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ASAP Please Accounting Exam 3

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;;UMUC ? ACCT 220;EXAM 3 ? Part 2 (LEO);This is Part 2 of Exam 3. Part 1 is a multiple choice exam and it is located on WileyPlus. Part 1 is a timed exam.;You should treat Part 2 (this part) like a Take-home Exam. You can open it, save the document with your filename, work through the problems, add your answers to your saved document and then submit it via the LEO Assignments location for Exam 3 Part 2.;Part 2 of the Exam is worth 35 points. It is based on three chapters (Chapters 8-10). You can type in your answers below each question.;Part 1. Chapter 8. A Bank Reconciliation and related Journal Entries from Chapter 8 ? 8 points;Please use the following information to complete a bank reconciliation for the Flag Company.;The ledger account for Cash showed a balance of $125,568 on October 31.;The October bank statement showed a closing balance of $114,828.;The Flag Company?s manager deposited $16,000 in the bank?s night depository on October 31. Therefore, the bank had not recorded it on the bank statement for October.;The bank statement included a debit memorandum from the bank for a $50 monthly service charge.;Comparison of the bank statement with the book?s records revealed that the accountant mis-recorded one of the checks. The amount for check #722 was incorrectly recorded as $915. The correct amount was $519. The bank statement showed the correct amount. The check was for payment to a supplier (A/P);A credit memorandum included by the bank showed that the bank collected a $4,000 Note Receivable payment from Lillian Berchette (a customer of Flag Company). The proceeds were deposited in the Flag Company account.;The bank statement did not include three checks written late in the month. They were: #715, for $315, #720 for $524 and #728 for $275.;A customer of the Flag Company, Sharon Jameson, had written a check for $200 in payment for her account balance. It showed up on the bank statement as a NSF check. It had been included with an October 26 th deposit, but the bank deducted that amount on the October 31 statement.;Directions;Please complete the bank reconciliation using the form below. The Adjusted Cash Balance is given for the Bank side and the Book side as a Check Figure. Item 4, the Bank Service Charge is also given, and so is the balance shown on the Bank Statement. Each correct amount is worth 1 point (6 points).;Then prepare the journal entries needed to adjust the accounts at October 31. You can use the space below. Each correct journal entry is worth.50 point (2 points total).;Flag Company;Bank Reconciliation;October 31;Balance per bank statement, October 31;$114,828;Adjusted cash balance;$ 129,714;Balance per accounting records, October 31

 

Paper#81294 | Written in 18-Jul-2015

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