Financial data of the Beta Co. for October are presented be low in transaction form. 1. Began operations by depositing PLN 22,000 in a business bank account. 2. Purchased equipment for PLN 10,000, paying PLN 4,000 in cash with the balance on account. 3. Purchased supplies for cash PLN 500. 4. Cash income received PLN 3,000. 5. Paid salaries for the month PLN 1,200. 6. Paid general expenses PLN 600. 7. Paid PLN 1,000 on account (transaction 2). 8. The inventory of supplies on hand at the end of the month was PLN 200. RECORD THE TRANSACTIONS AND BALANCES BELOW IN THE TABLE ASSETS BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE TOTAL 2 3 4 5 6 7 8 cash Supplies Equipment Liabilities + Accounts Payable Equity Capital

Financial data of the Beta Co. for October are presented be low in transaction form. 1. Began operations by depositing PLN 22,000 in a business bank account. 2. Purchased equipment for PLN 10,000, paying PLN 4,000 in cash with the balance on account. 3. Purchased supplies for cash PLN 500. 4. Cash income received PLN 3,000. 5. Paid salaries for the month PLN 1,200. 6. Paid general expenses PLN 600. 7. Paid PLN 1,000 on account (transaction 2). 8. The inventory of supplies on hand at the end of the month was PLN 200. RECORD THE TRANSACTIONS AND BALANCES BELOW IN THE TABLE ASSETS BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE TOTAL 2 3 4 5 6 7 8 cash Supplies Equipment Liabilities + Accounts Payable Equity Capital

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

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.
The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Balance, April 1, Current. Year Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year Debit April 1 Balance April Deposits BANK STATEMENT Cash balance Checks Cash (A) $45,500 270 150 Deposits $37,200 1,210 Credit 25,300 April Checks written 43,400 Balance $31,500 68,700 69,910 24,410 24,140 23,990 23,990 43,700 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,400 (including $2,600 written before and $1,800 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year?
A company's Cash account shows a balance of $3,460 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($50), an NSF check from a customer ($370), a customer's note receivable collected by the bank ($1,600), and interest earned ($130). Required: Record the necessary entry(ies) to adjust the company's balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the items that increase cash. 2 Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general Journal
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…
Cash Over and Short Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows: 10/3 10/4 Cash sales $36,690 $40,310 Collections on account 10,875 9,813 Total receipts $47,565 $50,123 Required: 1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers. 2. Prepare the journal entry to record the receipt and deposit of cash on October 3. For those boxes in which no entry is required 3. Prepare the journal entry to record the receipt and deposit of cash on October 4. For those boxes in which no entry is required 4. CONCEPTUAL CONNECTION: If you were the manager with responsibility over the cash registers, how would you use this information?
Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $5.750. The bank reconciliation for the month contained the following items: Deposits in transit Outstanding checks Interest earned NSF check returned to bank Bank service charge Given the above information, what is the up-to-date ending cash balance Rollin should report at month-end? Multiple Choice $4,980. O $5,300. $ 770 495 20 120 20 $5,630.
how do I journalize the entry to record the cash receipts and cash sales on March 1st? Refer to the chart of accounts for the exact wording of the account titles. Every line on a journal page is used for debit or credit entries. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 On March 1, the actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Required: CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment…
Presented below is information related to Sunland Company for its first month of operations. Credit Sales Cash Collections Jan. 7 Austin Co. $11,100 Jan. 17 Austin Co. $7,700 15 Diaz Co. 8,000 24 Diaz Co. 4,800 23 Noble Co. 9,800 29 Noble Co. 9,800 Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. Subsidary Ledger General Led Austin Co. Diaz Co. Noble Co. Balance of Accounts Receivable %24
Beverly Hills, Inc. developed the following information in recording its bank statement for the month of November. Balance per books November 30 $22,014 Balance per bank statement November 30 $24,635 1. Checks written in November but still outstanding $1,450. 2. Checks written in October but still outstanding $1,107. 3. Deposits of November 29th and 30th not yet recorded by bank $5,496. 4. NSF check of customer, A. Lincoln, returned by bank, $704. 5. The bank statement contained an electronic funds transfer received from customer Theodora Company for $6,150 plus interest for $150. 6. Check No. 151 for $562 was correctly issued and paid by bank, but incorrectly entered in the Cash Payments Journal as $526. It was a payment made to vendor, Smith Concrete. A. Prepare a Bank Reconciliation Statement at November 30. B. For Beverly Hills, Inc. prepare the next journal entry from the bank reconciliation. C. For Beverly Hills, Inc. prepare the final journal entry from the bank…
Use the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: 3. The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the general ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 in deposits were received during the month. 4. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of September, the Company books show that $11,670 of cheques were issued, yet the bank statement showed that $10,500 of cheques cleared the bank in September. There were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 11) What were the deposits in transit at September 30? f) $2,260 g) $2,150 h) $1,960 i) $2,650 j) None of the above 12) What were the outstanding cheques at September 30? f) $2,020 g) $2,120 h) $1,170 i) $1,980 j) None of the above FlDage 13) Which of the following is are the…
Thailand Company provided the following data relating to the cash transactions and bank account for July: Cash balance per ledger ??? Cash balance per bank statement ??? Debit memo for July service charge P3,500 Deposit of July 31 not recorded by the bank until August is P298,500 Outstanding checks (including certified check amounting to P25,000) P180,500 A customer note collected by the bank amounting to P120,600 A check issued to the supplier had been entered in the book as P86,500 and was erroneously deducted by the bank at P85,600. A Book error on a check issued by the company and recorded at P97,600 was cleared by the bank at an amount of P79,600. A customer check was returned by the bank marked as NSF P50,000. The…
The April 30 bank statement for Shopify Corporation shows an ending balance of $34.351. The unadjusted cash account balance was $28,250. The accountant for Shopify gathered the following information: 1. There was a deposit in transit for $4,240. 2. The bank statement reports a service charge of $39. 3. A credit memo included in the bank statement shows interest earned of $95 4. Outstanding checks totaled $10,935 5. The bank statement included a $650 NSF check deposited in April. What is the true cash balance as of April 30? Multiple Choice $27656 $27006 $31B01