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Homework Answers
Prepare BRS as follows:
| KMAXX Company | |||
| Bank Reconciliation | |||
| At April 30 | |||
| Bank Statement | Company's Books | ||
| Ending Balance per Bank statement | $5,216 | Ending balance per cash account | $5,540 |
| Additions | |||
| Deposit in transit | $360 | ||
| Deductions: | Deductions: | ||
| Error in check | ($100) | EFT payment | ($140) |
| Outstanding checks | ($180) | NFS check | ($85) |
| Service charge | ($19) | ||
| Up-to-date balance | $5,296 | Up-to-date balance | $5,296 |
________________________________________________________________________
Prepare journal entries as follows:
| Account Titles | Debit | Credit |
| Accounts receivable | $140 | |
| Cash | $140 | |
| (To record the payment on account) | ||
| Accounts receivable | $85 | |
| Cash | $85 | |
| (To record the NSF and reinstate the receivable) | ||
| Bank charges | $19 | |
| Cash | $19 | |
| (To record the bank charges) |
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Required information [The following information applies to the questions displayed below.] At the beginning of July, CD City has a balance in inventory of $3,300. The following transactions occur during the month of July 3 Purchase CDs on account from Wholesale Music for $2,200, terms 1/10, n/30 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $120 9 Return incorrectly ordered CDs to Wholesale Music and receive...
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Required information [The following information applies to the questions displayed below.) On January 1, 2021, the gene...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,700 38,500 $ 3,900 34,000 67,600 30,400 34,000 60,000 34,500 $162,800 $162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
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Required Information The following information applies to the questions displayed below. On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Credit Debit $ 26, see 49, ese $ 5,600 21,420 be, se 22,00 Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) Common Stock Retained Earnings Totals 2,920 29,90 64.ee 49.ee 27, see $178,928 $178,920 During January 2021, the following transactions occur:...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 26,200 Accounts Receivable 48,400 Allowance for Uncollectible Accounts $ 5,300 Inventory 21,100 Land 57,000 Equipment 20,500 Accumulated Depreciation 2,600 Accounts Payable 29,600 Notes Payable (6%, due April 1, 2022) 61,000 Common Stock 46,000 Retained Earnings 28,700 Totals $ 173,200 $ 173,200 During January 2021, the following transactions occur: January...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the...
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Can somone please help me with the journal entries? Required information (The following information applies to...
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Required information (The following information applies to the questions displayed below.] Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end of each month. Balances in the accounts at the end of January are as follows: Cash $20,420 Unearned Revenue (35 units) $ 4,950 Accounts Receivable Allowance for Doubtful Accounts Inventory (40 units) $ 11,450...
Please! Help me with these three tables!!!
Required information [The following information applies to the questions displayed below.] At the beginning of July, CD City has a balance in inventory of $3,300. The following transactions occur during the month of July 3 Purchase CDs on account from Wholesale Music for $2,200, terms 1/10, n/30 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $120 9 Return incorrectly ordered CDs to Wholesale Music and receive...
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Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,700 38,500 $ 3,900 34,000 67,600 30,400 34,000 60,000 34,500 $162,800 $162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
Required Information The following information applies to the questions displayed below. On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Credit Debit $ 26, see 49, ese $ 5,600 21,420 be, se 22,00 Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) Common Stock Retained Earnings Totals 2,920 29,90 64.ee 49.ee 27, see $178,928 $178,920 During January 2021, the following transactions occur:...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit Accounts $ 22,700 38,500 Cash Accounts Receivable Allowance for Uncollectible 3,900 $ Accounts 34,000 67,600 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock 30,400 34,000 60,000 34,500 Retained Earnings $162,800 $162,800 Totals The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
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help me fill out the charts please
Required information [The following information applies to the questions displayed below.) Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $139,200 Expenses Cost of goods sold 56,000 Depreciation expense 19,000 Salaries expense 32,000 Rent expense 10,400 Insurance expense 5,200 Interest expense 5,000 Utilities expense 4,200 Net income $ 7,400 LANSING...
Can somone please help me with the journal entries?
Required information (The following information applies to the questions displayed below.] Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end of each month. Balances in the accounts at the end of January are as follows: Cash $20,420 Unearned Revenue (35 units) $ 4,950 Accounts Receivable Allowance for Doubtful Accounts Inventory (40 units) $ 11,450...
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