Q4Financial Activities during Jan 2020 (Only these transactions during the month)AR Payments deposited in 01/2020 and cleared in the bank in 01/2020AP Payments made in 01/2020 and cashed in the bank in 01/2020Outstanding / Uncashed AP Checks as of 01/31/2020AP Invoices received on 02/15/2020 for Jan 2020 servicesAR Invoices issued on 02/01/2020 for Jan 2020 servicesDepreciationPlease update the account balances in yellow for the Financials as of 01/31/2020. Use formulas to show your work12/31/2019 1/31/2020220,000.0030,000.00 15,000.0012,000.003,000.005,000.00(2,000.00)268,000.00 23,000.00CashAccounts ReceivableUnbilled ARPrepaid ExpenseFixed Assets - GrossAccum. DepreciationTotal AssetsAccounts PayableCredit Card PayableAccrued LiabilitiesDeferred RevenueTotal LiabilitiesEquityRetained EarningsTotal EquityAmount15,000.0025,000.003,000.009,000.0025,000.00300.00Difference3,000.005,000.0045,000.00 17,000.0022,000.0022,000.0010,000.00150,000.00 150,000.00227,000.00 189,000.0050,000.00 50,000.00(9,000.00)6,700.0041,000.00 56,700.00(222,700.00)

12/31/2019 01/31/2020 Cash 220000 210000 Accounts Receivable 30000…

Q4 Financial Activities during Jan 2020 (Only these transactions during the month) AR Payments deposited in 01/2020 and cleared in the bank in 01/2020 AP Payments made in 01/2020 and cashed in the bank in 01/2020 Outstanding / Uncashed AP Checks as of 01/31/2020 AP Invoices received on 02/15/2020 for Jan 2020 services AR Invoices issued on 02/01/2020 for Jan 2020 services Depreciation Amount 15,000.00 25,000.00 3,000.00 9,000.00 25,000.00 300.00 Please update the account balances in yellow for the Financials as of 01/31/2020. Use formulas to show your work 1/31/2020 12/31/2019

Q4 Financial Activities during Jan 2020 (Only these transactions during the month) AR Payments deposited in 01/2020 and cleared in the bank in 01/2020 AP Payments made in 01/2020 and cashed in the bank in 01/2020 Outstanding / Uncashed AP Checks as of 01/31/2020 AP Invoices received on 02/15/2020 for Jan 2020 services AR Invoices issued on 02/01/2020 for Jan 2020 services Depreciation Amount 15,000.00 25,000.00 3,000.00 9,000.00 25,000.00 300.00 Please update the account balances in yellow for the Financials as of 01/31/2020. Use formulas to show your work 1/31/2020 12/31/2019

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: On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face…

A: The recurring expenses incurred by a borrower as part of a debt financing arrangement are…

Q: Venturi Office Supplies received a bank statement showing a balance of $73,047 as of March 31, 20X1.…

A: Bank Reconciliation is prepared to match the cash balance per book to the cash balance per bank. Any…

Q: Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31,…

A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…

Q: 5. The bank oolumns in the cash book for July 2020 and the bank statement for that month for AAA…

A: Sometimes, the balance of cash book does not match with balance in pass book. To make the balances…

Q: Need need on part B. Thank you

A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…

Q: Total 83,179 Total 83,179 From the bank statement and cash book of Tom Traders, a wholesaler of tea…

A: Cash book is the one that records all the cash receipts and the cash disbursements.

Q: Take me to the text Suppose a business receives a $907,000 long-term bank loan on December 31, by…

A: Liabilities are classified as: Current liabilities Long -term liabilities Current liabilities-…

Q: Account Number XXXX XXXX XXXX XXXX February 21, 2012 to March 22, 2012 Summary of Account Activity…

A: Credit score is a measure of a person's ability to payoff the borrowed amount. Various factors that…

Q: Dengar

A: Approach to solving the question: Detailed explanation: Examples: Key references: Financial…

Q: Engels On December 31, 2020, American Elm Inc., borrowed €746 000 on a 3%, 20-year mortgage note…

A: The following calculations are done for American Elm Incorporation.

