Chapter 2.pptx
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This document discusses the accounting treatment for savings accounts. It begins by defining savings accounts as accounts meant for non-trading customers to save money with limited transactions. The key steps in accounting for savings accounts are: 1) Open a savings account by depositing funds from cash or a checking account, 2) Withdraw funds from the savings account to cash or a checking account, and 3) Compute and record monthly interest earned on the minimum balance in the account. Interest is calculated using the minimum monthly balance and is recorded initially as an accrued interest account before being added to the savings account periodically. An example is provided to demonstrate computing minimum balances and recording deposits, withdrawals, and monthly interest for three months.
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The Scheiffer Company’s most recent bank statement and book balances of cash reconciliations were completed on September 30, 2012. Two checks were reported outstanding: check #6798 for $1135.50 and check #6794 for $524.00. The following information is available for the October 31, 2012 reconciliation.
Section of the October 31 Bank Statement
Previous Balance
Total Checks & Deposits
Total Deposits & Credits
Current Balance
16,345.50
9,695.55
11,146.85
17,796.80
Checks and Debits
Deposits and Credits
Daily Balance
Date
No.
Amount
Date
Amount
Date
Amount
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6798
1,135.50
10/04
1,214.50
09/30
16,345.50
10/05
7002
815.00
10/11
2,054.55
10/02
15,210.00
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7001
1,788.50
10/20
3,990.25
10/04
16,424.50
10/15
605.75
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2,436.80
10/05
15,609.50
10/19
7004
954.00
10/29
20.75
IN
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13,821.00
10/22
7003
405.35
10/29
1,430.00
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10/11
15,875.55
10/25
7005
1,985.95
10/15
15,269.80
10/26
7007
310.35
10/19
14,315.80
10/30
7009
1,695.15
10/20
18,306.05
10/22
17,900.70
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20,337.50
10/25
18,351.55
10/26
18,041.20
10/29
19,491.95
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Cash Receipts Deposited
Date
Cash Debit
Oct
4
1,214.50
11
2,054.55
20
3,990.25
23
2,436.80
9,696.10
Cash Disbursements
Check No.
Cash Credit
7001
1,788.50
7002
815.00
7003
405.35
7004
954.00
7005
1,955.95
7006
880.50
7007
310.35
7008
325.10
7009
1,695.15
9,129.90
Cash
Account #101
Date
Explanation
PR
Debit
Credit
Balance
Sep
30
Balance
14,686.00
Oct
31
Total receipts
R12
9,696.10
24,382.10
31
Total disbursements
D23
9,129.90
15,252.20
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October 31, 2012
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PART 1:
Venture Consultants
The month of March transactions
Date
Account Names
Debit
Credit
1-Mar
2-Mar
3-Mar
6-Mar
9-Mar
12-Mar
19-Mar
22-Mar
25-Mar
29-Mar
30-Mar
30-Apr
$221,000
$221,000
PART 2A
Power and Demolition Co, Adjustment April 30, 2015
Adjust #
Account Names
Debit
Credit
1
2
3
4
5
6
7
8
PART 2B
Power and Demolition Co, Adjustment April 30, 2015
Continued
UTB
ADJUSTMENT
Acct #
Account Names
Debit
Credit
Debit
Credit
Debit
101
Cash
$7,000
$7,000
126
Supplies
$16,000
128
Pre-paid insurance
$12,600
167
Equipment
$200,000
Accumulated. Depreciation
$14,000
201
Account payable
$6,800
Utilities payable
Wages payable
Rent Payable
PropertyTxPayable
Interest payable
251
Long-term notes payable
$30,000
301
Bonn, Equity
$86,900
302
Bonn, Withdrawals
$12,000
401
Demolition fees earned
$187,000
623
Wage expense
$41,400
633
Interest expense
$3,300
640
Rent expense
$13,200
683
Property tax expense
$9,700
684
Repairs expense
$4,700
690
Utilities expense
$4,800
Supply expense
Insurance expense
Depreciation expense
TOTALS
$324,700
$324,700
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Warnerwood Company
Column->
A
B
C
D
E
F
G
Date
Activities
# Units Buy
Cost/unit
#Units Sold
Price/unit
Cost GAS
Sales
1-Mar
BI
5-Mar
TI
9-Mar
TO
18-Mar
TI
25-Mar
TI
29-Mar
TO
TOTAL
Q1. Units in Available for Sales is BI + TI (Column B)=
Units (BI + TI) =
Q2. BI + TI - TO = EI=
820
minus
580
equals
240
Q3. FIFO
Q3. LIFO
Q3. Weighted Average
Weighted cost/unit=
Cost EI=
Q.4
Sales
COGS/Method
Gross Profit
Q4. FIFO
Q4. LIFO
Q4. WtAvg
Portfolio
Project Option 1 Student Template
Option #1
:
Venture Consultants, Power and Demolition Company, and Warnerwood
Accounting Cases
PART 1:
Venture Consultants
The month of March transactions
Date
Account
Names
Debit
Credit
1
-
Mar
2
-
Mar
3
-
Mar
6
-
Mar
9
-
Mar
12
-
Mar
19
-
Mar
22
-
Mar
25
-
Mar
29
-
Mar
30
-
Mar
.
