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## Similar to Assignment #2 problem #1the following selected transactio

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### Assignment #2 problem #1the following selected transactio

• 1. Assignment #2 Problem #1 The following selected transactions were completed during June between Frank Company and Johnson Company: 1. June 6 – Frank Company sold merchandise on account to Johnson Company, \$15,000, terms FOB destination, 1/15, n/eom. The cost of the merchandise sold was \$12,000. 2. June 6 – Frank Company paid transportations costs of\$ 100 for delivery of merchandise sold to Johnson Company on June 8. 3. June 12 – Johnson Company returned \$4,000 of merchandise purchased on account on June 6th from Frank Company. The cost of the merchandise returned was \$3,000. 4. June 20 – Johnson Company paid Frank Company for the purchase of June 8th, less discount and less return of June 12th. Instructions:
• 2. Illustrate the effects of each of the preceding transactions on the balance sheets of (1) Frank Company and (2) Johnson Company. Identify each transaction by date. Problem #2 The cash account for Leisure Systems at Feb 29 2012, indicated a balance of \$4,720. The bank statement indicated a balance of \$18,650 on Feb 29, 2012. Comparing the bank statements and accompanying cancelled checks and memos with records reveals the following reconciling items: 1. Checks outstanding totaled \$13,960. 2. Deposits of \$9,350 representing receipts of February 29 had been made too late to appear on the bank statement. 3. The bank had collected \$ 8,560 on a note left for collection. The face of the note was \$8,000. 4. Bank service charge for February amounted \$50. 5. A check drawn for \$930 had been incorrectly charged by the bank as \$390 6. A check for \$520 had been incorrectly recorded by Leisure Systems as \$790.The check had been for payment for supplies from Taft Co on account (actual amount owed was in fact \$790).
• 3. Instructions: 1. Prepare the bank reconciliation. 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation.
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