162. On October 1, the accountant determines that the fund should be increased by $98. The journal entry to record the establishment of the fund on September 1 is: 2. A company wants to decrease...
Can someone explain this please? c. Explain why We replace it with an interest-bearing note. The...
Can someone explain this please?
c. Explain why We replace it with an interest-bearing note. The Ski Factory provided the following information at December 31, year 1. LO7-1, L07-3, LO7-4, LO7-5. LO7-6, LO7-7, LO7-8 PROBLEM 7.7A Short Comprehensive Problem Bank Reconciliation Bank statement balance, 12/31/year 1 ................. $32,612 Deposits in transit................ 4,900 Outstanding checks .............. (2.712) General ledger cash balance. 12/31/year 1 ..... $35.132 Bank service charge............. (50) Returned customer checks marked NSF (750) Error in recording of office supplies.....
Answer question B only!. I add the other picture for you to make reference to. thanks...
Answer question B only!. I add the other picture for you to
make reference to. thanks alot
Problem 7-05A a-b (Part Level Submission) (Video) The bank portion of the bank reconciliation for Cullumber Company at October 31, 2020, is shown below. Cullumber Company Bank Reconciliation October 31, 2020 Cash balance per bank Add: Deposits in transit $12,167.90 1,330.20 13,498.10 Less: Outstanding checks Check Number 2451 2470 2471 2472 2474 Adjusted cash balance per bank Check Amount $ 1,060.40 484.20 644.50...
oto 6. (10 points) Using the code reconciliation code letters below, indicate how each of the items listed would be...
oto 6. (10 points) Using the code reconciliation code letters below, indicate how each of the items listed would be handed in preparing liation. Enter the appropriate code letter in the space to the left of each item Code A B C D E Add to cash balance per books Deduct from cash balance per books Add to cash balance per bank Deduct from cash balance per bank Does not affect the bank reconciliation Items: The bank statement included a...
Match the term and the definition. 1. Step 1 х 2 3 х Answer is complete...
Match the term and the definition. 1. Step 1 х 2 3 х Answer is complete but not entirely correct. DEFINITION TERM Subtract outstanding checks from the bank balance. Compute the adjusted bank balance. Step 3 Enter the bank statement balance from the bank statement Step 2 Add any unrecorded deposits to the bank balance. Step 5 Compute the adjusted book balance Step 7 Add any unrecorded interest earned to the book balance Step 4 Enter the company's book balance...
Topic #6 Problem On June 30, Tan Company's bank reconciliation showed a $400 deposit in transit...
Topic #6 Problem On June 30, Tan Company's bank reconciliation showed a $400 deposit in transit and outstanding checks #1151, $440: #1153, S620: and #1155, 5790. During the month of July, Tan Company recorded the following cash receipt and cash payment transactions in the general ledger: Beg. Bal. Receipts: 776 7/13 7/20 7/27 7/31 End. Bal. CASH 2,045 Payments: 550 390 840 610 750 840 960 115 310 260 3.240 Ck #1160 Ck #1161 Ck #1162 Ck #1163 Ck#1164 At...
e owner's equity, delb d. contra asset, credit 2. A bank reconciliation should be prepared periodically...
e owner's equity, delb d. contra asset, credit 2. A bank reconciliation should be prepared periodically because a. the company's records and the bank's records are in agreement b. the bank has not recorded all of its transactions e. any differences between the company's records and the bank's records should be determined, and made by either party should be discovered and corrected d. the bank must make sure that its records are correct 3. Gunnar Company gathered the following reconciling...
The Boxwood Company sells blankets for $40.00 each. The following was taken from the inventory records...
The Boxwood Company sells blankets for $40.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 03 Purchase $16.00 May 10 Sale May 17 Purchase $18.00 May 20 Sale May 23 Sale May 30 Purchase $19.00 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. 27 Select the...
