I need help with problem 11, and i also gave info from problem 5 and 6 to help PA11. LO 8.6 Inner Resources Company received the following bank statement. Using the information fromProblem PA5 and Problem PA6, prepare the bank reconciliation.Bank StatementBeginning Balance$0DepositsChecksA.$8,500101$ 650D.1,200102550103180106457Bank service charges100Total9,7001,937Ending Balance$7,763 PA5. LO 8.5 Inner Resources Company started its business on April 1, 2019. The following transactionsoccurred during the month of April. Prepare the journal entries in the journal on Page 1.A. The owners invested $8,500 from their personal account to the business account.B. Paid rent $650 with check #101.C. Initiated a petty cash fund $550 check #102.D. Received $750 cash for services rendered.E. Purchased office supplies for $180 with check #103.F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30days.G. Received $1,200 cash for services rendered.H. Paid wages $560, check #105.I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense$65. Cash on Hand $93. Check #106.J. Increased Petty Cash by $100, check #107.PA6. LO 8.5 Prepare a trial balance using the journal entries in the Problem PA5.

Bank reconciliation statement is prepared to identify the items due to which the balance as per cash…

PA11. LO 8.6 Inner Resources Company received the following bank statement. Using the information from Problem PA5 and Problem PA6, prepare the bank reconciliation. Bank Statement Beginning Balance $0 Deposits $8,500 1,200 Checks $ 650 550 A. 101 D. 102 103 180 106 457 Bank service charges 100 Total 9,700 1,937 Ending Balance $7,763

PA11. LO 8.6 Inner Resources Company received the following bank statement. Using the information from Problem PA5 and Problem PA6, prepare the bank reconciliation. Bank Statement Beginning Balance $0 Deposits $8,500 1,200 Checks $ 650 550 A. 101 D. 102 103 180 106 457 Bank service charges 100 Total 9,700 1,937 Ending Balance $7,763

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Use EMBG's adjusted trial balance to prepare EMBG's balance sheet for the current year-end. EMBG…

A: Definition: Balance sheet: To Know the financial position of the business balance sheet is prepared.…

Q: When should you use Power Pivot?

A: While a) When you want to clean, shape, and transform data is true to some extent, Power Pivot…

Q: Based on your findings, do you recommend adopting Data Analytics or waiting for further research?

A: 1. **Current Needs and Goals**: If your organization faces challenges that data analytics could…

Q: Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31…

A: For calculating the missing value , I have tried to make a note for every formula . Hope this answer…

Q: Could you please explain the process by which you got these answers? I am trying to learn how to do…

A: Workings: Preparation of schedule of expected cash collections:

Q: I need to see the work on this for it to make sense to me, can you show your work please? (The…

A: Monthly Payment = $900 Interest rate = 6% Loan term = 30 years Compounding time = 12 (12 times in a…

Q: I added a photo of the problem

A: Given that: Return on total assets = 16% Average Assets = $57500

Q: On 1 January 2019, a company which prepares financial statements to 31 December each year, enters…

A: The right-of-use asset is a lessee's right to use an asset over the life of a lease. It is recorded…

Q: . You plan to deposit P100 into a savings account at the end of each month for the next 5 years. a.)…

A: Given, Amount deposited is P100 Number of years 5

Q: Can I get a breakdown on how this is done all I'm seeing is a bunch of numbers

A: In the solution provided present value of all the coupon payments and future value is done to…

Q: If you believe IRR is the most reliable tool, please provide some additional data to support that…

A: IRR can be defined as the discount rate at which the present value of all future cash flows (or…

Q: What are the Microsoft Excel formulaues used to input these? Is there a way to show each formula for…

Q: Using Ai leads to downvote 10. Explain the concept of truth tables in logic design.

A: A truth table is a mathematical table that is used in logic design to show the functional values of…

Q: I need help with answering this spreadsheet

A: Cost of Good manufactured is computed by adding the Material, Labor, and Overhead costs incurred…

Q: I need to see the equation used to calculate this for it to make sense to me. Can you please show…

A: A mortgage is a loan for a specific amount of money, and mortgage payments are the repayments of…

Q: See below. I just need help with the red box with the 20,000 answer in it. It came back as…

A: As you have asked for help on the red box only so I'm explaining on that only. Please see Step 2 for…

Q: Can you solve using excel and explain the formulas more in depth?

A: Here,Market Cap is 300 billion pesoNext Year FCF is 9.6 billion pesoGrowth Rate is 8.60%

Q: Some people believe that when making decisions, the more information one has, the better. Discuss…

A: Let's delve deeper into how to determine the value of information sources and content, and further…

Q: I need help trying to figure out where these go.

