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2. (1o Points) Identify cach of the following tems I through 10 as cither (A) cash...
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...
Identify each of the following reconciling items as: An addition to the cash balance according to...
Identify each of the following reconciling items as: An addition to the cash balance according to the bank statement. A deduction from the cash balance according to the bank statement. An addition to the cash balance according to the company's records. A deduction from the cash balance according to the company's records. Assume that none of the transactions reported by bank debit and credit memos have been recorded by the company. Write "entry" by items that will require a journal...
1. Which one which one of the following items would NOT be considered cash a. Coins...
1. Which one which one of the following items would NOT be considered cash a. Coins b. Money orders e. Currency d. Postdated checks 2. A bank statement: a shows the activities that increased or decreased the depositor's account balance b. is a credit reference letter written by the depositor's bank. is a bill from the bank for services rendered. d lets a depositor know the financial position of the bank as of a certain date. 3. A NSF check...
Saved 3 Required Identify which of the following items are added to or subtracted from the...
Saved 3 Required Identify which of the following items are added to or subtracted from the unadjusted bank balance to arrive at the true cash balance. Distinguish the additions from the subtractions by selecting a + beside the items that are added to the unadjusted bank balance and a - beside those that are subtracted from it. The first item is recorded as an example. (If the item is not added to or subtracted from the adjusted book balance, leave...
Identify which of the following items are added to or subtracted from the unadjusted bank balance...
Identify which of the following items are added to or subtracted
from the unadjusted bank balance to arrive at the true
cash balance. Distinguish the additions from the subtractions by
selecting a + beside the items that are added to the unadjusted
bank balance and a – beside those that are subtracted from it. The
first item is recorded as an example. (If the item is not
added to or subtracted from the adjusted book balance, leave the
cell blank.)...
The following information was used to prepare the March, bank reconciliation for Benson Machine Works. Identify...
The following information was used to prepare the March, bank reconciliation for Benson Machine Works. Identify the items that require adjustment to the cash balance per books and prepare the appropriate adjusting entries. 1. Included with the bank statement materials was a check from Jim Trent for $70 stamped "NSF." 2. A personal deposit by Sam Benson to his personal account in the amount of $300 for dividends on his General Motors common stock was credited to the...
E7-2 (L01) (Determining Cash Balance) Presented below are a number of independent situations. Instructions For each...
E7-2 (L01) (Determining Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale. Exercises 365 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180. 2. Checking account balance $600,000, an overdraft in special checking account at same bank as normal checking account...
Brief Exercise 7-1 Indigo Enterprises owns the following assets at December 31, 2017. Cash in bank—savings...
Brief Exercise 7-1
Indigo Enterprises owns the following assets at December 31,
2017.
Cash in bank—savings account
72,900
Checking account balance
20,000
Cash on hand
8,860
Postdated checks
940
Cash refund due from IRS
36,500
Certificates of deposit (180-day)
90,770
What amount should be reported as cash?
Cash to be reported
$
Exercise 7-2
Presented below are a number of independent situations.
For each individual situation, determine the amount that should be
reported as cash.
1. Checking account balance $925,100;...
Tropical Inc. is preparing its December 31 financial statements, and it must determine the proper balance...
Tropical Inc. is preparing its December 31 financial statements,
and it must determine the proper balance sheet classification of
financial statement items. Complete the table as follows:
1. Indicate whether each amount would be classified as cash.
2. Indicate an alternative classification if the amount is
excluded from cash.
(and please also explains No. 5, 10, 14, 15, 16 in details.
Thank you)
Financial Statement Item Include in Cash Amount Classification 1. Coins and currency, $1,000. 1000 Cash 2. Checks...
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts....
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank. 2. All over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer. 3. The company accountant makes the bank deposit and then records the day's receipts. 4. At...
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...
1. Which one which one of the following items would NOT be considered cash a. Coins b. Money orders e. Currency d. Postdated checks 2. A bank statement: a shows the activities that increased or decreased the depositor's account balance b. is a credit reference letter written by the depositor's bank. is a bill from the bank for services rendered. d lets a depositor know the financial position of the bank as of a certain date. 3. A NSF check...
Saved 3 Required Identify which of the following items are added to or subtracted from the unadjusted bank balance to arrive at the true cash balance. Distinguish the additions from the subtractions by selecting a + beside the items that are added to the unadjusted bank balance and a - beside those that are subtracted from it. The first item is recorded as an example. (If the item is not added to or subtracted from the adjusted book balance, leave...
Identify which of the following items are added to or subtracted
from the unadjusted bank balance to arrive at the true
cash balance. Distinguish the additions from the subtractions by
selecting a + beside the items that are added to the unadjusted
bank balance and a – beside those that are subtracted from it. The
first item is recorded as an example. (If the item is not
added to or subtracted from the adjusted book balance, leave the
cell blank.)...
E7-2 (L01) (Determining Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale. Exercises 365 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180. 2. Checking account balance $600,000, an overdraft in special checking account at same bank as normal checking account...
Brief Exercise 7-1
Indigo Enterprises owns the following assets at December 31,
2017.
Cash in bank—savings account
72,900
Checking account balance
20,000
Cash on hand
8,860
Postdated checks
940
Cash refund due from IRS
36,500
Certificates of deposit (180-day)
90,770
What amount should be reported as cash?
Cash to be reported
$
Exercise 7-2
Presented below are a number of independent situations.
For each individual situation, determine the amount that should be
reported as cash.
1. Checking account balance $925,100;...
Tropical Inc. is preparing its December 31 financial statements,
and it must determine the proper balance sheet classification of
financial statement items. Complete the table as follows:
1. Indicate whether each amount would be classified as cash.
2. Indicate an alternative classification if the amount is
excluded from cash.
(and please also explains No. 5, 10, 14, 15, 16 in details.
Thank you)
Financial Statement Item Include in Cash Amount Classification 1. Coins and currency, $1,000. 1000 Cash 2. Checks...
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank. 2. All over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer. 3. The company accountant makes the bank deposit and then records the day's receipts. 4. At...
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