A restaurant's cash register shows sales of $1,400 for the day. Of this amount, $600 was cash sales. The restaurant does not accept any credit cards. What amount represents the sales to be recorded to Accounts Receivable?
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A restaurant's cash register shows sales of $1,400 for the day. Of this amount, $600 was cash sales. The restaurant does not accept any credit cards. What amount represents the sales to be recorded to
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- The following information pertains to Moon designing Company. Cash balance per bank, July 31, $8,000. July bank service charge not recorded by the depositor $37. Cash balance per books, July 31, $8,021. Deposits in transit, July 31, $1,500. Bank collected $900 note for Moon in July, plus interest $36, less fee $20. The collection has not been recorded by Moon, and no interest has been accrued. Outstanding checks, July 31, $600. Required Prepare a bank reconciliation at July 31. Journalize the adjusting entries at July 31 on the books of Moon designing Company.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.Rick Hall owns a cord 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 $13,235, The August 31 unadjusted balance in the Cash account of Hall's Cords is $9,223 A review of the bank statement revealed the following information 1. A deposit of S1,040 on August 31, Year 1, does not oppear on the August bank statement 2 It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $2,955 but was recorded on the books as $3,855. 3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,250 were found to be outstanding. 4. A debit memo for $98 was included in the bank statement for the purchase of a new supply of checks. Required Prepare a bank reconciliation at the end of August showing the true cash balance. (Negative amounts should be indicated with minus sign.) HALL'S CARDS Bank Reconcillalion…
- The bank mistakenly recorded the collection of $385 on a customer account as $358 in the bank statement. The cheque was written in the correct amount and was correctly recorded in the company’s accounting system. The journal entry required to correct this error would be: Select one: a. debit Accounts Receivable, $385; credit Cash, $385 b. debit Cash, $27; credit Accounts Receivable, $27 c. debit Cash, $385; credit Accounts Receivable, $385 d. debit Accounts Receivable, $27; credit Cash, $27 e. no journal entry is requiredWright Company's cash account shows a $30,500 debit balance and its bank statement shows $28,800 on deposit at the close of business on May 31. The May 31 bank statement lists $250 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $7,100. May 31 cash receipts of $7,700 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $550 check written by Smith Company was mistakenly drawn against Wright’s account. The bank statement shows a $300 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.Which of the following is true of a petty cash voucher? a.It must be issued once in a month by a bank. b.It must explain the purpose of the payment. c.It must only be used to account for payments of more than $5. d.It must be signed only by the person who authorized the payment.
- Organic Food Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 on deposit at the close of business on August 31. August 31 cash receipts of $3,140 were placed in the bank’s night depository after banking hours and were not recorded on the August 31 bank statement. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. Outstanding checks as of August 31 total $3,020. In reviewing the bank statement, an $270 check written by Organic Fruits was mistakenly drawn against Organic Food’s account. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. Prepare any necessary journal entries that Organic Food Company must record as a result of preparing the bank reconciliation.Multi Data Inc. received its bank statement for the period ended 31st December, 2006.This did not agree with the balance shown in the cash book of $10,400 in the company's favor.An examination of the cash book and bank statement disclosed the following:(i) A customer of the company who received a cash discount of 5% of his account of$10,000 paid the company by check on December 10. The cashier, in error, entered thegross amount in the bank column of the cash book.(ii) A deposit of $20,450 paid in on 28th December had not been credited by the bankuntil January 2nd, 2007.(iii) Checks issued amounting to $10,780 has not been presented to the bank forpayment until after 31st December 2006.(iv) Bank charges amounting to $230 has not been entered in the cash book.(v) A check of $10,900 paid into the bank has been entered twice in the cash book.(Vi) A debit of $20,870 appeared on the bank statement for an unpaid check which hasbeen retured marked out of date. The check has been re-dated by…Rick Hall owns a card shop, Hall’s Cards. The following cash information is available for the month of August, Year 3.As of August 31, the bank statement shows a balance of $11,365. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $7,875. A review of the bank statement revealed the following information: A deposit of $1,960 on August 31, Year 3, 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 $2,830 but was recorded on the books as $3,730. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,600 were found to be outstanding. A debit memo for $50 was included in the bank statement for the purchase of a new supply of checks. Required Prepare a bank reconciliation at the end of August showing the true cash balance. (Negative amounts should be indicated with minus sign.) HALL'S CARDS…
- At the end of the day, the cash register tape shows $1,360 in cash sales, but the count of cash In the register is $1,460. The proper entry to account for this excess is:The actual cash received from cash sales was $32,443, and the amount indicated by the cash register total was $32,473. Journalize the entry to record the cash receipts and cash sales. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank