The following is information related to Cullumber Company for its first month of operations.Jan. 71523Credit SalesAustin Co.Diaz Co.Noble Co.Balance ofAccountsReceivable$14,1007,1009,400$Jan. 17.Austin Co..Austin Co.Diaz Co.29 Noble Co.Cash Collections24Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in thegeneral ledger at the end of January.$7,7004,7009,400Subsidary LedgerDiaz Co.Noble Co.$General Ledge

Subsidiary Ledger -Subsidiary ledgers are the individual ledgers comes under single journal ledger.…

Jan. 7 15 23 Credit Sales Balance of Accounts Receivable Austin Co Diaz Co Noble Co. $14,100 7,100 9,400 $ Jan. 17 Austin Co. 24 29 Cash Collections Austin Co. Diaz Co 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. Noble Co. $7,700 4,700 9,400 Subsidary Ledger Diaz Co. Noble Co. General Ledge

Jan. 7 15 23 Credit Sales Balance of Accounts Receivable Austin Co Diaz Co Noble Co. $14,100 7,100 9,400 $ Jan. 17 Austin Co. 24 29 Cash Collections Austin Co. Diaz Co 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. Noble Co. $7,700 4,700 9,400 Subsidary Ledger Diaz Co. Noble Co. General Ledge

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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A. Prepare a bank reconciliation statement for Falfacation Merchandising for the month of December, 2010 1 Balance per bank statement amounted to P72, 100 as of December 31, 2010 2 Balance per ledger account is P72,734 as of December 31, 2010 3 Deposit in Transit P2, 100, 7 Non-interest bearing note collected by the bank, P15,000 8 A check issued to Maynilad amounting P1,250 remains uncancelled as of reconciliation date 9 The bookeeper had erroneously overstated one of its cash collection of P8,479 by P21. 10 Received a credit memo from the bank informing the company of bank interest income of P545. B. Prepare a bank reconciliation statement for the Your Moment Wedding Planner for the month of September 1 Balance per ledger account is P251,020 as of September 30, 2010. 2 Deposits not yet entered as bank deposits because of the clearing time. P 18,750.00 Ganda Photography Tulips, etc Jasmine Crepes and Pastries 3 Balance per bank statement amounted to P204,300 as of September 30, 2010 4…
A $142 petty cash fund has cash of $22 and receipts of $126. The journal entry to replenish the account would include a a. credit to Cash Short and Over for $6 b. debit to Cash for $22 c. credit to Petty Cash for $126 d. credit to Cash for $142
Bank Reconciliation The cash account of Dixon Products reveals the following information: Cash Balance, 4/30 11,180 Deposits during May 37,600 41,620 Checks written during May The bank statement for May contains the following information: Bank balance, 4/30 $11,130 Add: Deposits during May 37,250 $48,380 Less: Checks paid during May $40,230 NSF check from Frolin, Inc. 190 Bank service charges 40 40,460 Bank balance, 5/31 $7,920 A comparison of detailed company records with the bank statement indicates the following information: At 4/30 At 5/31 Deposit in transit $800 $1,150 Outstanding checks 750 2,140 The bank amounts are determined to be correct. Required: Question Content Area 1. Prepare a bank reconciliation for May. Dixon ProductsBank Reconciliation ScheduleMay 31 Cash balance from bank statement $fill in the blank d0c52ff9c02b042_1 - Select - - Select - Adjusted…
Book balance 1,405,000 Add March 31 deposit 750,000 Collections of note 2,500,000 Interest on note 150,000 3,400,000 Total 4,805,000 Less: Raval Company’s deposit credited to Rizal account 1,100,000 Bank service charge 5,000 1,105,000 Adjusted book balance 3,700,000 Bank balance 5,630,000 Add: Error on check No. 175 45,000 Total 5,675,000 Less: Preauthorized payment for light and water 245,000 NSF check 220,000 Outstanding checks 1,650,000 2,115,000 Adjusted bank balance 3,560,000 Check No. 175 was made for the proper amount of 249,000 in payment of account. However, the check was entered in the cash disbursements journal as 294,000. Rizal Company authorized the bank to automatically pay its light and water bills as submitted directly to the bank. Required: a. Prepare a corrected bank reconciliation. b. Prepare adjusting entries on March 31.
record the january transactions in cash reciept journals
A $115 petty cash fund has cash of $22 and receipts of $83. The journal entry to replenish the account would include a a.debit to Cash for $22. b.credit to Petty Cash for $83. c.credit to Cash for $115. d.debit to Cash Short and Over for $10.
CH/ MW >) Mastery Problem Instructions Tumner Excavation maintains a checking account and has decided to open a petty cash fund. The following petty cash fund transactions occurred during July: 7 July 2 Established a petty cash fund by issuing Check No. 301 for $100. 5 Paid $25 from the petty cash fund for postage. Voucher No. 1. Paid $30 from the petty cash fund for delivery of flowers (Miscellaneous Expense). Voucher No. 2. Paid $20 from the petty cash fund to repair a tire on the company truck. Voucher No. 3. Paid $22 from the petty cash fund for a newspaper advertisement. Voucher No. 4. Issued Check No. 303 to replenish the petty cash fund. (Total and rule the petty cash payments record. Record the balance and the amount needed to replenish the fund in the Description column of the petty cash payments record.) 8 12 13 20 24 28 31 Chart of Accounts Labels and Amount Descriptions Petty Cash The following additional transactions occurred during July: 17 July 5 Issued Check No. 302 to…
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ournalizing Cash Payments Transactions Enter the following cash payments transactions in a general journal: Sept. 5 Issued Check No. 318 to Georgetown Inc. for merchandise purchased August 28, $5,500, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to Martin Company for merchandise purchased September 2, $7,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Professional Partners for merchandise purchased August 20, $3,900, terms n/30. 27 Issued Check No. 321 to Dynamic Data for merchandise purchased September 17, $9,000, terms 2/10, n/30. Payment is made within the discount period.
QUESTION 7 Brown Company's bank statement for September 30 showed: Bank statement balance Book balance of cash $4,210 $6,560 The following information was also available as of September 30: a. A customer's check for $950 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $30 processine fee. b. The September 30 cash receipts, $6,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement C. Outstanding checks amounted to $3,910. d. A check for rent expense was written for $2,198 but by mistake was recorded in the accounting records as $2,918. Required: Prepare bank reconciliation as of September 30.
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Cash Receipt Journals