1. From the following particulars taken from the Cash Book of a health club, prepare aReceipts and Payments Account.Opening balance:Cash in tand5,000Cash at Bank25,000Subscriptions1,65,000Donations35,000Investment Purchased80,000Rent Paid20,000General Expenses21,500Postage and stationery2,000Courier charges1,000Sundry Expenses2,500Closing Cash in Hand12,000

The receipt and payments account summarizes an organization's cash payments and receipts over the…

1. From the tollowing particulars taken trom the Cash Book of a health club, prepare a Receipts and Payments Account. Opening balance: Cash in Hand 5,000 Cash at Bank 25,000 Subscriptions 1,65,000 Donations ১5,000 Investment Purchased 80,000 Rent Paid 20,000 General Expenses 21,500 Postage and stationery 2,000 Courier charges 1,000 Sundry Expenses 2,500 Closing Cash in Hand 12,000

1. From the tollowing particulars taken trom the Cash Book of a health club, prepare a Receipts and Payments Account. Opening balance: Cash in Hand 5,000 Cash at Bank 25,000 Subscriptions 1,65,000 Donations ১5,000 Investment Purchased 80,000 Rent Paid 20,000 General Expenses 21,500 Postage and stationery 2,000 Courier charges 1,000 Sundry Expenses 2,500 Closing Cash in Hand 12,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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This information relates to the Cash account for Cullumber Company. Balance September 1-$17,090; Cash deposited-$64,000 Balance September 30-$18,290; Checks written-$62,800 The September bank statement shows a balance of $17,190 at September 30 and the following memoranda. Credits Collection of electronic funds transfer Interest earned on checking account $1,990 50 Debits NSF check: H. Kane Safety deposit box rent $720 65 At September 30, deposits in transit were $4,903 and outstanding checks totaled $2,548.
On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apr. 3 b. On April 11, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00, and $9.75 the ending cash balance. Journalize the replenishment of the fund. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. Apr. 11 c. On April 12, Snappy Sales decides to increase petty cash to $175. Journalize this transaction. Apr. 12
A $210 petty cash fund has cash of $40 and receipts of $167. The journal entry to replenish the account would include a credit to a.Cash for $170. b.Cash for $40. c.Cash Short and Over for $3. d.Petty Cash for $207.
Journalize the entries to record the following: Mar. 1 Established a petty cash fund of $582. Mar. 31 The amount of cash in the petty cash fund is now $402. The fund is replenished based on the following receipts: office supplies, $52 selling expenses, $130.
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,374 debit balance and its bank statement shows $15,539 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,735. b. The June 30 bank statement lists a $55 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,524 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 Bank reconciliation LO P3 "repare its bank reconciliation using the above information. DEL GATO CLINIC Bank Reconciliation June 30 Bank statement balance Book balance Add: Add: Deduct:…
A petty cash fund was established with a $500 balance. It currently has cash of $35 and petty cash tickets as shown below: Travel expense $105 Office supplies expense 315 Equipment rental expense 45 Which of the following would be the journal entry to replenish the Petty Cash account? A. debit Cash $35; credit various expenses $35 B. debit various expenses $465; credit Petty Cash $465 C. debit various expenses $465; credit Cash $465 D. credit Petty Cash $465; debit Cash $465
What is the journal entry to replenish the petty cash fund if expenses were Auto Expenses $75, Office Expenses $25, Postage $11. and cash on hand is $389. The Petty Cash fund started with $500. Edit View Insert Format Tools Table |BIUAv eu Ti v|: 12pt v Paragraph v hp 16 fa 19 ho 144 IOI 4 00
000 Debit Cash $250; credit Accounts Payable $250. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Debit Petty Cash $250; credit Cash $250. Debit Petty Cash $250; credit Accounts Payable $250. Debit Cash $250; credit Petty Cash $250. Debit Miscellaneous Expense $250; credit Cash $250.
**General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.
Bank reconcjliation Instructions Chart of Accounts First Question Journal Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $17,350 Balance pir company records 10,035 Bank service charges 35 Deposit in transit 3,350 Note collected by bank with $190 interest 4,600 Outstanding checks 6,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wordina of Check My Work
Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,277.77. The bank statement shows an ending balance of $2,109.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, an noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a. An ATM withdrawal of $150.00 on November 18 by Lyle for personal use was not recorded on the books. b. A bank debit memo issued for an NSF check from a customer of $19.20. c. A bank credit memo issued for interest of $20.00 earned during the month. d. On November 30, a deposit of $1,186.00 was made, which is not shown on the bank statement. e. A bank debit memo issued for $16.80 for bank service charges. f. Checks No. 549, 561, and 562 for the anounts of $181.00, $24.00, and $9.50, respectively, were written during November but have not yet been received…
A $81 petty cash fund has cash of $25 and receipts of $59. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. debit to Cash for $25 credit to Cash Short and Over for $3 credit to Petty Cash for $59 credit to Cash for $81