Bank reconciliation and entries The cash account for Stone Systems at.pdf

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Bank reconciliation and entries The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $11,830. The bank statement indicated a balance of $15,250 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: A) Checks outstanding totaled $5,490. B) A deposit of $5,720, representing receipts of July 31, had been made too late to appear on the bank statement. C) The bank had collected $2,970 on a note left for collection. The face of the note was $2,820. D) A check for $700 returned with the statement had been incorrectly recorded by Stone Systems as $770. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account. E) A check drawn for $700 had been incorrectly charged by the bank as $70. F) Bank service charges for July amounted to $20. 1) Prepare a bank reconciliation. 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. If an amount box does not require an entry, leave it blank. 3. If a balance sheet were prepared for Stone Systems on July 31, 20Y5, what amount should be reported as cash? Stone Systems Bank Reconciliation July 31, 20Y5 Line Item Description Amount Amount Cash balance according to bank statement $ $ $ $ Total deductions $ Adjusted balance $ Cash balance according to company's records $ Adjustments: $ $ Total additions $ $ Adjusted balance $.

Education

Instructions 1. Prepare a bank reconciliation. 2. Journalize the necessary entries. The accounts have not been closed. The cash account for Interactive Systems at February 28, 2010, indicated a balance of $7,635. The bank statement indicated a balance of $13,333 on February 28, 2010. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: a. Checks outstanding totaled $4,118. b. A deposit of $4,500, representing receipts of February 28, had been made too late to appear on the bank statement. c. The bank had collected $5,200 on a note left for collection. The face of the note was $5,000. d. A check for $290 returned with the statement had been incorrectly recorded by Interactive Systems as $920. The check was for the payment of an obligation to Busser Co. for the purchase of office supplies on account. e. A check drawn for $415 had been incorrectly charged by the bank as $145. f. Bank service charges for February amounted to $20. .

Bank reconciliation statement practice at basic level

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Control Accounts, errors and omissions class no 3, 4

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On July 31 2025 Ivanhoe Company had a cash balance per boo.pdf

advanceg

On July 31, 2025, Ivanhoe Company had a cash balance per books of $6,255.00. The statement from Dakota State Bank on that date showed a balance of $7,805.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $22.00. 2. The bank collected $1,635.00 from a customer for lvanhoe Company through electronic funds transfer. 3. The July 31 receipts of $1,311.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $374.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $347.00. 5. Checks outstanding on July 31 totaled $1,966.10. 6. On July 31 , the bank statement showed an NSF charge of $690.00 for a check received by the company from W. Krueger, a customer, on account.Prepare the bank reconciliation as of July 31 . (List items that increase bolance as per bank & books first. Round onswers to 2 decima places eg. 2,525.25..

PART II APPLICATIONDirections Please answer each of the foll.docx

dewhirstichabod

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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rabieharoun1

The Hills City maintains a Water and Sewer Fund to provide utility services to its citizens. As of January 1, 2020, the Water and Sewer Fund had the following account balances: (1) During the year, sales of water to non-government customers amounted to $1,025,000 and sales of water to the General Fund amounted to $37,000. (2) Collections from non-government customers amounted to $983,000. (3) The Stores and Services Fund repaid $15,000 of the long-term advance to the Water and Sewer Fund. (4) Materials and supplies in the amount of $261,000 were received. A liability in that amount was recorded. (5) Materials and supplies were issued and were charged to the following accounts: cost of sales and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress, $50,000. (6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The $450,400 (416,200 + 34,200) was distributed as follows: cost of sales and services, $265,800; sales, $43,900; administration, $91,400; construction work in progress, $49,300. (7) Bond interest (5%) was paid. (8) In accord with the revenue bond indenture, $25,000 cash was transferred from operating cash to restricted assets. (9) Construction projects at the water treatment plant (reflected in the beginning balance of construction in process) were completed in the amount of $214,000, and the assets were placed in service. Payments for these amounts were made in the previous year (no effect on 2020 Statement of Cash Flows). (10) Collection efforts were discontinued on bills totaling $3,500. The unpaid receivables were written off. (11) An analysis of customer receivable balances indicated the Estimated Uncollectible Accounts needed to be increased by $6,500. (12) Payment of accounts payable amounted to $332,000. Payments of payroll taxes totaled $95,200. (13) Supplies transferred from the Stores and Services Fund amounted to $58,000. Cash in the amount of $50,000 was paid to the Stores and Services Fund for supplies. (14) Depreciation expense for the year was computed to be $267,000. Required: (A) Open a general journal for the Water and Sewer Utility Fund and record the above transactions. (B) A Statement of Revenues, Expenses, and Changes in Fund Net position for the Year Ended December 31, 2020. (C) A Statement of Net position, as of December 31, 2020.DebitsCreditsCash$102,000Customer Accounts Receivable80,000Estimated Uncollectible Accounts Receivable$4,500Materials and Supplies28,000Advance to Stores and Services Fund30,000Restricted Assets117,000Water Treatment Plant in Service4,200,000Construction Work in Progress203,000Accumulated Depreciation - Utility Plant1,200,000Accounts Payable96,500Revenue Bonds Payable (5% interest)2,500,000Net position959,000Totals$4,760,000$4,760,000.

