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ACC - Problem 1 & 2 from Final Exam

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solution


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Question;Problem -;Sales Revenue $1000Beginning Inventory $400Purchases $500Available for Sale?Ending Inventory $300Cost of Goods Sold?Gross Profit?Operating Expenses $100Net Income?;Problem-;POST INC. BANK RECONCILIATIONCash balance per bank $8,500Cash balance per books (general ledger) $7,320Outstanding checks $2,150Check mailed to the bank for deposit had not reached the bank by the statement date. $600NSF check returned by the bank for accounts receivable $200July interest earned on the bank statement $10Check no. 700 for misc. expense cleared the bank for $200, erroneously recorded in the Matrix books for $20;Prepare a bank reconciliation. Shown the accounting entries that must be made by Matrix in journal entry and T-Account format.

 

Paper#43053 | Written in 18-Jul-2015

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