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The Scheiffer Company’s most recent bank statement and book balances of cash reconciliations were completed on September 30, 2012. Two checks were reported outstanding: check #6798 for $1135.50 and check #6794 for $524.00. The following information is available for the October 31, 2012 reconciliation.
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Cash Receipts Deposited
Date
Cash Debit
Oct
4
1,214.50
11
2,054.55
20
3,990.25
23
2,436.80
9,696.10
Cash Disbursements
Check No.
Cash Credit
7001
1,788.50
7002
815.00
7003
405.35
7004
954.00
7005
1,955.95
7006
880.50
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310.35
7008
325.10
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1,695.15
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Account #101
Date
Explanation
PR
Debit
Credit
Balance
Sep
30
Balance
14,686.00
Oct
31
Total receipts
R12
9,696.10
24,382.10
31
Total disbursements
D23
9,129.90
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Prepare an October 31, 2012, bank reconciliation for the Scheiffer Company.
SCHEIFFER COMPANY
Bank Reconciliation
October 31, 2012
[Create the bank reconciliation here.]
Make the necessary journal entries to adjust the book balance of cash to the reconciled balance.
[Create the journal entries here.]
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Bba203 financial accounting
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Financial Accounting.pdf
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2) An example transaction is provided to demonstrate how to apply the accounting equation to identify impacts on asset, liability and equity accounts and how to record the journal entry and post to ledger accounts.
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Portfolio Project Option 1 Student TemplateOption #1 Venture .docx
Portfolio Project Option 1 Student Template
Option #1: Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases
PART 1:
Venture Consultants
The month of March transactions
Date
Account Names
Debit
Credit
1-Mar
2-Mar
3-Mar
6-Mar
9-Mar
12-Mar
19-Mar
22-Mar
25-Mar
29-Mar
30-Mar
30-Apr
$221,000
$221,000
PART 2A
Power and Demolition Co, Adjustment April 30, 2015
Adjust #
Account Names
Debit
Credit
1
2
3
4
5
6
7
8
PART 2B
Power and Demolition Co, Adjustment April 30, 2015
Continued
UTB
ADJUSTMENT
Acct #
Account Names
Debit
Credit
Debit
Credit
Debit
101
Cash
$7,000
$7,000
126
Supplies
$16,000
128
Pre-paid insurance
$12,600
167
Equipment
$200,000
Accumulated. Depreciation
$14,000
201
Account payable
$6,800
Utilities payable
Wages payable
Rent Payable
PropertyTxPayable
Interest payable
251
Long-term notes payable
$30,000
301
Bonn, Equity
$86,900
302
Bonn, Withdrawals
$12,000
401
Demolition fees earned
$187,000
623
Wage expense
$41,400
633
Interest expense
$3,300
640
Rent expense
$13,200
683
Property tax expense
$9,700
684
Repairs expense
$4,700
690
Utilities expense
$4,800
Supply expense
Insurance expense
Depreciation expense
TOTALS
$324,700
$324,700
PART 3
Warnerwood Company
Column->
A
B
C
D
E
F
G
Date
Activities
# Units Buy
Cost/unit
#Units Sold
Price/unit
Cost GAS
Sales
1-Mar
BI
5-Mar
TI
9-Mar
TO
18-Mar
TI
25-Mar
TI
29-Mar
TO
TOTAL
Q1. Units in Available for Sales is BI + TI (Column B)=
Units (BI + TI) =
Q2. BI + TI - TO = EI=
820
minus
580
equals
240
Q3. FIFO
Q3. LIFO
Q3. Weighted Average
Weighted cost/unit=
Cost EI=
Q.4
Sales
COGS/Method
Gross Profit
Q4. FIFO
Q4. LIFO
Q4. WtAvg
Portfolio
Project Option 1 Student Template
Option #1
:
Venture Consultants, Power and Demolition Company, and Warnerwood
Accounting Cases
PART 1:
Venture Consultants
The month of March transactions
Date
Account
Names
Debit
Credit
1
-
Mar
2
-
Mar
3
-
Mar
6
-
Mar
9
-
Mar
12
-
Mar
19
-
Mar
22
-
Mar
25
-
Mar
29
-
Mar
30
-
Mar
.