Hi there please help me to find the correct account for Total deductio.docx

gentomega

Hi there please help me to find the correct account for Total deductions. Thanks! revealed the following reconciling items: a. Checks outstanding totaled $34 , 090 . b. A deposit of $18 , 430 , representing receipts of June 30 , had been made too late to appear on the bank statement. c. The bank collected $31 , 779 on a $29 , 700 note, including interest of $2 , 079 . d. A check for $1 , 900 returned with the statement had been incorrectly recorded by Pala Medical Co. as $190 . The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $370 had been erroneously charged by the bank as $730 . f. Bank service charges for June amounted to $55 . Required: 1. Prepare a bank reconciliation. 2. Journalize the necessary entries. 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? CHART OF ACCOUNTS Pala Medical Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Goods Sold 145 Office Supplies 515 Credit Card Expense 146 Store Supplies 516 Cash Short and Over 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 191 Office Equipment 532 Delivery Expense 192 Accumulated Depreciation-Office Equipment 533 Insurance Expense 193 Store Equipment 534 Office Supplies Expense 194 Accumulated Depreciation-Store Equipment 535 Rent Expense 536 Repairs Expense LIABILITIES 537 Selling Expenses 211 Accounts Payable-Skyline Supply Co. 538 Store Supplies Expense 221 Notes Payable 561 Depreciation Expense-Office Equipment 222 Interest Payable 562 Depreciation Expense-Store Equipment 231 Salaries Payable 590 Miscellaneous Expense 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Labels For the Month Ended June 30,20Y1 June 30 , 20 Y 1 Amount Descriptions Adjusted balance Bank error in charging check as $730 instead of $370 Bank service charges Deposit in transit on June 30 Deposit of June 30 , not recorded by bank Error in recording check Outstanding checks Note collected by bank, including $2 , 079 interest Total additions Total deductions 1. Prepare a bank reconciliation. Bank Reconciliation Instructions .

The Mitchum Company has a beginning inventory for July of $375 (75 u.docx

dennisa15

The Mitchum Company has a beginning inventory for July of $375 (75 units at $5/unit) and makes the following purchases and sales of tapes during July: ( 40 pts ) 07/07 Purchase 50 units @ $7 07/12 Sales 100 units 07/20 Purchase 125 units @ $8 07/28 Sales 90 units Compute the cost of sales and the ending inventory for May if the firm uses the following: a. The perpetual inventory system and the FIFO cost flow assumption b. The perpetual inventory system and the LIFO cost flow assumption For the FIFO method, you have to show the cost of sales (cost of goods sold) and the value of ending inventory . For the LIFO method, you have to show the cost of sales (cost of goods sold) and the value of ending inventory . 2. An examination of the accounting records and bank statement of the Brian Donleavy Corporation at 31 May 2012 provides the following information: ( 40 pts ) a) The firm’s checkbook has a balance of $4,304 b) The firm’s bank statement has a balance of $3,538 c) The 31 May cash receipts of $1,500 were deposited in the bank at the end of that day but were not recorded by the bank until 01 Jun 2005 d) Checks issued and mailed in May but not included among the checks listed as paid on the bank statement were as follows: Check No. 1615 $568 Check No. 1618 $112 Check No. 1621 $235 e) A bank service charge of $25 for May was deducted on the bank statement f) A check received from a customer for $135 in payment of their account and deposited by the Brian Donleavy Corporation was returned marked “NSF” with the bank statement. g) Interest of $15 earned on the firm’s checking account was added on the bank statement h) The Brian Donleavy Corporation discovered that Check No. 1585, which was correctly written as $584 for the May rent, was recorded as $548 in the firm’s checking account. Prepare the bank reconciliation as well as the adjusting journal entries. (There are two items - one is a bank reconciliation and the second are various journal entries) 3. A condensed balance sheet and other financial data for the Alpha Company appear below: Alpha Company Balance Sheet Dec 31, 20X2 ASSETS Current Assets Cash $ 100,000 Account Receivable 200,000 Marketable securities 100,000 Inventory 200,000 Total Current Assets $ 600,000 Fixed Assets 500,000 Total Assets $1,100,000 ========= LIABILITIES & STOCKHOLDERS' EQUI TY Liabilities Accounts Payable $ 150,000 Other Current Liab. 50,000 Current liabilities $ 200,000 Long-term liabilities 100,000 Total liabilities $ 300,000 Stockholders' Equity Common stock - $1 par value 100,000 shares $ 100,000 Additional Paid-in capital 500,000 Retained earnings 200,000 Total Stockholders' Equity 800,000 Total Liabilities & Stockholders' Equity $1,100,000 ========= Alpha Company Income Statement For the Year Ended Dec 31, 20X2 Net Sales (100% credit sales) $10,000,000 Co.

