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The document provides information about a cash book summary prepared by Mulenga C.Ltd for receipts and payments in April 2016. It notes that the opening balance in the cash book was incorrect and lists several discrepancies found between the cash book and bank statements, including incorrect cheque and receipt entries, unrecorded bank charges, and cheques that were not credited or debited by the bank. The tasks are to calculate the correct closing balance for the cash book based on this information and prepare a bank reconciliation statement as of April 30, 2016.

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UESTION TWO Mulenga C.Ltd prepared the following summary of receipts and paym en ts
accou nt for the mon th of April 2016: Mulenga C.Ltd make all payments by cheques and all
monies received are banke dimmediately. Before prepa ring bank reconciliation an in vestigation
revealed the following: a. The ba lance brought forward from March 2016 in the ca sh book
should be K 750000 and not K 770000 a. A cheque drawn for K 128000 for a dvertising had
been in correctly entered in th e cash book as K 125000 . a Dividends received in the month of
April of k 89000 were credited by the bank but no en tries were m ade in the ca sh book. -
Business rates are pa id directly by the bank under a standing order a rrangeme nt. An a mount of
K120000 was pa id on 30 April 2016 and no entries have bee n made in the ca sh book. e) A
cheque received from Kebby for K207 000 had been seturned by the bank an dm arked
'insuffficient funds'. No a dju stm ent has been made in the cashbook. 5) A cheque for K3 5000
for miscellaneous consumables was entered in the cash book as a receipt instead of as a payment.
g Cheques received totalling K807 000 had been entered in the cashbook and p a id into the
bank, but had not been credited by the bank until 3 May. 10. Cheques drawn amounting to K
345000 had not been presented to the bank f or payment. 1 Bank service charges of K 67000
appearing on the bank statement have not b een entered in the cashbook. REQUIRED: i)
Calculate the closing balance that should appear on the cashbook taking into a ccount the
appropriate information from the inve stigation. (15 Marks) ii) Prep are a bank reconciliation
statem ent as at 30 April 2016.(10 M arks)

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bank reconciliation statement :The cash Book and Pass Book / Bank Statement are prepared separate. The Businessman prepares the Cash Book and the Pass Book is prepared by the Bank (here by cash book we mean two or three column cash Book) ¤ But as both the books are related to one person and same transactions are recorded in both the books so the balance of both the books should match i.e. the balance as per Pass Book should match to balance at bank as per cash book

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6. Entry and trial balance preparation . Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31. Account number Account name Debit Credit 110 Cash $ 2,700 120 Accounts Receivable 12,100 130 Equipment and Supplies 2,800 140 Studio 45,000 210 Accounts Payable $2,600 310 Lee Adkins, Capital 57,400 320 Lee Adkins, Drawing 30,000 410 Professional Fee Revenue 39,000 510 Advertising Expense 2,300 520 Salaries Expense 2,100 540 Utilities Expense 2,000 $99,000 $99,000 The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June: 6/2 Collected $3,000 on account from customers 6/7 Sold 25% of the equipment and supplies to a young artist for $700 cash 6/10 Received a $300 invoice from the accountant for preparing last quarter's financial Statements. 6/15 Paid $1,900 to creditors on account. 6/27 Adkins withdrew $2,000 cash for personal use. 6/30 Billed a customer $3,000 for a portrait painted this month. a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6) b. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4) c. Post the journal entries to the “T” accounts. d. Prepare a trial balance as of June 30. (See exhibit 2.9) 7. Journal entry preparation. On January 1 of the current year, Peter Houston invested $80,000 cash into his companyMuniServ.The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15. During January, the company had additional cash outlays for the following items: Purchases of store equipment $4,600 Note payment 500 Salaries expense 2,300 Advertising expense 700 The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400. All customers have been billed; by month end, $3,700 had been received in settlement of account balances. Instructions a. Present journal entries that reflect MuniServ's January transactions, including the $80,000raised from the owner investment and loan. (See exhibit 2.6) b. Compute the total debits, total credits, and ending balance that would befound in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4) c. Determine the amount that would be shown on the January 31 trial balance for Accounts Payable. Is the balance a debit or a credit? .

