of Module Five Lesson Two Activity OneUCEFHJuly 20th: Repaired the putting green at a cost of $225, check #110Which accounts are affected?What is the normal (increase) balance of the affected accounts?How is each account affected?Where will you record the debit and credit?July 29th: Michael Powers took $250 out of the business checking account for personal useWhich accounts are affected?What is the normal (increase) balance of the affected accounts?How is each account affected?Where will you record the debit and credit?Accounts Receivable - MarkJones (110)Cash in Bank (101)Golf Equipmer田IA

As per accounting equation of the business, total assets of the business should be equal to total…

Answered: E July 20th: Repaired the putting green…

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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On March 31, 20XX, Able Company received its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. The following data are available in preparing a bank reconciliation: Balance per ledger, P1,460,000 Note collected by bank, P100,000 Interest earned on note, P10,000 NSF check of customer, P130,000 Bank service charge on NSF check, P2,000 Other bank service charges, P3,000 Outstanding checks, P202,000 Deposit placed in night depository, P85,000 Check issued by Axle Company charged to Able's account, P20,000 What is the balance per bank statement?
9. When preparing a check and you commit an error, what should you do? a. Get a pencil eraser and erase the error. b. Get a white ink pen and erase the error. 6. c. Cancel the check and prepare a new one. d. Call an ambulance. 10. It is a report issued by a bank (on a monthly basis) which shows the deposits and withdrawals during the period and the cumulative balance of a depositor's bank account. a. Credit card billing statement b. ATM card c. Bank statement d. T- account
17. Find the ending balance if the original balance was $425.32 and the followingtransactions occurred over the space of a week: wrote a check, $16;paycheck deposit, $235.21; check deposit, $30; ATM, $20; wrote a check,$63.45; deposit, $30; maintenance fee, $11; interest, $0.32.A. $609.76B. $610.40C. $650.08D. $649.76
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For the accounts receive and interest revenue I for march 20, I got 13, however its wrong, can you tell me what I am doing wrong? our answer is partially correct. Try again. On January 10, Molly Amise uses her Windsor, Inc. credit card to purchase merchandise from Windsor, Inc. for $1,500. On February 10, Molly is billed for the amount due of $1,500. On February 12, Molly pays $1,300 on the balance due. On March 10, Molly is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12.Prepare the entries on Windsor, Inc.’s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) (Round answers to 0 decimal places, e.g. 825. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction…
5. Jack's lawn care used the direct write-off method for accounting for uncollectible accounts. The company writes off $500 on Jane Doe's account. The journal entry to record this will include a debit of $500 to which account?
9. Ashley Martinez's checkbook balance was $149.21 on October 5. The checkbook register below shows her transactions since then. What is her balance after each transaction? Trans Type Date Description of Transaction or Check # 571 DEP 572 AT 10/6 Pettisvile Flowers 10/9 Deposit 10/10 Donald's Bookstore 10/19 Langley Phone Co. Payment / Debit ✔ Deposit / Credit (+) (-) Balance Brought Forward 45 79 16 94 75 25 213 80 Balance 149 21
The following information is from Madison Corporation's accounting records for May. Check #3269 was returned as a double payment and voided. Checks that have not cleared the bank include #3252, #3260, and series #3275-3278. Check # Amount Check # Amount 3247 $ 32.64 3263 $ 24.87 3248 400.00 3264 45.00 3249 309.22 3265 33.78 3250 256.00 3266 756.77 3251 3,212.17 3267 84.34 3252 56.89 3268 789.00 3253 98.02 3269 48.90 3254 47.55 3270 34.41 3255 1,124.77 3271 872.00 3256 250.00 3272 22.00 3257 68.00 3273 562.38 3258 215.56 3274 512.00 3259 38.55 3275 603.50 3260 92.65 3276 67.00 3261 44.61 3277 301.61 3262 72.96 3278 47.88 In addition to the above list of the checks, Madison had check #2264 for $32.98 and check #2655 for $45.99 outstanding previously that have not cleared.
Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Valley Care & Supplies Co., a local hospital supply company that uses the direct write-off method of accounting for uncollectible receivables: If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. create a balance sheet for all dates given. March 18. Received $26,500 on an account. March 18. Wrote off the remaining $83,190 owed on account as uncollectible. Aug. 29. Reinstated the account that had been written off on March 18. (Do not record the collection of cash yet.) Aug. 29. Received $83,190 cash in full payment for the reinstated account.
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Answer in 30 minutes Which adjustments need to be recorded in the accounting records? Those that affected the bank balance or the cash account balance in the ledger? What is the result of the adjustments not being recorded?

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