CJ 350 Module 3 Journal

MC 34 Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items were found: (see attached image) The petty cash fund was established for an amount of P10,000. What is the correct amount of petty cash fund at December 31, 2020?   a. P9,905 b. P8,475 c. P6,975 d. P1,825

CPPREP4005 Prepare to work with real estate trust accounts - ACT Fill in each blank space with the missing answer Your agency, Entry Real Estate, sold Guiseppe Butler's property at 143 Violet Place, Jacksonville for $800,000 to Sue Smith on the 1st November 2022. There was the usual, initial cash deposit of 0.25% on exchange of contracts. Four days later Sue paid the remaining balance of the 10% via bank transfer. Settlement funds were disbursed on the 8th December 2022 along with the agents 2% commission. Complete the following ledger with the correct information (ensure monetary values are written as follows: $0,000.00) BUTLER to SMITH Property: Date 01/11/2022 05/11/2022 Balance G Butler- Entry 04 Jacksonville Description % deposit % Receipt # Chq/Eft 101 107 funds 332 333 Method Cash Transfer EFT EFT $ Amount CPPREP4004-L....pdf Update: ? Show all X

PROBLEM 5: CLASSROOM ACTIVITIES ACTIVITY #1: BANK RECONCILIATION INSTRUCTIONS: 1. Find a study partner. 2. Imagine that you of you is thė accountant of ABC Co. and the other one is the accountant of PIGGY Bank. and your study partner are accountants. One 3. Answer the requirements below. Requirement (A): Record the transactions below in your respective company's books. Transactions during the period: a. ABC Co. opened an account with PIGGY Bank.for an initial deposit of P1,000,000. b. ABC Co. draws checks amounting to P254,321. PIGGY Bank encashes ABC's checks amounting to P220,320. 000 C.

Problem 8-7B Record contingencies (LO8-5) Compact Electronics is a leading manufacturer of digital camera equipment. Assume the following transactions occur during the year ended December 31, 2021. 1. Accounts receivable were $27.9 million (all credit) at the end of 2021. Although no specific customer accounts have been shown to be uncollectible, the company estimates that 1% of accounts receivable will eventually prove uncollectible. 2. Compact Electronics is the plaintiff in a $3.9 million lawsuit filed against a supplier. The suit is in final appeal, and attorneys advise it is virtually certain that Compact Electronics will win and be awarded $2.4 million. 3. In November 2021, Compact Electronics became aware of a design flaw in one of its digital camera models. A product recall appears probable and would likely cost the company $490,000. 4. Compact Electronics is the defendant in a patent infringement lawsuit brought by a competitor. It appears reasonably likely Compact Electronics…

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Required Prepare the June bank reconcil a. b. Prepare any necessary adjusting entries. SERIAL PROBLEM: KATE'S CARDS dling activities in her business. She believes that a new employee might be stealing funds "T proof." she says, "but I'm fairly certain that the January 31, 2019, undeposited receipts amounta (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters 1 through 6 ) On February 15, 2019, Kate Collins, owner of Kate's Cards, asks you to investigate the cash ha- no SP7. more than $12,000, although the January 31 bank reconciliation prepared by the cashier (who works in the treasurer's department) shows only $7,238.40. Also, the January bank reconciliation doesn't show several checks that have been outstanding for a long time. The cashier told me that these choal needn't appear on the reconciliation because he had notified the bank to stop payment on them and 1 had made the necessary adjustment on the books. Does that sound reasonable to you?" At your…

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QUESTION 7 P8.3A P8.3A (LO 2) Kael Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Journalize and post petty cash fund transactions. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $200. 15 Replenished the petty cash fund by writing a check for $175. On this date, the fund consisted of $25 in cash and these petty cash receipts: freight-out $74.40, entertainment expense $36, postage expense $33.70, and miscellaneous expense $27.50. 16 Increased the amount of the petty cash fund to $400 by writing a check for $200. Replenished the petty cash fund by writing a check for $283. On this date, the fund consisted of $117 in cash and these petty cash receipts: postage expense $145, entertainment expense $90.60, and freight-out $46.40. 31 Instructions a. Journalize the petty cash transactions. b. Post to the Petty Cash account. c. What internal control features exist in a petty…

Question 2Wirecard’s auditors are being faced with legal action after the collapse of the scandal-hitGerman payments firm. The German shareholders’ association SdK said it had filed criminal complaint against auditors at Ernst & Young (EY). The accountancy firm, EY refused to sign off Wirecard’s 2019 books after discovering1.9billion euros (US$2.1 billion) of cash had gone missing from its balance sheet. Munich-based Wirecard filed for insolvency, marking a tumultuous fall for the group. Wirecard, which is still listed on the DAX 30, has seen its share price capitulate since the accounting black hole was revealed. EY told CNBC that there were “clear indications that this was an elaborate and sophisticated fraud, involving multiple parties around the world in different institutions, with a deliberate aim of deception.” In an attempt to defend its reputation, the group added that “even the most robust and extended audit procedures” couldn’t uncover what it called a “collusive…

SP 8 Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of $67,566. The general ledger Cash account, No. 101, shows an ending cash balance per books of $68,057 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following.A.The bank erroneously cleared a $500 check against the company account in March that S. Rey did not issue. The check was actually issued by Business Systems. B. On March 25, the bank statement lists a $50 charge for a safety deposit box. Santana has not yet recorded this expense. C. On March 26, the bank statement lists a $102 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. D. On March 31, the bank statement lists $33 interest earned on Business Solutions’s checking account for the month of March. Santana has not yet…

Exercise 6-12 (Algo) Time value of money for accounts receivable [LO6-6] Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $45,800 on a future date. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 8%. (FV of $1. PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Assume the note indicates that Seneca is to pay Arctic the $45,800 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. 2. Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021. 3. Assume instead that Seneca is to pay Arctic the $45,800 due on the note on…

5% @ uo 11:12 * JAWWAL Ilı. Done 5743df45a947593d..._J Q1- Discuss fraud and the principles of internal control. Q2- appeared as follows on December 31, 2016: The petty cash fund of $200 for George Company Cash $59.40 Petty cash vouchers Freight in Postage Balloons for a special occasion $27.60 40.00 68.00 Instructions 1. Briefly describe when the petty cash fund should be replenished. Prepare in general journal form the entry to replenish the fund. 2. On December 31, the office manager gives instructions to increase the petty cash fund by $50. Make the appropriate journal entry. 3.

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Problems 26-30 assume that a U.S.-based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income taxes for each problem.Harrington Company was sued by an employee in late 2017. General counsel concluded that there was an 80 percent probability that the company would lose the lawsuit. The range of possible loss is estimated to be $20,000 to $70,000, with no amount in the range more likely than any other. The lawsuit was settled in 2018, with Harrington making a payment of $60,000.a. Determine the appropriate accounting for this lawsuit for the years ending December 31, 2017, and December 31, 2018, under (1) U.S. GAAP and (2) IFRS.b. Prepare the entry(ies) that Harrington would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert U.S. GAAP balances to IFRS.

Question 8 of 13 Current Attempt in Progress > Blossom Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $420. The fund was reimbursed when the cash in the fund was at $64. Petty cash receipts show that funds were disbursed for $160 of supplies and $195 of freight charges on inventory purchases. Prepare the entries needed to record the following independent transactions. (a) Assume that Blossom decides to increase the size of the petty cash fund to $590 immediately after the reimbursement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

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