C. December 1. Wrote check to establish a petty cash fund, $200.00. Check No. 21. d. December 9. Used debit card to buy supplies, $120.00. Memorandum No. 12. e. December 14. Paid cash for insurance, using EFT, $50.00. Memorandum No. 13. f. December 18. The bank notified Bub's Gym of a dishonored check from Hawks Athletics for $50.00, with a fee of $35.00. Memorandum No. 14. g. h. i. December 27. Paid cash for electric bill, $200.00. Check No. 23. December 31. Replenished petty cash fund for Postage Expense, $15.00, Supplies Expense, 30.00, and Miscellaneous Expense, $10.00, totaling $55.00. Check No. 24. December 31. Received bank statement showing December bank service charge, $25.00. Memorandum No. 15.

C. December 1. Wrote check to establish a petty cash fund, $200.00. Check No. 21. d. December 9. Used debit card to buy supplies, $120.00. Memorandum No. 12. e. December 14. Paid cash for insurance, using EFT, $50.00. Memorandum No. 13. f. December 18. The bank notified Bub's Gym of a dishonored check from Hawks Athletics for $50.00, with a fee of $35.00. Memorandum No. 14. g. h. i. December 27. Paid cash for electric bill, $200.00. Check No. 23. December 31. Replenished petty cash fund for Postage Expense, $15.00, Supplies Expense, 30.00, and Miscellaneous Expense, $10.00, totaling $55.00. Check No. 24. December 31. Received bank statement showing December bank service charge, $25.00. Memorandum No. 15.

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

Bank Reconciliation Entries (See next page-complete #2 first) Prepare the necessary journal entries that Mongelluzzo Food Co. must record as a result of preparing the bank reconciliation.
On April 2, Granger Sales decides to establish a $350 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. April 2 b. On April 10, the petty cash fund has receipts for mail and postage of $65, contributions and donations of $39, and meals and entertainment of $97. Petty cash on hand is $147. Journalize the replenishment of the fund. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. April 10 c. On April 11, Granger Sales decides to increase petty cash to $460. Journalize this event. If an amount box does not require an entry, leave it blank. April 11
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.
On April 2, Granger Sales decides to establish a $380 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $55, contributions and donations of $33, and meals and entertainment of $112, and $176 in cash. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 10 c. On April 11, Granger Sales decides to increase petty cash to $450. Journalize this event. If an amount box does not require an entry, leave it blank. Apr. 11
Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,175. B. On April 1, the amount of cash in the petty cash fund is now $110. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $665; miscellaneous selling expense, $211; miscellaneous administrative expense, $178. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,175, record the discrepancy in the cash short and over account.)
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,937 debit balance and its bank statement shows $15,527 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,119. b. The June 30 bank statement lists a $25 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2,513 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 Bank reconciliation LO P3 Prepare its bank reconciliation using the above information. X Answer is not complete. DEL GATO CLINIC Bank Reconciliation June 30 15,937 24 15,527 O Book balance…
The following transactions occurred in April for Pleasant Co. Apr. 1 Issued check no. 14 for $130 to establish a petty cash fund. 5 Paid $16 from petty cash for postage, voucher no. 1. 8 Paid $17 from petty cash for office supplies, voucher no. 2. 15 Issued check no. 15 to DeceptiveCorp. for $140 for past purchases on account. 17 Paid $22 from petty cash for office supplies, voucher no. 3. 20 Issued check no. 16 to DanishCorp. for $750 for past purchases on account. 24 Paid $20 from petty cash for postage, voucher no. 4. 26 Paid $7 from petty cash for local church donation, voucher no. 5 (a miscellaneous payment). 28 Issued check no. 17 to Jim Ploonto pay for office equipment, $700. 30 Replenished petty cash, check no. 18. Assume no shortage or overage Your tasks are to do the following: a. Record the appropriate entries in the general journal as well as the auxiliary…
The following information relates to the bank account of Doug's Sky Diving Supply Store on June 30. Balance per bank statement $5,327 Balance per books as of June 30 9,265 Outstanding checks: #1007 $ 241 #1008 67 #1009 597 Deposits in transit 229 4,111 Bank service charges 98 NSF check 412 Credit memo for interest earned 16 Error: Check written and recorded by bank as $454 was subtracted from the checkbook as $445. The check was used to pay the telephone bill. Required: Prepare a bank reconciliation as of June 30. Doug's Sky Diving Supply Store Bank Reconciliation June 30, 20-- Bank statement balance $fill in the blank 1 Deduct deposits in transit: $fill in the blank 3 fill in the blank 4 fill in the blank 5 $fill in the blank 6 $fill in the blank 9 fill in the blank 11 fill in the blank 13 fill in the blank 14 Adjusted bank balance $fill in the blank 15 Book…
The following information pertains to Concord Video Company. 1. Cash balance per bank, July 31, $7,763. 2. July bank service charge not recorded by the depositor $37. 3. Cash balance per books, July 31, $7,784. 4. Deposits in transit, July 31, $1,750. 5. Bank collected $1,150 note for Concord in July, plus interest $45, less fee $29. The collection has not been recorded by Concord, and no interest has been accrued. 6. Outstanding checks, July 31, $600. (b) Journalize the adjusting entries at July 31 on the books of Concord Video Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit July 31 Enter an account title to record the collection of the note Enter a debit amount Enter a credit amount Enter an account title to record the collection of the note Enter a debit amount Enter a credit amount Enter an account…
The following information pertains to Sheridan Video Company. 1. Cash balance per bank, July 31, $7,743. 2. July bank service charge not recorded by the depositor $36. 3. Cash balance per books, July 31, $7,764. 4. Deposits in transit, July 31, $1,740. 5. Bank collected $1,140 note for Sheridan in July, plus interest $44, less fee $28. The collection has not been recorded by Sheridan, and no interest has been accrued. 6. Outstanding checks, July 31, $599. 1. Prepare a bank reconciliation at July 31. (List items that increase cash balance first.) 2. Journalize the adjusting entries at July 31 on the books of Sheridan Video Company. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
a. The bank statement balance is $3,240. b. The cash account balance is $3,407. c. Outstanding checks amounted to $736. d. Deposits in transit are $698. e. The bank service charge is $196. f. A check for $32 for supplies was recorded as $23 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance 000 00
Part 1: 1. Identify and list the deposits in transit at the end of December. 2. Identify and list the outstanding checks at the end of December. Part 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received from the bank. 2. Record the service charges of $130 deducted by the bank. 3. Record the return of the J. Left check of $280 due to insufficient funds 4. Record the checks outstanding at the end of the month. 5. Record the deposit in transit at the end of the month. Part 4: After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $280, of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet?