Jack made the following transactions in 2010: Jan 1- Started business $100000 in cash and $200000 in the bank Jan 2-Purchased goods on credit from John $30000 Jan 5- Paid carriage inwards in cash $500 Jan 7- Sold goods on credit to Peter $50000 Jan 10- Received $20000 from Peter by cheque Jan 11- Paid John $10000 by cheque Jan 24- Purchased motor vehicle by cheque $ 5000 Prepare the ledger accounts and balance off all accounts Please avoid solutions in image format thank you

Jack made the following transactions in 2010: Jan 1- Started business $100000 in cash and $200000 in the bank Jan 2-Purchased goods on credit from John $30000 Jan 5- Paid carriage inwards in cash $500 Jan 7- Sold goods on credit to Peter $50000 Jan 10- Received $20000 from Peter by cheque Jan 11- Paid John $10000 by cheque Jan 24- Purchased motor vehicle by cheque $ 5000 Prepare the ledger accounts and balance off all accounts Please avoid solutions in image format thank you

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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Munabhai
Perform a bank reconciliation.a) Reconcile Jack Steel’s month end cash balance as of 31 Jul 2019 b) Based on your analysis, propose adjusting entries (if any).Transactions and balances:• 31 Jul 2019 Bank Statement balance $ 58,791• 31 Jul 2019 balance per Jack’s records $ 57,371• Jack received a payment that he has not deposited $ 250• Jack issued a cheque payable to Pandora’s Jewels to pay for a belated Mother’s Day gift to his grandmother that has not been presented to the bank $ 1,612• Bank charges for the month of July were $40• Interest on bank balance credited to Jack’s account $ 98
Please answer the following questions. Thankyou
Question Record the above transactions into the “T” accounts.
David had the following activity with his checking account during the month of July: Starting checkbook balance of $701.13 July 15 electronic payroll deposit of $1,807.44 Online payment of $109.17 to Ameren Utilities Online payment of $104.00 to Gas Company Checks written on July 15 totaling $984.15 On July 27, he received an electronic payroll deposit of $1,807.43 What was David's checkbook balance as of July 31?
Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. O. Myer notices that the bank erroneously cleared a $500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Jam Systems. On March 25, the bank lists a $50 charge for the safety deposit box expense that Jam Enterprises agreed to rent from the bank beginning March 25. On March 26, the bank lists a $102 charge for printed checks that Jam Enterprises ordered from the bank. On March 31, the bank lists $33 interest earned on Jam Enterprises' checking account for the month of March. O. Myer notices that the check he issued for $128 on March 31, 2018, has not yet cleared the bank. O. Myer verifies that all deposits…
Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month of August, Year 3. As of August 31, the bank statement shows a balance of $13,995. The August 31 unadjusted balance in the Cash account of Hall's Cards is $9,933. A review of the bank statement revealed the following information: A deposit of $1,700 on August 31, Year 3, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $3,970 but was recorded on the books as $4,870. When checks written during the month were compared with those paid by the bank, three checks amounting to $4, 935 were found to be outstanding. A debit memo for $73 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. (Negative amounts should be indicated with minus sign.) HALL'S CARDS Bank Reconciliation August…
Please indicate if this will be included in the company’s cash and cash equivalent account as of December 2015. Explain each. How much C & CE must be included? A customer’s check dated January 1, 2016, USD 45,000. A customer’s certified check, USD 35,000. Various customer checks in payment of accounts with the company, USD 321,000. Company’s check dated December 26, 2015, drawn and recorded in December in payment of merchandise purchased on account but not delivered until January 7, 2016, USD 90,000. Company’s check dated January 3, 2016, drawn and recorded in December for payment of previously accrued electricity bill, USD 62,000. Investment in mutual funds, USD 312, 000 Redemption Fund amounting to USD 250, 000 that will be used in 2020 for a share repurchase program. PPE Acquisition fund amounting to USD 500, 000 that will be used on January 15, 2016
Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. Purchased a used delivery truck for $29,400, paying cash. 8. Mar. Paid garage $230 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. 7. Dec. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 7 years, with 31. a residual value of $6,200 for the truck. Year 2 Jan. Purchased a new truck for $53,460, paying cash. 9. Feb. Paid garage $440 to tune the engine and make other minor repairs on the used truck. 28. Apr. Sold the used truck for $18,150. (Record depreciation to date in Year 2 for the truck.) 30. Dec. Record depreciation for the new truck. It has an estimated trade-in value of $9,600 and an estimated life of 31.…
Jo Jo has business called, "Jo Jo's Clown Supplies." The following cash transactions happened in the month of December. Jo Jo had a December 31 cash balance of $19,940. b 5 7 B 9 Cash Receipts Date Deposit 12/1 12/4 12/9 12/14 12/17 12/22 12/31 0 01 02 03 400 4270 610 630 2280 1500 1950 Cash Payments Check No. Amount 1416 1417 1418 1419 1420 1421 1422 The 1st Federal Bank Sent Jo Jo the following statement for December: Beginning Balance: Deposits Checks 1-Dec 5-Dec 10-Dec 15-Dec 18-Dec 22-Dec 760 30 550 1390 1340 800 530 8-Dec 11-Dec 19-Dec 22-Dec 29-Dec 31-Dec 31-Dec NSF NSF SC 1416 04 05 06 07 08 09 10 11 Please prepare a Bank Reconcilliation for Jo Jo's Circus. 112 1417 1418 1419 400 4270 610 630 2280 1500 900 760 500 30 550 1390 50 Ending Balance: NSF = Non-sufficient Funds Checks were received from a client. SCA Bank service charge. 13,700 9690 4180 19,210 +
Date Particulars Jan 1, 2020 Abdul commenced his business with Cash = OMR 35000 2 He deposited into bank current account = OMR. 20000 He sold goods to Hakkim on credit = OMR 1000 He paid Said by Cheque = OMR 1980 and receive discount = OMR 20 for 4 5 the goods purchased on credit He receive cheque from Hakkim 6 OMR 970 and allow him discount OMR 30 7 He makes sales for cash = OMR. 2800 Hakkim cheque deposited in to the bank = OMR 970 11 He purchased a motor car by cheque = OMR 7500 12 He purchased goods by cash = OMR. 2500 13 He withdraws from bank for office use = OMR. 750 Commission received = OMR 100 |Purchased furniture by Cheque for OMR 450 16 18 20 Withdraw from bank for personal use OMR 600 27 Sold goods to Mr. Haji for OMR 400 28 Received cheque from Mr Haji for OMR 375 in full settlement and deposited in to bank 30 Motor car repair expenses OMR 120 Required: Prepare triple column cash book with Discount, Cash and Bank Column
Rick Rambis operates a ski lodge center at Bull Mountain in Alaska. He has just received the monthly bank statement at October 31 from Bull National Bank. The bank statement shows an ending balance at October 31 of $750. The following items are listed on the statement:1. The bank collected rent revenue for Rick in the amount of $330.2. Service charge of $10.3. Two NSF checks from customers totaling $110.4. Printing check charge of $11.In reviewing his cash records and the bank statement, Rick identifies the following:1. Outstanding checks totaling $603.2. Deposit in transit on October 31 of $1,770.3. An error made by Rick: Rick recorded a salary check for $31 but it cleared the bank at $310.Rick’s cash records show a balance on October 31 of $1,997.Requireda) Reconcile the bank account.b) Prepare journal entries that should be made as a result of the bank reconciliation.c) What should the balance in Rick’s Cash account be after the reconciliation?d) What total amount of cash should the…