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mr jekins deposited $1,250 into an account that earns 4.25% simple intrest anually .he made no additional deposits or with draws
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- 4b) Carole Stoke receives her April 6 2024, bank statement showing a balance ofR910.55, her cash book balance is R1 002.85.The bank statement shows an ATM charge of R29.20, Overdraft fee of R33.50,earned interest of R2.55, and Carol’s R656.50 refund check which was processedby the SARS and deposited in her account.Carol has two checks that have not cleared-Number 115 for R672.95 and Number116 for R230.60. There is also a deposit in transit for R1 952.65.Required:Prepare Carol’s bank reconciliation for the month of April 2024. (14 marks)A man borrowed $3700 from a bank for 6 months A friend was cosigner of the man's personal note. The bank collected 3 simple interest on the date of maturity a) How much did the man pay for the use of the money? b) Determine the amount he repaid to the bank on the due date of the note a) The man paid S for the use of the money
- Carol Stokke receives her April 6 bank statement showing a balance of $859.75; her checkbook balance is $954.25. The bank statement shows an ATM charge of $25.00, NSF fee of $27.00, earned interest of $2.75, and Carol's $630.15 refund check, which was processed by the IRS and deposited to her account. Carol has two checks that have not cleared-No. 115 for $521.15 and No. 116 for $205.50. There is also a deposit in transit for $1,402.05. Prepare Carol's bank reconciliation. (Input all amounts as positive values. Round your answers to 2 decimal places.) BANK RECONCILIATION Carol's checkbook balance Bank balance Add: Add: Subtotal Subtotal Deduct: Dedut: Subtotal Reconciled balance Reconciled balanceCarol Stokke receives her April 6 bank statement showing a balance of $1,154.75; her checkbook balance is $972.75. The bank statement shows an ATM charge of $29.00, NSF fee of $36.40, earned interest of $2.95, and Carol's $823.05 refund check, which was processed by the IRS and deposited to her account. Carol has two checks that have not cleared-Number 115 for $610.25 and Number 116 for $315.20. There is also a deposit in transit for $1,504.05. Prepare Carol's bank reconciliation. Note: Input all amounts as positive values. Round your answers to 2 decimal places. Carol's checkbook balance Add: Subtotal Deduct: Subtotal Reconciled balance BANK RECONCILIATION Bank balance Add: Deposit in transit Interest Subtotal Deduct ATM card fee NSF fee Reconciled balancePlease answer the following 3 questions: 1) Lail Inc. accounts for bad debts using the allowance method. On June 1. Lail Inc. wrote off Andrew Green's $2,500 account. Based on Lail's estimation, Andrew Green will never pay any portion of the balance in his account. What effect will this write-off have on Lail Inc!'s balance sheet at the time of the write-off? A) None of the above. B) A decrease to assets and a decrease to stockholders' equity C) An increase to assets and an increase to stockholders' equity. D) An increase to stockholders' equity and a decrease to liabilities. 2) In a perpetual inventory system, the purchase of inventory is debited to: A) Cost of Goods Sold. B) Purchases. C) Inventory. D) Accounts Payable. 3. Under the allowance method, which of the following does not change the balance in the Accounts Receivable account? A) Collections on customer accounts. B) Write-offs. C) Returns on credit sales. D) Bad debt expense adjustment.
- Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. Journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles.K Adjusted Bank Balance. Mary's last bank statement showed an ending balance of $156.45. This month, she deposited $548.61 in her account and withdrew a total of $230.67. Furthermore, Mary wrote a total of five checks, two of which have cleared. The two checks that have cleared total $133 55 The three remaining checks total $100.44. Mary pays no fees at her bank. What is the balance shown this month on Mary's bank statement? What is the adjusted bank balance? CETTS The balance show this month on Mary's bank statement is 5 (Round to the nearest cent)At the year end, Harold has a receivables balance of $100,000 and an allowance for receivebles of $5000. He has not yet accounted for a receipt of $500 in respect of a debt which he has previously provided against or a receipt of $1000 in respect of a debt which had been written off in the previous year. Harold wishes to maintain his allowance for receivables at 7% of receivables. What balance will be shown in his statement of financial position at the year end for receivables and the allowance for receivables?
- Mr Jacky has not kept proper bookkeeping records, but he has kept notes in diary form of the trasactions of his business as at 31 May 2021. THe following transactions relate to financial year ended on 31 May 2021. a. THe sales are mosly on credit basis. No record of sales has been made, but N$ 14 200 has been received, N$ 9 700 by cheque and N$ 4 500 by cash, from debtors. b. Amount paid by cheque to suppliers during the year amounted to N$ 5 500. c. Mr. Jacky took N$ 2 600 cash for the year for personal use. d. The following payments was made for the year by cheque, Telephone Expense N$ 1 250, Transport Expenses N$ 840, Rent Expense N$ 2 200 and by cash, General Expense N$ 250 and Municipal Expense N$ 450. e. Assets was acquired on 31 March 2020, as: Motor Vehicle N$ 24 600 and Furniture and Fittings N$ 18 400. Depreciation of 10% straight line for 31 May 2021 f. THe following information is available: at 31.05.2020…GH Traders wrote off R1 750 which represented 20% of the amount owed by a debtor. The debtor settled the balance on her account by means of an electronic funds transfer. These transactions have not yet been recorded. Which of the following statements is correct in respect of the above transactions? OA. The Debtors Control account will decrease by R7 000. OB. The debtor owed R8 750. OC. The Bank account will be credited with R7 000. OD. The amount received from the debtor was R1 400.Sarah has received her bank statement for the month ending November 30, which showed the following: Ending balance $641.50 Service charge 15.00 ATM Withdrawal 70.00 Interest earned .50 After reviewing the checkbook and bank statement, she determines that: The November 30 checkbook balance is $1,136.00 Bank service charges, an ATM withdrawal, and interest had not been recorded. A $954.00 deposit made on November 30 is not on the bank statement. Outstanding checks total $544.00. Prepare a bank reconciliation in proper format.
