(30) A company received a bank statement at the end of the month. The statement contained these items:<Bank service charge for the monthEnding balance (reflects bank service charge)In comparing the bank statement to its own cash records, the controller of the company found these items:Deposits made but not yet recorded by the bankChecks written and mailed but not yet recorded by the bank$1,000$268,000$30,000$50,000Before making any adjustment suggested by the bank statement, the cash balance according to the company's books is $249,000.What is the correct adjusted general ledger balance as of the end of the month?O $248,000O $249,000O $279,000O $289,000

Step 1:The correct general ledger balance at the end of the month is calculated as follows: Correct…

Answered: (30) A company received a bank…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 8E

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Assume that the employees in Exercise 77 are paid from the companys regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payroll in general journal form, dated September 30.
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Suppose Alladin Travel, Inc., holds a note receivable as an investment. At the endof June, $100 of interest revenue has been earned. Journalize the accrued revenueadjustment at June 30.
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?
The deposit in transit balance for the previous and current months are P200,000 and P100,000, respectively. If the total deposits acknowledged by the bank is P1,100,000 compute the book’s total deposits.
A company's Cash account shows a balance of $5,630 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as deposits outstanding ($1,270), checks outstanding ($2,410), bank service fees ($44), an NSF check from a customer ($240), a customer's note receivable collected by the bank ($570), and interest earned ($70). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list :X: A Record the entries that increase cash. Record the entries that decrease cash. Credit Note : = journal entry has been entered %D Record entry Clear entry View general journal :X:
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for each of the following items:1. What is the balance sheet classification for a note payable due in six months that was used to purchase abuilding?
i need the answer quickly
a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note.
Green Valley Bank sent Comstock Industries its end-of-month bank statement for July. The end of month balance by the bank is $11,237. The statement shows that a deposit for $4,250 is in transit at the end of the statement period. The statement also revealed that checks for $87, $105, and $95 are outstanding. Green Valley collected a $4,000 note receivable plus $120 of interest revenue. The bank charges $20 for the collection service. The bank charges a monthly account fee of $35. The end-of-month balance per company books is $11,135. Question Content Area a. Prepare a bank reconciliation. Comstock Industries Bank Reconciliation July 31 Line Item Description Amount Amount Cash balance according to bank statement $Cash balance according to bank statement Deduct: Deposits in transit Deduct: Outstanding checks Adjusted balance $Adjusted balance Cash balance according to company's records $Cash balance according to company's records Add: Note and interest collected by bank $Deduct:…

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