Sparks Fly Company provided the following data concerning the cash records for the months of July and August.What is the correct answer to questions #1, 2, 3 and 4? Book balanceTotal cash receipts per bookTotal cash disbursements per bookBank balanceTotal charges in bank statementTotal credits in bank statementNSF checkCollections of accounts receivable not recorded byentity and corrected in subsequent monthOverstatement of check in payment of salariescorrected in subsequent monthDeposit in transitOutstanding checksWhat is the adjusted cash in bank on July 31?OP1,960,000O P1,870,000O P1,930,000OP1,840,000OP1,070,000O P2,630,000O P1,330,000O P1,530,000OP2,380,000O P2,260,000P2,500,000July 31OP2,340,0001,900,0002,100,000What is the amount of adjusted receipts per bank on August 31?OP910,000OP2,060,000O P1,150,000OP1,030,00060,00030,00090,000130,000270,000What is the adjusted cash in bank balance on August 31?What is the amount of adjusted disbursements per book on August 31?August 31?1,400,0002,400,000?2,500,0001,200,00040,00050,000120,000260,00030,000

The statement which shows the summary of bank and the business activity of the entity is known as…

Book balance Total cash receipts per book Total cash disbursements per book Bank balance Total charges in bank statement Total credits in bank statement NSF check Collections of accounts receivable not recorded by entity and corrected in subsequent month Overstatement of check in payment of salaries July 31 1,900,000 2,100,000 60,000 30,000 90,000 August 31 ? 1,400,000 2,400,000 ? 2,500,000 1,200,000 40,000 50,000 120,000

Book balance Total cash receipts per book Total cash disbursements per book Bank balance Total charges in bank statement Total credits in bank statement NSF check Collections of accounts receivable not recorded by entity and corrected in subsequent month Overstatement of check in payment of salaries July 31 1,900,000 2,100,000 60,000 30,000 90,000 August 31 ? 1,400,000 2,400,000 ? 2,500,000 1,200,000 40,000 50,000 120,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

help with working for each
1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund contained $192 and had the following receipts: entertainment, $33, postage, $21, and printing, $24. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet Record the establishment of the petty cash fund. Nate: Enter debits befare oredits. Transaction General Journal Debit Credit 1a Hecord entry Clear entry View general journal
The actual cash received from cash sales was $30,378 and the amount indicated by the cash register total was $30,413. Journalize the entry to record the cash receipts and cash sales. For a compound transaction, if an amount box does not require an entry, leave it blank.
This is my question
Which of the following can be considered as an effective control of cash?A. One person handles the receipts and disbursements of cash.B. Cash is deposited monthly into a bank.C. There is approval of cash payments.D. A reconciliation of the bank balance with the cash balance is prepared twice a year.
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,507 debit balance, but its July bank statement shows a $27,043 cash balance. Check No. 3031 for $1,180, Check No. 3065 for $366, and Check No. 3069 for $1,948 are outstanding checks as of July 31. Check No. 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. The July bank statement shows the bank collected $7,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $11 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received.…
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries using this information for the following transactions for questions 1-5. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. What is the correct journal entry?
Brangelina Adoption Agency's general ledger shows a cash balance of $4,586. The balance of cash in the March-end bank statement is $7,331. A review of the bank statement reveals the following information: checks outstanding of $2,796, bank service fees of $78, and interest earned of $27. Calculate the correct balance of cash at the end of March. (Amounts to be deducted should be indicated with a minus sign.)
Swifty Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $5.55. Receipts: delivery expense $30.80, postage expense $37.75, and miscellaneous expense $50.90. July 1: Cash in fund $3.00. Receipts: delivery expense $19.95, entertainment expense $47.05, and miscellaneous expense $55.00. On July 10, Swifty increased the fund from $125.00 to $155.Prepare journal entries for Swifty Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date May 1June 1July 1July 10 enter an account title enter a debit amount…
The actual cash received during the week ended June 7 for cash sales was $18,921, and the amount indicated by the cash register total was $18,903. Journalize the entry for cash receipts and cash sales for the week. If an amount box does not require an entry, leave it blank. June 7
Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash.
On September 29, the company determined that the petty cash fund needed to be increased to $1,000. What is the correct journal entry?