Question

Looking for a solution to Submission 2 & 3. For "formulas tab" - means excel formulas by copy & pasting work with "paste + ~"

PURCHASE AND SALES INFO

BANK REC INFO

AGING OF ACCOUNTS RECEIVABLE INFO

BLANK BANK REC

Submission 2 - due Monday March 25 before 5pm - You must submit your completed Bank Reconciliation, the journal entries to bring the cash balance to the correct balance, and the Bank Reconciliation formulas tab completed. Your file must be named correctly - "Your name (first and last) Project 2 part 2. Failure to name your file correctly will result in a 1 point deduction Submission 3 - due Monday March 25 before 5pm - You must submit your Adjusting Journal Entries, the worksheet with the adjusting journal entries and Bank Reconciliation entries, and Adjusted Trial Balance Columns completed, and the Multistep Income Statement completed, and the worksheet and the financial statements formulas tabs completed. The entire excel file must be submitted to the correct assignments link on the class Canvas site. Your file must be named correctly "Your name (first and last) Project 2 part 3. Failure to name your file correctly will result in a 1 point deduction Inventory on hand at the beginning of December: CostTotal Cost $375 448 $823 Units unit Purchase # 1 15 25 Purchase # 2 28 31 December 2019 transactions related to buying and selling doodad inventory units amount 1-Dec Sold 21 doodads at $59 each on credit 21 59 12-Dec Purchased 19 doodads at a cost of $32 per doodad on credit 19 32 15-Dec Sold 25 doodads at $63 each on credit 25 63 20-Dec Purchased 24 doodads at a cost of $38 per doodad on credit 24 38 24-Dec Sold 10 doodads at $71 each on credit 10 71 The PHYSICAL count of doodad inventory on hand at December 31,2019 shows 15 doodads at a FIFO cost of $570. 15 570 The following information should be used to prepare a bank reconciliation for FigMint Sales and Consulting as of December 31. Prepare the reconciliation on the Bank Reconciliation tab amount amount On December 31, 2019, FigMint Sales and Consulting Co. had a cash balance in the ledger as shown to the right. The December statement from Michigan State Bank showed a balance on December 31, 2019 also as shown to the right. The following facts regarding banking and cash activities are available $237,894 235502 ledger bank The bank service charge for December 50 The bank collected an amount that was owed to FigMint Sales and Consulting Co by a customer, through electronic funds transfer. 17580 The December 31 receipts were not included in the bank deposits for December. These receipts were deposited by the company in a night deposit vault on December 31 23540 Company check No. 2480 issued to Polar Vortex Co, a creditor, for $580 that cleared the bank in December was incorrectly entered in the cash payments journal on December 10 for $508 580 508 correct incorrect amount amount Checks outstanding on December 31 15220 On December 31, the bank statement showed an NSF charge for a check received by the company from Icey Sleet, a customer, on account 1680 The bank statement shows a check was charged to FigMint's account. The check was written by Freezeing Rain Company not FigMint Sales and Consulting 9850 Prepare the bank reconciliation as of December 31 Prepare the necessary entries at December 31 to update the cash account. Place the Journal entries on the Journal entries Tab Numberof Days Outstanding Total 0-30 31-60 61-90 91-120 over 120 Accounts Receivable % Uncollectible Estimated Uncollectible $147,424 $ 132,682 $ 5,897 $ 2,948 $ 4,423 $ 1,474 0.35 516 0.01 0.04 0.08 0.09 $ 2,713 1,327 236 236 398 FigMint Consulting & Sales and Sales Inc Bank Reconciliation December 31 2019 BANK Balance December 31, 2019 Additions Subtractions Corrected Cash Balance BOOK Balance December 31, 2019 Additions Subtractions Corrected Cash Balance

Answer 1

Bank Reconciliation is a process of identifying the difference that exist between the company's bank balance as per bank statement supplied by bank and cash balance as per company's accounting records. Figmint Sales & Consulting Bank Reconciliation 31-Dec-19 Particulars Bank Balance on Dec 31 2019 Additions Amount Amount Journal Entry $235,502 Sr.No Date Debit Credit 131-Dec-19 Cash 517,580 $23,540 $9,850 $17,580 Deposit in transit Cancelled check wrongly charged Accounts Receivable To record amount received from customer in bank directly 2 31-Dec-19 Bank Charges 1,680 $268,892 Cash (Record NSF charges) 1,680 Deductions Outstanding Check $15 3 31-Dec-19 Accounts Payable $72 ($15,220) $253,672 Total Deduction Cash To record rectification entry for amount wrongly inputed as 508 instead of 580 $72 sted Bank Balance 4 31-Dec-19 Bank Charges $50 Book Balance on Dec 31 2019 Additions 5237,894 Cash 550 Record bank service charges Accounts receivable collected by bank through electronic transfer $17,580 $17 $255,474 Deductions NSF Check Rectification of entry for check payment made [S580-5508 Bank Service Charge $1,680 572 550 Total Deduction sted Book Balance $253,672