ACCT 2001 Study Guide - Midterm Guide: Financial Statement, Net Income, Gross Margin

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15 Oct 2018

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ACCT 2001 Full Course Notes

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A partially completed bank reconciliation for dave company at march 31, as well as additional data necessary to answer the questions, which follow. Additional information: outstanding checks at march 31, 2006, totaled ,200, check no. In dave"s completed bank reconciliation at march 31, 2006, what dollar amount should be deducted from the balance per bank statement. [indicated by (4) above]: ,100, none of the above. $ 800: ,300, none of the above. In dave"s completed bank reconciliation at march 31, 2006, what dollar amount should be deducted from the balance per dave"s records. [indicated by (2) above]: ,100, none of the above. In dave"s completed bank reconciliation at march 31, 2006, the adjusted cash balance would be: Following is selected information (in millions) for jen company, after year-end adjusting entries: Joy"s supply co. purchased a new factory machine on january 1, 2006, at a cost of ,000.

Related Questions

Tyler, Inc. had the following bank reconciliation at March 31.2010:

Balance per bank statement, 3/31/10	$37,200
Add: Deposit in transit	10,300
	47,500
Less: Outstanding checks	12,600
Balance per books, 3/31/10	$34,900

Data per bank for the month of April 2010 follow:

Deposits	$46,700
Disbursements	49,700

All reconciling items at March 31, 2010 cleared the bank in April.Outstanding checks at April 30, 2010 totaled $6,000. There were nodeposits in transit at April 30, 2010. What is the cash balance perbooks at April 30, 2010?

$38,500

$28,200

$31,900

$34,200

olivesardine69

Submission 2 - due Saturday June 23 before 5pm - You must submit your completed Bank Reconciliation, the journal entries to bring the cash balance to the correct balance, and the Bank Reconciliation formulas tab completed. Your file must be named correctly â Please Show equations

The following information should be used to prepare a bank reconciliation for SWARS Sales and Consulting as of March 31. Prepare the reconciliation on the Bank Reconciliation tab.

	On March 31, 2018, SWARS Sales and Consulting Co. had a cash balance in the ledger of $253,560. The March statement from Dakota State Bank showed a balance of $254,911 on March 31, 2018. The following facts regarding banking and cash activities are available.

	The bank service charge for March was $95.

	The bank collected $13,400, that was owed to SWARS Sales and Consulting Co by a customer, through electronic funds transfer.

	The March 31 receipts of $24,500 were not included in the bank deposits for March. These receipts were deposited by the company in a night deposit vault on March 31.

	Company check No. 2480 issued to Tatooine Co, a creditor, for $354 that cleared the bank in March was incorrectly entered in the cash payments journal on March 10 for $300.

	Checks outstanding on March 31 totaled $16,500.

	On March 31, the bank statement showed an NSF charge of $1,250 for a check received by the company from J T Hutt, a customer, on account.

	The bank statement shows a check for $2,650 was charged to SWARS account. The check was written by BB8 Company not SWARS Sales and Consulting .


	Prepare the bank reconciliation as of March 31.

	Prepare the necessary entries at March31 to update the cash account. Place the Journal entries on the Journal entries Tab

March Journal Entries

1-Mar	Accounts Receivable	3450
	Sales Revenue		3,450

	Cost of Goods Sold	1450
	Inventory		1,450

3-Mar	Inventory	2800
	Accounts Payable		2,800

15-Mar	Accounts Receivable	3750
	Sales Revenue		3,750

	Cost of Goods Sold	1950
	Inventory		1,950

20-Mar	Inventory	2000
	Accounts Payable		2,000

24-Mar	Accounts Receivable	4900
	Sales Revenue		4,900

	Cost of Goods Sold	2600
	Inventory		2,600





Bank Reconciliation Journal Entries

plumllama208

Bank Reconciliation and Entries

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,780. During May, the total cash deposited was $74,910 and checks written totaled $69,550. The bank statement indicated a balance of $25,390 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

Checks outstanding totaled $11,310.

A deposit of $9,210, representing receipts of May 31, had been made too late to appear on the bank statement.

The bank had collected for Brentwood Bike Co. $4,870 on a note left for collection. The face of the note was $4,490.

A check for $360 returned with the statement had been incorrectly charged by the bank as $630.

A check for $850 returned with the statement had been recorded by Brentwood Bike Co. as $580. The check was for the payment of an obligation to Adkins Co. on account.

Bank service charges for May amounted to $60.

A check for $1,120 from Jennings Co. was returned by the bank because of insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of May 31.

Brentwood Bike Co.
Bank Reconciliation
May 31
Cash balance according to bank statement		$
Add deposit of May 31, not recorded by bank	$
Add bank error in charging check as $630 instead of $360
		$
Deduct outstanding checks
Adjusted balance		$
Cash balance according to company's records		$
Add note and interest collected by bank
		$
Deduct check returned because of insufficient funds	$
Deduct bank service charges
Deduct error in recording check
Adjusted balance		$

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

a. May 31	Cash
	Notes Receivable
	Interest Revenue
b. May 31	Accounts Payable-Adkins Co.
	Accounts Receivable-Jennings Co.
	Miscellaneous Expense
	Cash

3. If a balance sheet were prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
$

lilackoala902

ACCT 2001 Study Guide - Midterm Guide: Financial Statement, Net Income, Gross Margin

ACCT 2001 Full Course Notes

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