1. Using the quick tests for locating errors, find the error in each of the two questions below.Describe the type of error, explain how you discovered it, and make corrections.a)GENERAL JOURNALPARTICULARSDEBIT6 0 0031 ol ol ol -CREDITBankEquipmentСapital90 0 0Supplies10 0Accounts Payable10 025oExpenseBank250Accounts Receivable16 8 -Revenue16 8Bank50Accounts Receivable50DrawingsBankBankAccounts ReceivableSupplies6 000 -25016850-10050726 050-122-1185 728Equipment3 000Accounts PayableCapital100 –9 000DrawingsRevenueExperse72 -168 -205

Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

1. Using the quick tests for locating errors, find the error in each of the two questions below. Describe the type of error, explain how you discovered it, and make corrections. a) GENERAL JOURNAL PARTICULARS DEBIT CREDIT Bank Equipment 30oo - Capital 1o0 - Supplies Accounts Payable 250- Expense Bank 250 Accounts Receivable Revenue Bank Accounts Recelvable Drawings Bank Bank 6 000 - 50 Accounts Receivable 168 - Supplies 100- 250 s0 72 322 6050 118 5 728 Equipment Accounts Payabke Captal 3 000 9 000 - 100 Expense 205 Drawings Reveme 72 168

1. Using the quick tests for locating errors, find the error in each of the two questions below. Describe the type of error, explain how you discovered it, and make corrections. a) GENERAL JOURNAL PARTICULARS DEBIT CREDIT Bank Equipment 30oo - Capital 1o0 - Supplies Accounts Payable 250- Expense Bank 250 Accounts Receivable Revenue Bank Accounts Recelvable Drawings Bank Bank 6 000 - 50 Accounts Receivable 168 - Supplies 100- 250 s0 72 322 6050 118 5 728 Equipment Accounts Payabke Captal 3 000 9 000 - 100 Expense 205 Drawings Reveme 72 168

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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Review and study the following journal entries and determine which entries have errors. All transactions are regular daily transactions (no adjusting entries). When looking for errors ask yourself does that transaction make sense? Once you discover an error, state how you would correct it.
6. After comparing your bank statement, canceled checks, and checkbook register, complete the reconciliation statement shown below. What are the new and adjusted balances? Reconciliation Statement Check Register Balance Service Charge NEW BALANCE> 285.14 -8.10 Reconciliation statement Provided for your convenience Statement Balance Outstanding Checks # 202 # 203 $35.92 $28.75 Total Checks > (-) Outstanding Deposits 4/8 4/16 $129.08 $30.00 Total Deposits> (+) ADJUSTED BALANCE 182.63
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
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Which of the following journal entries is recorded as a result of the bank reconciliation process to record a NSF check for $250? A. Cash 250 Accounts Receivable 250 B. Accounts Receivable 250 Petty Cash 250 C. Accounts Receivable 250 Cash 250 D. Cash 250 Accounts Payable 250
The bank reconciliation shows the following adjustments: • Deposits in transit: $882 • Notes receivable collected by bank: $1,040; interest: $35 • Outstanding checks: $580 • Error by bank: $310 • Bank charges: $40 Prepare the correcting journal entries. If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Bank Service Charges Cash Interest Income II II II II
Using the following information: Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35 and using the following accounts/items: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks you are to prepare a bank reconciliation: Bank Balance [ Select ] Book Balance [ Select] Add items: Add items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] Less items: Less items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select] [ Select ] Adjusted Bank Bal. [ Select ] Adjusted Book Bal. [ Select ] PLEASE NOTE: For the above reconciliation, if no dollar amount is needed, please use "$0" or if no item is needed, please use "None" - no quotation marks. You must enter the account and item names exactly as written above and all dollar amounts will be with "$" and commas…