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Acc201 module 5 homework




Question;Problem 6-4A Prepare a bank reconciliation and record adjustments LO P3[The following information applies to the questions displayed below.]The following information is available to reconcile Branch Company?s book balance of cash with its bank statement cash balance as of July 31, 2013.a.On July 31, the company?s Cash account has a $25,866 debit balance, but its July bank statement shows a $28,097 cash balance.b.Check No. 3031 for $1,480 and Check No. 3040 for $732 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $516 and Check No. 3069 for $2,248, both written in July, are not among the canceled checks on the July 31 statement.c.In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270.d.A credit memorandum enclosed with the July bank statement indicates the bank collected $7,000 cash on a non-interest-bearing note for Branch, deducted a $35 collection fee, and credited the remainder to its account. Branch had not recorded this event before receiving the statement.e.A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF.f.Enclosed with the July statement is a $11 debit memorandum for bank services. It has not yet been recorded because no previous notification had been received.g.Branch?s July 31 daily cash receipts of $8,152 were placed in the bank?s night depository on that date, but do not appear on the July 31 bank statement.references 1.value:5.00 points You did not receive credit for this question in a previous attemptProblem 6-4A Part 22.Prepare the journal entries necessary to bring the company?s book balance of cash into conformity with the reconciled cash balance as of July 31, 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)rev: 03_28_2013_QC_28572, 04_18_2013_QC_29132, 04_22_2013_QC_29132 check my workreferencesebook & resourcesprevious attempt 2.value:5.00 points You did not receive credit for this question in a previous attemptProblem 6-4A Part 1Required:1.Prepare the bank reconciliation for this company as of July 31, 2013.Problem 6-2A Establish, reimburse, and increase petty cash LO P2[The following information applies to the questions displayed below.]Nakashima Gallery had the following petty cash transactions in February of the current year.Feb.2Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier.5Purchased bond paper for the copier for $16.15 that is immediately used.9Paid $40.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory.12Paid $7.75 postage to express mail a contract to a client.14Reimbursed Adina Sharon, the manager, $69 for business mileage on her car.20Purchased stationery for $66.77 that is immediately used.23Paid a courier $19 to deliver merchandise sold to a customer, terms FOB destination.25Paid $11.80 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.27Paid $58 for postage expenses.28The fund had $24.14 remaining in the petty cash box. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures.28The petty cash fund amount is increased by $120 to a total of $460.3.value:5.00 pointsProblem 6-2A Part 1Required:1.Prepare the journal entry to establish the petty cash fund.check my workreferencesebook & resources 4.value:5.00 pointsProblem 6-2A Part 33.Prepare the journal entries for part 2 to both (a) reimburse and (b) increase the fund amount.(Round your answers to 2 decimal places.)check my workreferencesebook & resources 5.value:5.00 pointsProblem 6-2A Part 22.Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. Sort the payments into the appropriate categories and total the expenditures in each category.(Round your answers to 2 decimal places.)


Paper#40651 | Written in 18-Jul-2015

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