Urgent
Additional information a Outstanding checks: no. 101 for $129; no. 104 for $203; no. 105 for $304. b Check no. 108 (for repair expense) was correcty written for $640 but erroneously recorded in Wine & Friends Ltd 's records as $440. c Deposits in transit, $3,042. d Note receivable collected by the bank and credited to Wine & Friends account, $3,246 NSF check of Mr., Theef, one of Wine&Friends Ltd 's clients, $467. f e Bank service charge for November, $10. 2. Prepare the necessary journal entries (in general journal form) to adjust the accounting records of Wine & Friends Ltd. as of November 30. (Explanations may be omitted; one compound journal entry is acceptable). (5 points) 3. Determine the amount of cash and cash equivalents that should be reported in the company's balance sheet dated November 30. (5 points)
Homework Answers
| Bank Reconciliation | |||
| November 30 2018 | |||
| Cash balance according to bank statement | $12,543 | ||
| Add: Deposit in transit on Nov 30 | 3042 | ||
| Deduct: Outstanding checks | |||
| Check No 101 | $129 | ||
| Check No 104 | $203 | ||
| Check No 105 | 304 | $636 | |
| Adjusted balance | $14,949 | ||
| Balance per depositor records Nov 30 | 13980 | ||
| Add: Note receivable | 3246 | ||
| Less: | |||
| Error in recording Check (640-440) | 200 | ||
| NSF | 467 | ||
| Bank service charges | 10 | 677 | |
| Adjusted balance | 16549 | ||
| For deduct amount we can also use minus sign | |||
| ans 2 | |||
| Date | General Journal | Dr | cr |
| 30-Nov | Accounts receivable | 467 | |
| Bank service charges expenses | 10 | ||
| Repair expenses | 200 | ||
| Cash | 677 | ||
| Cash | 3246 | ||
| Notes Receivable | 3246 | ||
| ans 3 | Cash and cash equivalent balance | 16549 | |
| 0r | $14,949 | ||
| I wonder why its not matching, entered everything correctly | |||
| If any doubt please comment | |||
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Urgent Problem 1 (25 points) 1. Shown below is partially completed bank reconciliation for Wine & Friends Ltd at November 30, 2018 as well as additional data necessary to answer the questi...
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Problem 8-05A a-b (Video)
The bank portion of the bank reconciliation for Waterway Company at
November 30, 2020, was as follows.
Waterway COMPANY
Bank Reconciliation
November 30, 2020
Cash balance per bank
$14,777.90
Add: Deposits in transit
2,530.20
17,308.10
Less: Outstanding checks
Check Number
Check Amount
3451
$ 2,260.40
3470
720.10
3471
844.50
3472
1,426.80
3474
1,053.00
6,304.80
Adjusted cash balance per bank
$11,003.30
The adjusted cash balance per bank agreed with the cash balance per
books at November 30....
The bank portion of the bank reconciliation for Concord Company at November 30, 2020, was as...
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at November 30, 2020, was as follows.
Concord COMPANY
Bank Reconciliation
November 30, 2020
Cash balance per bank
$14,547.90
Add: Deposits in transit
2,530.20
17,078.10
Less: Outstanding checks
Check Number
Check Amount
3451
$ 2,260.40
3470
720.10
3471
844.50
3472
1,426.80
3474
1,051.30
6,303.10
Adjusted cash balance per bank
$10,775.00
The adjusted cash balance per bank agreed with the cash balance per
books at November 30.
The December bank statement...
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Problem 8-05A a-b (Video)
The bank portion of the bank reconciliation for Waterway Company at
November 30, 2020, was as follows.
Waterway COMPANY
Bank Reconciliation
November 30, 2020
Cash balance per bank
$14,777.90
Add: Deposits in transit
2,530.20
17,308.10
Less: Outstanding checks
Check Number
Check Amount
3451
$ 2,260.40
3470
720.10
3471
844.50
3472
1,426.80
3474
1,053.00
6,304.80
Adjusted cash balance per bank
$11,003.30
The adjusted cash balance per bank agreed with the cash balance per
books at November 30....
The bank portion of the bank reconciliation for Concord Company
at November 30, 2020, was as follows.
Concord COMPANY
Bank Reconciliation
November 30, 2020
Cash balance per bank
$14,547.90
Add: Deposits in transit
2,530.20
17,078.10
Less: Outstanding checks
Check Number
Check Amount
3451
$ 2,260.40
3470
720.10
3471
844.50
3472
1,426.80
3474
1,051.30
6,303.10
Adjusted cash balance per bank
$10,775.00
The adjusted cash balance per bank agreed with the cash balance per
books at November 30.
The December bank statement...
Problem 7-4A The bank portion of the bank reconciliation for Pharoah Company at October 31, 2017, is shown below. PHAROAH COMPANY Bank Reconciliation October 31, 2017 Cash balance per bank $12,627.90 Add: Deposits in transit 1,530.20 14,158.10 Less: Outstanding checks Check Number Check Amount 2451 $1,260.40 2470 684.20 2471 844.50 2472 435.65 1,050.00 2474 4,274.75 $9,883.35 Adjusted cash balance per bank The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November bank....
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reparing a bank reconciliation and recording adjustments L06 Problem 7-7B Preparing CHECK FIGURE: 1. The following informa 4 The December 3 h. Cheque #3115 for $1 FIGURE: 1. Adjusted book balance = $35,775 information was available to reconcile Frogbox Moving's book Cash balance with its bank state- went balance as of December 31, 2020: December 31 Cash balance according to the accounting records was $16,562, and the bank statement balance for that date was $36,780. #3115 for $1,119 and cheque...
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