What amounA) $56,000B) $31,000C) $11,500A) Prepaid ExpenseB) Accounts ReceivableC) Unearned RevenueD) None, there is no entry in December.D) $27,0007. Bryson Accounting Services performed accounting services for a client in December. A bill was mailed to the client onDecember 30. The company received a check by mall on January 5. Which of the following accounts should appear on thebalance sheet as of December 31 as related to the services performed?hor 31 falls on Tuesday and Anthony will pay itshwee!

Lets understand the basics.Prepaid expense account is needed to create to show how much expense is…

A) $56,000 B) $31,000 C) $11,500 A) Prepaid Expense B) Accounts Receivable C) Unearned Revenue nl None there is no entry in December. D) $27,000 7. Bryson Accounting Services performed accounting services for a client in December. A bill was mailed to the client c December 30. The company received a check by mail on January 5. Which of the following accounts should appear on balance sheet as of December 31 as related to the services performed? ad Anthony will pay its

A) $56,000 B) $31,000 C) $11,500 A) Prepaid Expense B) Accounts Receivable C) Unearned Revenue nl None there is no entry in December. D) $27,000 7. Bryson Accounting Services performed accounting services for a client in December. A bill was mailed to the client c December 30. The company received a check by mail on January 5. Which of the following accounts should appear on balance sheet as of December 31 as related to the services performed? ad Anthony will pay its

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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The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
As of June 30, Year 1, the bank statement showed an ending balance of $18,181. The unadjusted Cash account balance was $17,028. The following information is available: 1. Deposit in transit, $2,795. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,946. 4. Debit memo for service charge: $12. Required: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. Note: Negative amounts should be indicated with minus sign. Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 $ $ $ 18,181 18,181 4 0
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A company's Cash account shows a balance of $3,460 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($50), an NSF check from a customer ($370), a customer's note receivable collected by the bank ($1,600), and interest earned ($130). Required: Record the necessary entry(ies) to adjust the company's balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the items that increase cash. 2 Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general Journal
JW Company’s cash balance at the end of the month was $4,500. After comparing the company’s records with the monthly bank statement, JW’s accountant identified the following reconciling items: outstanding checks, $800; deposits in transit, $700; bank service charge, $30; NSF check, $200. The cash receipt of the NSF check was previously wrongly recorded by the JW company as $250. What is the adjusted bank balance? (Assumption, no fraud in this case)
Mc Graw Hill Nolan Company's cash account shows a $24,659 debit balance and its bank statement shows $23,918 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,619. b. The June 30 bank statement lists $22 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $80 check written by the company was mistakenly recorded in the company's books as $89. d. June 30 cash receipts of $3,373 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $26 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information. Bank statement balance. Add: Deduct: Adjusted bank balance NOLAN COMPANY Bank Reconciliation June 30 $ 0 0 Book balance Add: Deduct: 0 0 Adjusted book balance $ 0 0 0 0
Assume that the employees are paid from the company's regular bank account check numbers 981 and 982 prepare the entry to record and pay the payroll in general journal from September 30th if required round amounts to the nearest cent if an amount does not require an entry leave it blank. College accounting 13th edition
On 31 december a company cash book balance was $11,820 and the bank statement $15,000. the reson for the difference were as follows. 1 Bank charges of $20 not entered in the cashbook. 2 A customer cheque for $200 has been dishonured 3 A payment of $1,200 has been entered in the cashbook as $2,100 4 there were unpresented cheques totalling $6,500 5 Lodgement of $4,000 had not appeared on the bank statement A) To make appropriate adjustment in the cash book bringing down the correct balance. B) To prepere a statement reconciling the adjusted balance inthe cash bookwith the balance shown in the bank statement for 31 december C) Name 3 difference that can accur between the bank statement and cashbook
Accompanying a bank statement for Santee Company is a credit memo for $24,516 representing the principal ($22,700) and interest ($1,816) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Required: On March 1, journalize the entry that should be made by the company to bring the accounting records up to date. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.