Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. The owners invested $8,500 from their personal account to the business account. Paid rent $650 with check #101. Initiated a petty cash fund $550 check #102. Received $750 cash for services rendered. Purchased office supplies for $180 with check #103. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. Received $1,200 cash for services rendered. Paid wages $560, check #105. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. Increased Petty Cash by $100, check #107.
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. The owners invested $8,500 from their personal account to the business account. Paid rent $650 with check #101. Initiated a petty cash fund $550 check #102. Received $750 cash for services rendered. Purchased office supplies for $180 with check #103. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. Received $1,200 cash for services rendered. Paid wages $560, check #105. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. Increased Petty Cash by $100, check #107.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
PA11. LO 8.6Inner Resources Company received the following bank statement. Using the information from Exercise 8.5 and Exercise 8.6, prepare the bank reconciliation.
8.5
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the
- The owners invested $8,500 from their personal account to the business account.
- Paid rent $650 with check #101.
- Initiated a petty cash fund $550 check #102.
- Received $750 cash for services rendered.
- Purchased office supplies for $180 with check #103.
- Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days.
- Received $1,200 cash for services rendered.
- Paid wages $560, check #105.
- Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106.
- Increased Petty Cash by $100, check #107.
Transcribed Image Text:Bank Statement
Beginning Balance
$0
Deposits
Checks
A.
$10,000
101
$ 500
D.
1,000
102
500
103
158
106
489
Bank service charges
100
Total
11,000
1,747
Ending Balance
$9,253
Transcribed Image Text:Bank Statement
Beginning Balance
$0
Deposits
Checks
А.
$8,500
101
$ 650
D.
1,200
102
550
103
180
106
457
Bank service charges
100
Total
9,700
1,937
Ending Balance
$7,763
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