project 1 solution

Items on Company's Bank Statement The following items may appear on a bank statement: 1.  Bank correction of an error from recording a $6,200 deposit as $2,600 2.  EFT payment 3.  Note collected for company 4.  Service charge Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Item Appears on the BankStatement as a Debitor Credit Memo Increases or Decreasesthe Balance of theCompany's Bank Account 1.  Bank correction of an error from recording a $6,200 deposit as $2,600     2.  EFT payment     3.  Note collected for company     4.  Service charge

Answer please provide

Indicate how each of the following items would be included on a bank reconciliation. Deposits in transit at end of period Cheques recorded on this period's bank statement Company cheque recorded incorrectly as $400 that cleared the bank in the correct amount of $350 Interest earned on bank account during the period EFT payments from customers Deposits recorded in the company's books this period that were also recorded on this period's bank statement Bank processed deposit of $649 as $969 in error Bank charges that appear on the bank statement Bank correction of an error from the prior period EFT payment for equipment rental Increase balance per bank Increase balance per books Decrease balance per bank Decrease balance per books Not included

Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. A. The owners invested $11,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,250 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $110, postage expense $77, miscellaneous expense $57. Cash on hand $8. Check #106. J. Increased petty cash by $30, check #107. Domingo Company received the following bank statement. Bank Statement Beginning balance $0 Deposits Checks A. $11,000 101 $500 D. 1,000 102 500 103 158 106 492 Bank service charges 100 Total 12,000 1,750 Ending balance…