17Jackson Co's ledger is as follows:Oct. 1 1,470 Oct. 310Cash2115 2,730790Oct. 480025 1,640SuppliesAccounts ReceivableOct. 6 1,180 Oct. 2120 810730EquipmentOct. 3 5,9501230Notes PayableOct. 30 52031 23031 57028A. Jackson, Capital580430Oct. 3 5,370Accounts PayableOct. 12 430 Oct. 4 730520A. Jackson, Drawings800Service RevenueOct. 1 1,47053025 1,640 A. Jackson, CapitalOct. 30 520A. Jackson, Drawings(a)Oct. 28 53028 530Service RevenueOct. 31 230Oct. 1 1,47025 1,640Oct. 31 570Advertising ExpenseOct. 6 1,18010Rent ExpenseDate15 2,73020Salaries Expense790810Journalize the October transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented inthe problem. List all debit entries before credit entries.)Account TitlesNOV12DebitCredit4www

The journal entries are prepared to record the transactions on regular basis. The T-accounts are…

Jackson Co's ledger is as follows: Oct. Oct. Oct. Oct. Cash 1 1,470 Oct. 3 580 10 790 12 430 15 2,730 30 800 21 25 1,640 Accounts Receivable Supplies 730 6 1,180 Oct. 21 800 20 810 Equipment 3 5,950 31 230 31 570 Notes Payable Accounts Payable Oct. 12 430 Oct. 4 Oct. 3 5,370 Oct. 30 520 520 A. Jackson, Capital 730 28 530 Oct. 1 1,470 A. Jackson, Drawings 25 1,640 Service Revenue

Jackson Co's ledger is as follows: Oct. Oct. Oct. Oct. Cash 1 1,470 Oct. 3 580 10 790 12 430 15 2,730 30 800 21 25 1,640 Accounts Receivable Supplies 730 6 1,180 Oct. 21 800 20 810 Equipment 3 5,950 31 230 31 570 Notes Payable Accounts Payable Oct. 12 430 Oct. 4 Oct. 3 5,370 Oct. 30 520 520 A. Jackson, Capital 730 28 530 Oct. 1 1,470 A. Jackson, Drawings 25 1,640 Service Revenue

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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Accounting The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $ 17,350 Balance per company records 8,450 Bank service charges 50 Deposit in transit 2,650 Note collected by bank with $190 interest 4,800 Outstanding checks 6,800
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Bank balance on bank statement is 10.150 TL and bank account ledger is 10.000 TL. The difference arose of 500 TL interest revenue and a 350 TL service charge. Which entry is made? O a. 500 debit to 642-Interest revenue and credit to 102-Bank; 350 TL debit to 102-Bank and credit to 770-GAE O b. 500 debit to 102-Bank and credit to 642-Interest revenue; 350 TL debit to 770-GAE and credit to 102-Bank O c. 150 debit to 102-Bank and credit to 642-Interest revenue O d. 500 debit to 102-Bank and credit to 642-Interest revenue; 350 TL debit to 780-Financing Expense and credit to 102-Bank
Topic: Cash and Cash Equivalents / Intermediate Accounting 1
25 )
how do you do the IF formula?
7. The following information pertains to Mekka Company. a. Cash balance as per bank, July 31, RO 14,526 b. July bank service charges not recorded by the depositor RO 56 c. Cash balance as per books, July 31, RO 14,568 d. Deposit in transit, July 31, RO 3,000 e. Bank collected RO 1800 note for Mekka in July, plus interest RO 72, less fee RO 40. The collection has not been recorded by Mekka, and no interest has been accrued. f. Outstanding checks, July 31, RO 1182. Instruction: Prepare bank reconciliation at July 31
Privett Company Accounts payable Accounts receivable Accrued liabilities Cash $36,632 72,986 6,134 15,305 38,400 71,968 119,728 79,667 31,336 20,560 662,428 2,681 Based on the data for Privett Company, what is the amount of quick assets? Oa. $119,627 Ob. $781,037 Oc. $46,641 Od. $1,601,593 Intangible assets Inventory Long-term investments Long-term liabilities Marketable securities Notes payable (short-term) Property, plant, and equipment Prepaid expenses
3. The April 30 bank statement of 10A Company showed a balance of $$24,635 and the following memoranda: Credits Collection of $1,250 note plus interest $50 Interest earned on checking account $65 Debits $75 NSF check: Banana Wang $635 Safety deposit box rent: 10A Company's cash account in the general ledger had a balance of $26,100 on April 30 and other information is as follows: (1) Cash receipts for April 30 recorded on the company's books were $6,695 but this amount does not appear on the bank statement. (2) The total amount of checks still outstanding at April 30 amounted to $6,575, including $2,000 certified checks. (3) Check No. 119 payable to 10B Company was recorded in the cash payments journal and cleared the bank for $248 but the payment should be $284. Instructions (a) (b) Prepare the bank reconciliation at April 30. Prepare any adjusting entries necessary as a result of the bank reconciliation. (Hint: Record Safety deposit box rent as Miscellaneous (Misc.) Expense)