CHAPTER 3 Measuring Business Income: The Adjusting Process
This document discusses accrual versus cash basis accounting and the adjusting process. It provides examples of adjusting entries for prepaid expenses, supplies, depreciation, accrued expenses, accrued revenues, and unearned revenues. The key points are:
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Accounting - Lesson 5 : Transactions That Affect Revenue, Expenses and Withdr...
This course covers the complete accounting cycle and is designed for those
who are interested in working in the areas of bookkeeping, clerical
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accounting, which are consistent across the globe. Even though there may
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accounting principles are the same.
Accounting mechanics basic records
This document discusses different types of accounts in accounting, including personal accounts, nominal accounts, and real accounts. It also covers the rules of debit and credit for different account types, as well as the format and steps for journalizing transactions. Sample transactions are provided to demonstrate how to identify the nature of accounts and whether they should be debited or credited based on accounting rules. Compound journal entries and the differences between trade and cash discounts are also explained.
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- 3. Saving accounts mainly meant for non-trading customers who want to save, and who don’t have numerous transactions in their account.
- 4. The accounting treatment for saving accounts Open a saving account Withdrawing from saving account Compute & Record Interests
- 9. 1) Open a saving account. xx Dr. Cash OR Dr. Customers’ Checking account xx Cr. Savings accounts Note: Sometimes Customers open a saving account by transferring money from their checking account. What For .. ?!
- 11. 2) Withdrawals from a saving account. xx Dr. Savings accounts xx Cr. Cash OR Cr. Customers’ Checking account Note: Sometimes Customers withdrawing from a saving account by transferring money to their checking account.
- 13. 3) Compute & Record the interests. The minimum balance = the balance at the beginning - withdrawals We compute the interest by using The minimum balance as follows :-
- 14. Compute & Record the interests. The interest is computed monthly .. But it’s added to the account periodically. xx Dr. Debit interest on saving account xx Cr. Accrued debit interest on saving account xx Dr. Accrued debit interest on saving account xx Cr. Saving account Step 1 . Compute and journalize the interest. Step 2 . Adding the interest to the account periodically.
- 15. Example. Withdrawals Deposits Balances at the beginning Months 3,000 8,000 125,000 Jan 20,000 15,000 ??? Feb 5,000 7,000 ??? March If you learn that :- _ the interest is 12% _ It adds the interest quarterly to the saving account. 1) compute the missing amounts. 2) Record the deposits and the withdrawals amounts each month and record the monthly interest.
- 16. Withdrawals Deposits Balances at the beginning Months 3,000 8,000 125,000 Jan 20,000 15,000 130,000 Feb 5,000 7,000 125,000 March 1) Compute the missing amounts.
- 17. 2) Recording the deposit & withdrawal and the interest for each month. 8,000 Dr. Cash 8,000 Cr. Savings account A. January 3,000 Dr. Saving account 3,000 Cr. Cash Deposit Withdrawal 1220 Dr. Debit interest on saving account 1220 Cr. Accrued debit interest on saving account Recording the interest of the month The minimum balance = 125,000 – 3,000 = 122,000 The monthly interest = 122,000 * 12% * 1/12 = 1220
- 18. 2) Recording the deposit & withdrawal and the interest for each month. 15,000 Dr. Cash 15,000 Cr. Savings account A. Feb 20,000 Dr. Saving account 20,000 Cr. Cash Deposit Withdrawal 1100 Dr. Debit interest on saving account 1100 Cr. Accrued debit interest on saving account Recording the interest of the month The minimum balance = 130,000 – 20,000 = 110,000 The monthly interest = 110,000 * 12% * 1/12 = 1100
- 19. 2) Recording the deposit & withdrawal and the interest for each month. 7,000 Dr. Cash 7,000 Cr. Savings account A. March 5,000 Dr. Saving account 5,000 Cr. Cash Deposit Withdrawal 1200 Dr. Debit interest on saving account 1200 Cr. Accrued debit interest on saving account Recording the interest of the month The minimum balance = 125,000 – 5,000 = 120,000 The monthly interest = 120,000 * 12% * 1/12 = 1200
- 20. Thank you
Editor's Notes
- TWO COULMNS