Q: b. The January 7, 2020, collection from Lomas Industries. Amount

A: T account: T account is a T-shaped appearance of the journal entries related to a specific account…

Q: h. The December 31, 2020, balance in the Allowance for Doubtful Accounts. (Round your final answer…

A: Allowance for Doubtful Debit The purpose of creating the allowance of doubtful debt which is…

Q: 1. 2. On January 1, 2025, Pina Company issued $132,000 of 7%, 10-year bonds at par. Interest is…

A: Journal entries consist of all the business financial transactions. They are recorded in…

Q: What total amount should be reported as cash and cash equivalents on December 31, 2019?

A: There are two question asked and only first problem is solved due to our guidelines.Cash and cash…

Q: On December 31, 2020, Flounder Company acquired a computer from Plato Corporation by issuing a…

A: Discount amortization refers to the process of spreading out the discount on a financial instrument…

Q: LO 8-3 $8.01 E8-10 Recording Notes Receivable Transactions, Including Accrual Adjustment for…

A: A note receivable is a type of asset that shows the business is to receive the value in some future…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Q4
Financial Activities during Jan 2020 (Only these transactions during the month)
AR Payments deposited in 01/2020 and cleared in the bank in 01/2020
AP Payments made in 01/2020 and cashed in the bank in 01/2020
Outstanding / Uncashed AP Checks as of 01/31/2020
AP Invoices received on 02/15/2020 for Jan 2020 services
AR Invoices issued on 02/01/2020 for Jan 2020 services
Depreciation
Please update the account balances in yellow for the Financials as of 01/31/2020. Use formulas to show your work
12/31/2019 1/31/2020
220,000.00
30,000.00 15,000.00
12,000.00
3,000.00
5,000.00
(2,000.00)
268,000.00 23,000.00
Cash
Accounts Receivable
Unbilled AR
Prepaid Expense
Fixed Assets - Gross
Accum. Depreciation
Total Assets
Accounts Payable
Credit Card Payable
Accrued Liabilities
Deferred Revenue
Total Liabilities
Equity
Retained Earnings
Total Equity
Amount
15,000.00
25,000.00
3,000.00
9,000.00
25,000.00
300.00
Difference
3,000.00
5,000.00
45,000.00 17,000.00
22,000.00
22,000.00
10,000.00
150,000.00 150,000.00
227,000.00 189,000.00
50,000.00 50,000.00
(9,000.00)
6,700.00
41,000.00 56,700.00
(222,700.00)

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

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

Will you please provide the formulas (explanation) to understand the results or numbers that were added in the solution?

Solution

by Bartleby Expert

SEE SOLUTION

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

Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required:a-1. Calculate the loan proceeds made available to Powell.
Hi, How do I organize these transactions ? Thanks
The bank statement for Unique Fashion had an ending cash balance of $2,200 on April 30, 2022. On this date the cash balance in their general ledger was $3,678. After comparing the bank statement with the company records, the following information was determined. The bank returned an NSF cheque in the amount of $350 that Unique Fashion deposited on April 20. The NSF service fee was $9. A direct deposit received from a customer on April 29 in payment of their accounts totaling $3,780. This has not yet been recorded by the company. On April 29, the bank deposited $16 for interest earned. The bank withdrew $35 for bank service charges. Deposits in transit on April 30 totalled $4,880. Required Reconcile the ledger and bank statement and create the required journal entries. Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Select the proper order for the headings of the Bank Reconciliation. Cash balance per bank statement Add Outstanding deposit Adjusted bank…
Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: January 9 February 12 April 25 May 6 July 15 September 10 October 31 November 20 December 30 Provide storage services for cash, $135, 100, and on account, $52, 700. Collect on accounts receivable, $51, 600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9, 400. Pay property taxes, $8,600. Pay on accounts payable, $11,500. Pay salaries, $124, 600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders.Prepare an unadjusted trial balance.
11/26 1216 12/11 8. What is the partial payment credit given for a $650 payment on a $2500 invoice dated April 29th with terms of 3/10 EOM if the partial payment is received on June 10th of the same year?
2020 commmon size liabilities accounts payable $41,498.00 notes payable $18,064.00 2021 common size common based year 14.67% $46,484.00 6.38% $17,635.00 14.52% 5.50% 1.1201
don't give answer in image format