Please show method of how to calculate each entry
Milton Company has just received the following monthly bank statement for June 2017. Checks Deposits Balance Date June 1 $25,000 June 2 $150 24,850 $6,000 June 3 30,850 30,100 June 4 750 June 5 1,500 28,600 June 7 10,050 18,550 June 9 8,000 26,550 3,660 June 10 22,890 20,200 June 11 2,690 June 12 9,000 29,200 June 13 550 28,650 June 17 7,500 21,150 5,500 June 20 26,650 June 21 650...
e
December 30th - January 2nd Class Activity (Chapter 7) Bank Reconcili Name: Student ID: 1. What are the reconciling items in a bank reconciliation (b) 2. Reconciling Procedure: Cash Balance per Bank Cash Balance per Books Corrected Balance Corrected Balance 3. If a check correctly written and paid by the bank for $519 is incorrectly recorded on the company's books for $591, the appropriate treatment on the bank reconciliation would be to a. add $72 to the bank's balance....
Can someone explain this please?
c. Explain why We replace it with an interest-bearing note. The Ski Factory provided the following information at December 31, year 1. LO7-1, L07-3, LO7-4, LO7-5. LO7-6, LO7-7, LO7-8 PROBLEM 7.7A Short Comprehensive Problem Bank Reconciliation Bank statement balance, 12/31/year 1 ................. $32,612 Deposits in transit................ 4,900 Outstanding checks .............. (2.712) General ledger cash balance. 12/31/year 1 ..... $35.132 Bank service charge............. (50) Returned customer checks marked NSF (750) Error in recording of office supplies.....
Answer question B only!. I add the other picture for you to
make reference to. thanks alot
Problem 7-05A a-b (Part Level Submission) (Video) The bank portion of the bank reconciliation for Cullumber Company at October 31, 2020, is shown below. Cullumber Company Bank Reconciliation October 31, 2020 Cash balance per bank Add: Deposits in transit $12,167.90 1,330.20 13,498.10 Less: Outstanding checks Check Number 2451 2470 2471 2472 2474 Adjusted cash balance per bank Check Amount $ 1,060.40 484.20 644.50...
oto 6. (10 points) Using the code reconciliation code letters below, indicate how each of the items listed would be handed in preparing liation. Enter the appropriate code letter in the space to the left of each item Code A B C D E Add to cash balance per books Deduct from cash balance per books Add to cash balance per bank Deduct from cash balance per bank Does not affect the bank reconciliation Items: The bank statement included a...
Match the term and the definition. 1. Step 1 х 2 3 х Answer is complete but not entirely correct. DEFINITION TERM Subtract outstanding checks from the bank balance. Compute the adjusted bank balance. Step 3 Enter the bank statement balance from the bank statement Step 2 Add any unrecorded deposits to the bank balance. Step 5 Compute the adjusted book balance Step 7 Add any unrecorded interest earned to the book balance Step 4 Enter the company's book balance...
Topic #6 Problem On June 30, Tan Company's bank reconciliation showed a $400 deposit in transit and outstanding checks #1151, $440: #1153, S620: and #1155, 5790. During the month of July, Tan Company recorded the following cash receipt and cash payment transactions in the general ledger: Beg. Bal. Receipts: 776 7/13 7/20 7/27 7/31 End. Bal. CASH 2,045 Payments: 550 390 840 610 750 840 960 115 310 260 3.240 Ck #1160 Ck #1161 Ck #1162 Ck #1163 Ck#1164 At...
e owner's equity, delb d. contra asset, credit 2. A bank reconciliation should be prepared periodically because a. the company's records and the bank's records are in agreement b. the bank has not recorded all of its transactions e. any differences between the company's records and the bank's records should be determined, and made by either party should be discovered and corrected d. the bank must make sure that its records are correct 3. Gunnar Company gathered the following reconciling...
The Boxwood Company sells blankets for $40.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 03 Purchase $16.00 May 10 Sale May 17 Purchase $18.00 May 20 Sale May 23 Sale May 30 Purchase $19.00 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. 27 Select the...
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