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PART II: APPLICATION Directions: Please answer each of the following questions. Show your work as necessary. 1. The following bank reconciliation contains several errors. Bank Reconciliation July 31, 20-- Bank Statement Balance $ 9,057.00 Add: Note collected by bank 1,200.00 $10,257.00 Deduct: Outstanding checks $596.00 Error in recording Ck. No. 462 (recorded check for $546 rather than $456) 90.00 686.00 Adjusted Bank Statement Balance $ 9,571.00 Ledger Balance of Cash $ 8,366.00 Add: NSF check from customer $ 60.00 Deposit in transit 941.00 1,001.00 $ 9,367.00 Deduct: Bank service and collection charges 14.00 Adjusted Ledger Balance of Cash $ 9,353.00 Instructions: Prepare a corrected bank reconciliation. Bank Reconciliation July 31, 20-- Bank Statement Balance Add: Deposit in transit Deduct: Outstanding checks Adjusted Bank Statement Balance Ledger Balance of Cash Add: Note collected from customer Deduct: Bank service and collection charges Error in recording Ck. No. 462 (recorded check for $546 rather than $456) NSF check from customer Adjusted Ledger Balance of Cash 2. Capable Cleaners deposits all receipts in the bank each evening and makes all payments by check. On March 31 its ledger balance of cash is $983.40. The bank statement balance of cash as of March 31 is $1,176.53. You are given the following information with which to reconcile the bank statement: a. A bank debit memo for service charges, $5. b. A deposit of $198.50 was placed in the night depository on March 31 and did not appear on the bank statement. c. The reconciliation for February, the previous month, showed two checks outstanding on February 28: Ck. No. 332 for $18 and Ck. No. 333 for $138.60. Ck. No. 333 was returned with the March statement; however, Ck. No. 332 was not returned. d. A bank debit memo for a $4.17 NSF check written by L. Long. e. Checks no. 352 for $141.15, no. 355 for $17.50, and no. 356 for $215.15 were written during March but were not returned by the bank. f. The canceled checks were compared with the entries in the check register, and it was observed that Ck. No. 348 for $56 was written correctly, payable to Glyn Company, a creditor, but was recorded in the checkbook as $65. Instructions: 1. Prepare a bank reconciliation as of March 31, assuming that the debit and credit memos have not been recorded. 2. Record the necessary entries in general journal form using page 41. 1.) Capable Cleaners Bank Reconciliation March 31, 20— Bank Statement Balance Add: Deposit in transit Deduct: Outstanding checks No. 332 No. 352 No. 355 No. 356 Adjusted Bank Statement Balance Ledger Balance of Cash Add: Error in recording Ck. No. 348 payable to Glyn Company (recorded check for $9 too much) Deduct: Bank servic.

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A C G 6 0 2 6 - A c c o u n t i n g f o r M a n a g e r s ACCOUNTING CYCLE ASSIGNMENT Spring 2016 Names Points: Problem 1 – 30 points Problem 2 – 70 points Total (100 points) Problem 1. ABC Company began business on January 1, 2015. During January, the following transactions occurred: January: 1 st Issued common stock in exchange for $150,000 cash. 2 nd Purchased inventory on account for $30,000. 4 th Paid an insurance company $2,450 for one-year insurance policy. 10 th Sold merchandise on account for $13,000. The cost of the merchandise was $6,000. 15 th Borrowed $35,000 from a local bank and signed a note. Principal and interest at 10% will be repaid in six months. 20 th Paid employees $6,000 in wages for the first half of the month. 22 nd Sold merchandise for $11,000 cash. The cost of the merchandise was $7,000. 24 th Paid $15,000 to suppliers for the merchandise purchased on January 2. 26 th Collected $5,500 on account from customers. 28 th Paid $2,000 to the local utility company for January water. 30 th Paid $5,000 rent for the building. $2,500 was for January rent, and $2,500 for February rent. Required: 1. Prepare general journal entries (i.e., no adjusting journal entries) to record each transaction. (10p.) 2. Post the entries to T-accounts. (10p.) 3. Prepare an unadjusted trial balance as of January 30, 2015. (10p.) Problem 2. Florida Company manufactures and sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2015, appears below. Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the equipment for the year is $20,000. 2. Employee wages are paid twice a month, on the 22 nd for wages earned from the 1 st through the 15 th , and on the 7 th of the following month for wages earned from the 16 th through the end of the month. Wages earned from December 16 through December 31, 2015, were $2,000. 3. On October 1, 2015, Florida borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2015, the company lent a supplier $20,000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2016. Account Title Debit Credit Cash 29,000 Accounts Receivable 40,000 Supplies 1,500 Inventory 60,000 Notes Receivable 20,000 Interest Receivable - Prepaid Rent 2,000 Prepaid Insurance 7,000 Equipment 80,000 Accumulated Depreciation-Equipment 30,000 Accounts Payable 31,000 Wages Payable - Notes Payable 50,000 Interest Payable - Unearned Rev.

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