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1.value3.34 pointsFollowing are selected transactions Des.docx

hyacinthshackley2629

1. value: 3.34 points Following are selected transactions Deshawn Company for 2010 and 2011. 2010 Dec. 13 Accepted a $28,000, 45-day, 7% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Clark note. 2011 Jan. 27 Received Clark’s payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $22,000, 10%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Shandi Company. 17 Accepted a $20,000, 30-day, 8% note dated March 17 in granting Juan Torres a time extension on his past-due account receivable. Apr. 16 Torres dishonors his note when presented for payment. May 1 Wrote off the Torres account against the Allowance for Doubtful Accounts. June 1 Received the Shandi payment for principal and interest on the note dated March 3. Prepare journal entries for the above transactions for 2011. (Use 360 days a year. Do not round intermediate calculations and round your final answers to nearest dollar amount. Omit the "$" sign in your response.) Date General Journal Debit Credit 2011 Jan. 27 Mar. 3 17 Apr. 16 May 1 June 1 2. value: 3.33 points Hawk Company establishes a $360 petty cash fund on September 9. On September 30, the fund shows $89 in cash along with receipts for the following expenditures: transportation-in, $53; postage expenses, $54; and miscellaneous expenses, $153. The petty cashier could not account for a $11 shortage in the fund. Hawk uses the perpetual system in accounting for merchandise inventory. (1) Prepare the September 9 entry to establish the fund. (Omit the "$" sign in your response.) Date General Journal Debit Credit Sept. 9 (2) Prepare the September 30 entry to reimburse the fund. (Omit the "$" sign in your response.) Date General Journal Debit Credit Sept. 30 (3) Prepare an October 1 entry to decrease the fund to $315. (Omit the "$" sign in your response.) Date General Journal Debit Credit Oct. 1 3. value: 3.33 points Frederick Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2011, its Cash account shows a $14,853 debit balance. Frederick Clinic's June 30 bank statement shows $14,746 on deposit in the bank. a. Outstanding checks as of June 30 total $2,295. b. The June 30 bank statement included a $65 debit memorandum for bank services. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Frederick Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2,346 were placed in the bank's night deposito.

mid-term revision 2022 2nd term.doc

rabieharoun1

Exercise 8-6 Petty cash fund accounting L.O. P2[The following info.docx

rhetttrevannion

Exercise 8-6 Petty cash fund accounting L.O. P2 [The following information applies to the questions displayed below.] NetPerks Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $28 in cash along with receipts for the following expenditures: postage, $64; transportation-in, $19; delivery expenses, $36; and miscellaneous expenses, $53. NetPerks uses the perpetual system in accounting for merchandise inventory. references 1. value: 2.00 points Exercise 8-6 Part 1 (1) Prepare journal entry to establish the fund on January 1. (Omit the "$" sign in your response.) Date General Journal Debit Credit Jan. 1 [removed] [removed] check my work eBook Link View Hint #1 references 2. value: 2.00 points Exercise 8-6 Part 2 (2) Prepare journal entry to reimburse it on January 8. (Omit the "$" sign in your response.) Date General Journal Debit Credit Jan. 8 [removed] [removed] [removed] [removed] [removed] check my work eBook Link View Hint #1 references 3. value: 2.00 points Exercise 8-6 Part 3 (3) Prepare journal entries to both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2. (Omit the "$" sign in your response.) Date General Journal Debit Credit Jan. 8 [removed] [removed] [removed] [removed] [removed] [removed] [removed] 4. value: 6.00 points Exercise 8-7 Bank reconciliation and adjusting entries L.O. P3 A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or deducted from the book or bank balance, or whether it should not appear on the reconciliation. (Select the answers in the appropriate cells and Leave no cells blank be certain to select "NA" in fields which are not applicable.) Bank Balance Book Balance Shown/Not Shown 1. Bank service charge for September. 2. Checks written and mailed to payees on October 2. 3. Checks written by another depositor but charged against this company’s account. 4. Principal and interest on a note receivable to this company is collected by the bank but not yet recorded by the company. 5. Special bank charge for collection of note in part 4 on this company's behalf. 6. Check written against the company's account and cleared by the bank; erroneously not recorded by the company's recordkeeper. 7. Interest earned on the September cash balance in the bank. 8. Night deposit made on September 30 after the bank closed. 9. Checks outstanding on August 31 that cleared the bank in September. 10. NSF check from customer is returned on September 25 but not yet recorded by this company. 11. Checks written by the company and mailed to payees on September 30. 12. Deposit made on September 5 and processed by the bank on September 6. 5. value: 6.00 points Problem 8-2A Establish, reimburse, and adjust petty cash L.O. P2 Shawnee Co. .

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Bank reconciliation and entries The cash account for Stone Systems at.pdf

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