As per the bank statement received by Tope, the following checks were presented and paid by the bank:| Check No | Payee | Amount ||----------|-------|---------|| 1256 | Jane | 2,000 || 1259 | Kathy | 870 || 1260 | Perry | 1,200 |**Required**: Identify outstanding checks as of the end of May 2019.**Graph or Diagram Explanation**: The left side of the image features a partial diagram or graph, but it is unclear and partially cut off, making it difficult to describe accurately. No further details can be extracted from this section. **What's More****Activity 3.1 Compute Me**1. The cash receipts journal of Malaya Merchandising reflected the following collections for the month of April 2019:| Official Date | Receipt No. | Customer Name | Amount ||---------------|-------------|---------------|--------|| 5/2/2019 | 4171 | Carl | 4,000 || 5/8/2019 | 4172 | Vince | 2,000 || 5/9/2019 | 4173 | Ryan | 8,900 || 5/25/2019 | 4174 | Fatima | 7,800 || 5/26/2019 | 4175 | Cherry | 3,200 |It is the policy of the company to deposit collection within the following day from the date of collection.The bank statement for April 2016 revealed the following deposits made:| Deposit Date | Amount ||--------------|--------|| 5/3/2019 | 4,000 || 5/9/2019 | 2,000 || 5/10/2019 | 8,900 || 5/26/2019 | 7,800 || 5/26/2019 | 3,200 |**Required:** Compute for the deposit in transit or undeposited collection as of end of April 2019.2. For the month of May 2019, Tope Company issued the following checks as recorded in its Cash Disbursement Journal:| Check Date | Check No | Payee | Amount ||------------|----------|--------|--------|| 5/2/2019 | 1256 | Jane | 2,000 || 5/10/2019 | 1257 | May | 300 || 5/15/2019 | 1528 | Nicole | 4,500 || 5/18/2019 | 1259 | Kathy | 8,700 || 5/30/2019 | 1260 | Perry | 1,200 |

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1. The cash receipts journal of Malaya Merchandising refie for the month of April 2019. Amount Official Receipt Official Receipt Customer Name Date No. 4,000 4171 Carl 5/2/2019 2,000 4172 Vince 5/8/2019 8,900 5/9/2019 4173 Ryan 7,800 5/25/2019 4174 Fatima 3,200 5/26/2019 4175 Cherry It is the policy of the company to deposit collection within the following day from the date of collection. The bank statement for April 2016 revealed following deposits made: Deposit Date 5/3/2019 Amount 4,000 2,000 8,900 7,800 3,200 5/9/2019 5/10/2019 5/26/2019 5/26/2019 Required: Compute for the deposit in transit or undeposited collection as of end of April 2019.

1. The cash receipts journal of Malaya Merchandising refie for the month of April 2019. Amount Official Receipt Official Receipt Customer Name Date No. 4,000 4171 Carl 5/2/2019 2,000 4172 Vince 5/8/2019 8,900 5/9/2019 4173 Ryan 7,800 5/25/2019 4174 Fatima 3,200 5/26/2019 4175 Cherry It is the policy of the company to deposit collection within the following day from the date of collection. The bank statement for April 2016 revealed following deposits made: Deposit Date 5/3/2019 Amount 4,000 2,000 8,900 7,800 3,200 5/9/2019 5/10/2019 5/26/2019 5/26/2019 Required: Compute for the deposit in transit or undeposited collection as of end of April 2019.

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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CASH PAYMENTS JOURNAL Sam Santiago operates a retail variety store. The book include a cash payments journal and an accounts payable ledger. All cash paymen (except petty cash) are entered in the cash payments journal. Selected account balances on May 1 are as follows: General Ledger Cash Accounts Payable Accounts Payable Ledger Fantastic Toys Goya Outlet. Mueller's Distributors Van Kooning $40,000 20,000 $5,200 3,800 3,600 7,400 The following are the transactions related to cash payments for the month of May May 1 Issued Check No. 426 in payment of May rent (Rent Expense), $2,400. 3 Issued Check No. 427 to Mueller's Distributors in payment of merchandise purchased on account, $3,600, less a 3% discount. Check was written for $3,492. 7 Issued Check No. 428 to Van Kooning in partial payment of merchandise purchased on account, $5,500. A cash discount was not allowed. 12 Issued Check No. 429 to Fantastic Toys for merchandise purchased on account, $5,200, less a 1% discount. Check was…
Take me to the text On May 1, 2019, Street Design set up a petty cash fund for $300. At the end of the first week, the petty c Cash on hand Receipt for the purchase of office supplies Receipt for the delivery charges Receipt for the purchase of stamps Receipt for travel to a client meeting $42 Receipt for the payment of newspaper advertising $79 Required Do not enter dollar signs or commas in the input boxes. a) Calculate any cash overage or shortage. Cash is Short ✔ by $13 b) Prepare the journal entries for setting up, and replenishing the petty cash fund. For transactions with more than one debit, enter the debit accounts in alphabetical order. Account Title and Explanation Debit Credit Date 2019 May 1 May 7 Petty Cash Cash Set up the petty cash fund Advertising Expense Cash Over and Short ✓ Travel Expense ✔ ✓ ✔ V 300 To replenish the petty cash fund 79 Delivery Expense Office Supplies Expense ✔ 34 Stamps Expense ✔ 14 13 $100 $34 $14 $18 18 42 < 300 200
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