Please check my answers. Answers are bolded. 28.) The following items appeared on the January 31...

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Please check my answers. Answers are bolded. 28.) The following items appeared on the January 31...

***Please check my answers. Answers are bolded.***

28.) The following items appeared on the January 31 bank reconciliations for Shelly Company:

Outstanding Checks: $80

NSF Check: $6

Bank Service Charge: $8

Deposit in Transit: $100

Error: Check written by Shelly for $476 was correctly recorded by Shelly, but recorded for $512 by the bank.

Bank collection of Note Receivable for Shelly: $170

The unadjusted January 31 bank statement balance is $1,000.

The adjusted cash balance for the January 31 balance sheet is:

Select one:

a. $984

b. $1,016

c. $1,020

d. $1,248

e. $1,056

29.) Which item would be included in the Cash line item on the balance sheet?

a. Liquid investments with maturity of 365 days or less

b. Postdated checks written to vendors

c. NSF checks from customers

d. Cash restricted as a compensating balance

30.) Which account is not amortized?

a. Copyright

b. Goodwill

c. Franchises

d. Patent

THANK YOU!!!

business accounting

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Answer 1

Answer #1

Solution

28. Correct option is $984

Explanation:

Balance per Bank statement	$1000
Adjustments:
Outstanding checks	-80
Deposit in transit	+100
Error in check recording (512-476)	-36
Adjusted cash balance for January 31 ,balance sheet	$984

Your answer is correct

29. Option a is correct

Liquid investment with maturity of 365 days or less

Explanation:

Post dated checks should be reported as payable

Cash restricted as compensating balance should be described in a note indicating the type of arrangement and amount

NSF checks from customers reported as receivables

Only the liquid investment which have maturity of 365 days or less can be reported as a cash line item in the balance sheet.

30. Your answer is correct

Add a comment

Answer 2

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