Ch. 2 Quiz iSavedHelpSave & ExitThe following transactions occurred during July:201. Received $1,030 cash for services provided to a customer during July.2 Received $4,600 cash investment from Bob Johnsson, the owner of the business3. Received $880 from a customer in partial payment of his account receivable which arose from sales in June.4. Provided services to a customer on credit, $5055. Borrowed $7,300 from the bank by signing a promissory note6. Received $1,380 cash from a customer for services to be rendered next year.SkippedWhat was the amount of revenue for July?Multiple Choice$1,030$1,535$2,915$3,795$15,190Graw< Prev20 of 23NextType here to searchx

The amount of revenue for july will be the amount of sales / services rendered during the month of…

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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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No.5 Learning Example Whilst preparing a bank reconciliation statement at 31 December. The following items caused a difference between the bank statement balance and the cash book balance. 1.Bank interest charged to the account in error 2.Direct debit for $500 for insurance 3.Bank charges of $70 4.Cheque paid to a supplier on 29 December 5.Receipt from a trade receivable by electronic transfer Required Which of these items will result in an adjustment to the balance per the bank statement? A.2, 3, and 5 B. 1 and 4 C. 1,4, and 5 D1,3, and 5
History Bookmarks Window Help * 65% A ezto.mheducation.com Connect -to-Know Videos i Saved Help Save & Exit Check m Organic Food Co's cash account shows a $5,500 debit balance and its bank statement shows $5,160 on deposit at the close of business on August 31. a. August 31 cash receipts of $1,240 were placed in the bank's night depository after banking hours and were not recorded on the August 31. bank statement. b. The bank statement shows a $120 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $1,120. d. In reviewing the bank statement, an $80 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $20 in bank service charges; the company has not yet recorded the cost of these services. Prepare a bank reconciliation using the above information. ORGANIC FOOD CO Bank Reconciliation August 31 Bank statement balance Book balance Add: Add: Deduct:…
Problem 6-18A (Algo) Preparing a bank reconciliation LO 6-3 Rick Hall owns a card 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 $12,985. The August 31 unadjusted balance in the Cash account of Hall's Cards is $8,491. A review of the bank statement revealed the following information: 1. A deposit of $1,190 on August 31, Year 1, does not appear 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 $2,805 but was recorded on the books as $3,705. 3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,810 were found to be outstanding. 4. A debit memo for $26 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. Note: Negative amounts…
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8:17 1 customer in payment of the customer's account of \ $2.700. What is the up-to-date ending Cash balance? 4. a bank reconciliation included a deposit in transit of $720, the company's journal entry for this reconciling item would include 5. Urban Bloom, Incorporated's books show an ending cash balance of $13,500 before preparing the bank reconciliationGiven the bank reconciliation shows outstanding checks of \$3700 deposits in transit of \$2,700, NSF check of $ 170, and interest earned on the bank account of $80, the company's up-to-date ending cash balance equals: 6. Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $19,200. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,850, outstanding checks of $2,700, an NSF check of $1,400, bank service charges of $65 and the EFT from a customer in payment of the customer's account of $2,200. What was the cash balance on the Egrane's books (before the adjustments for…
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Chapter 8 The December cash records of Dickson Insurance Cash Receipts Cash Payments Date Cash Debit Check no. Cash Credit Dec, 4 Dec, 9 Dec, 14 Dec, 17 Dec, 31 $4,180 500 510 2,130 1,850 Beg. Balance + Deposits - Checks Dickson's Cash account shows a balance of $17,030 at Dec, 31. On Dec, 31 Dickson Insurance received the following bank statement: Dec, 1 Dec, 5 Dec, 10 Dec, 15 Dec, 18 Dec, 22 1416 1417 1418 1419 1420 1421 1422 End. Balance Dec, 8 Dec, 11(Check no. 1416) Dec, 19 Dec, 22 (Check no. 1417) Dec, 29 (Check no. 1418) Dec, 31 (Check no. 1419) Dec, 31 Bank Statement for December $850 130 630 1,190 1,490 1,100 650 Bank End. Balance Bank Reconciliation EFT BC Book End. Balance NSF EFT SC $600 4,180 500 510 2,130 1,400 $1,000 850 $400 130 630 1,910 $40 $13,900 Total 9,320 BC - Bank Collections, EFT – Electronic Fund Transfer, NSF- Nonsufficient funds checks, SC - Service Charge Total (4,960) - The EFT Deposit was a receipt of rent. The EFT check was an insurance payment. - The…
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Prepare adjusting journal entries to reconcile the book and bank balances
Beginning Balance A. D. Total Ending Balance Deposits $7,500 350 7,850 Bank Statement. Checks 101 102 103 106 Bank service charges C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. Bank Statement balance $ 600 250 125 242 1,307 Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. $0 E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. 1. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107. Assume no bank errors. Lavender Company Bank Reconciliation…
Prepare a bank reconciliation statement

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