May 31. E7-8 The following information pertains to Lance Company. 1 Cash balance per bank, July 31, $7,328. July bank service charge not recorded by the depositor $38. Prep adju 3. Cash balance per books, July 31, $7,364. 4. Deposits in transit, July 31, $2,700. 5. $2,016 collected for Lance Company in July by the bank through electronic funds transfer. The collection has not been recorded by Lance Company. (LO 6. Outstanding checks, July 31, $686. Instructions (a) Prepare a bank reconciliation at July 31, 2017. (b) Journalize the adjusting entries at July 31 on the books of Lance Company. E7-9 This information relates to the Cash account in the ledger of Howard Company. fontember 1-$16,400; Cash deposited-$64,000 100: Checks written-$62,800 20 ond the

May 31. E7-8 The following information pertains to Lance Company. 1 Cash balance per bank, July 31, $7,328. July bank service charge not recorded by the depositor $38. Prep adju 3. Cash balance per books, July 31, $7,364. 4. Deposits in transit, July 31, $2,700. 5. $2,016 collected for Lance Company in July by the bank through electronic funds transfer. The collection has not been recorded by Lance Company. (LO 6. Outstanding checks, July 31, $686. Instructions (a) Prepare a bank reconciliation at July 31, 2017. (b) Journalize the adjusting entries at July 31 on the books of Lance Company. E7-9 This information relates to the Cash account in the ledger of Howard Company. fontember 1-$16,400; Cash deposited-$64,000 100: Checks written-$62,800 20 ond the

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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E9-21 Journalizing transactions using allowance method the es 1, 2, 3 During August 2018, Lima Company recorded the following: Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of Goods Saia Collections on account, $106,400. Write-offs of uncollectible receivables, $990. Recovery of receivable previously written off, $800. Requirements 1. Journalize Lima's transactions during August 2018, assuming Lima uses the direct write-off method. 2. Journalize Lima's transactions during August 2018, assuming Lima uses the allowance method.
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