A: Petty Cash is the small sum of money maintained by the organisation seperate from Cash to meet small…

Q: Match the two lists, below, by placing the capital letter from List 1 in each of the cells preceding…

A: Control Environment A control environment is made up of the standards, policies, procedures, and…

Q: Problem. The WHN Company is going to introduce one of the three new products: a widget, a hummer, or…

A: Decision tree helps in analyzing the outcomes of different projects. It helps in comparing the…

Q: Apply the P.R.O.F.I.T. model to identify Infosys capabilities. Identify from the case study…

A: Solution- Core competencies of Infosys- (1) Infosys has nurtured the mentality of learning…

Q: What are the strengths and weaknesses that you see in the AIS system and ways that you would improve…

A: AIS stands for accounting information system that is a computer based method used by the company in…

Q: David Savage asked you to write a memo presenting the issues and the risks associated with…

A: Memo: A memorandum also called as memo it is a written message that may be used in a business…

Q: Why is it necessary to continue to maintain and improve an existing Web site?

A: Regularly updating and maintaining website is crucial to ensuring that site is running at full…

Q: Please also do parts 4 and 5 while showing work so that way I can understand better. Thank you.

A: Solution 4: No, we would not recommend closing the North Store as there is net financial…

Concept explainers

Hospital Billing and Reimbursement

A process used by various vendors to request the customers for payments is known as billing. It helps to get the prices from the customers. It keeps the record of the buying and selling transactions of the business organization and service sector.

Question

I need help with problem 11, and i also gave info from problem 5 and 6 to help

PA11. LO 8.6 Inner Resources Company received the following bank statement. Using the information from
Problem PA5 and Problem PA6, prepare the bank reconciliation.
Bank Statement
Beginning Balance
$0
Deposits
Checks
A.
$8,500
101
$ 650
D.
1,200
102
550
103
180
106
457
Bank service charges
100
Total
9,700
1,937
Ending Balance
$7,763

PA5. LO 8.5 Inner Resources Company started its business on April 1, 2019. The following transactions
occurred during the month of April. Prepare the journal entries in the journal on Page 1.
A. The owners invested $8,500 from their personal account to the business account.
B. Paid rent $650 with check #101.
C. Initiated a petty cash fund $550 check #102.
D. Received $750 cash for services rendered.
E. Purchased office supplies for $180 with check #103.
F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30
days.
G. Received $1,200 cash for services rendered.
H. Paid wages $560, check #105.
I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense
$65. Cash on Hand $93. Check #106.
J. Increased Petty Cash by $100, check #107.
PA6. LO 8.5 Prepare a trial balance using the journal entries in the Problem PA5.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Cash Account

VIEW

Reconciliation Statement

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

solve all of them. I mentioned in my question to solve all the parts
Give me a conclusion paragraph about the impact of AI in Accounting
I really need help with this item below. I have tried a few different ways to do this problem, but the top box keeps coming back as incorrect. I know that the amounts are correct, but the first box is wrong for some reason. Please read the feedback boxes and include the appropriate formulas and cell references for this item. This is done through Excel. PLEASE HELP!!!!!! Note that the pictures are the same exact problem, but I used two separate formulas to try and solve this problem.
Hi, my name is Jennifer. I am having trouble with this same problem. But the sub-parts I need help with are C, D, and E. But more specifically, really just sub-parts D and E. The only parts I see being answered are sub-parts A, B, and C only in the 8 solutions posted. May I please receive help for the top sub-parts of C, D, and E ONLY, please? It would be much appreciated. Thank you. :) -- Jennifer Sutton
The answer 417,974.94 was correct. Can you please help me solve without technology? Formulas used, etc. Thank you!
When should you use Power BI Services?
Can you further explain this to me to better understand the concept on what I'm supposed to do and what formulas I need to apply.
Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
During the research process, if you are unsure whether or not you've found all the relevant literature, what should you do? A. Google it to see if there is anything else you've missed. B. Call your manager to verify that you've found it all. C. Use the search engine included in the Codification. D. Complain that it's too much work and call it a day.
As users determine new computer application needs, request must be sent to both the system programmers and the database administrator. Why is so important that these two group perform separate functions and what are these functions?
I uploaded two pictures of the entire excel spreadsheet that I am trying to figure out. All the spots that say "FORMULA" needs solved.
s Kristen Lu purchased a used automobile for $28,150 at the beginning of last year and incurred the following operating costs: Depreciation ($28,150+ 5 years) Insurance Garage rent Automobile tax and license Variable operating cost $ 5,630 $ 2,900 $ 1,500 $ 770 $ 0.07 per mile The variable operating cost consists of gasoline, oil, tires, maintenance, and repairs. Kristen estimates that, at her current rate of usage, the car will have zero resale value in five years, so the annual straight-line depreciation is $5,630. The car is kept in a garage for a monthly fee. Average fixed cost per mile Variable operating cost per mile Average cost per mile Required: 1. Kristen drove the car 27,000 miles last year. Compute the average cost per mile of owning and operating the car. (Round your answers to 2 decimal places.)