Question 1Marvel Ltd. 's accountant is preparing the bank reconciliation at 31 December 2020.The December bank statement showed the following checks and deposits.Bank StatementChecksDepositsDateNumberAmountDateAmount12-4S1,640.701,300.002,130.003,080.00685.00$2,530.201,211.602,365.10836.15347512-112-83476347712-412-1012-812-15347912-1612-27348012-212,954.002,567.302,836.001,025.0012-303482475.5012-2612-2934831,140.0012-2912-315800*600.0012-303485*See note 3 below12-31540.80The cash records per books for August showed the followings.Cash Payments JournalAmount$1,640.701,300.002,130.003,080.00658.00Date12-1Number3475Date12-20Number3482Amount475.5012-2347612-2234831,140.00540.8012-2347712-24348512-8347912-303486256.2512-103480Cash Receipts JournalAmount$2,530.201,211.602,365.10Date12-112-312-712-15886.1512-202,954.002,567.302,836.001,025.001,916.1512-2512-2812-3012-31 The following information is also provided:1. Marvel Ltd. had a cash balance per books of $16,781.50. The bank statement on that dateshowed a balance of $16,824.60.2. A $3,000 note receivable was collected by the bank for Marvel on December 31 plus $80interest. No interest has been accrued on the note.3. Included with the cancelled checks was a check with check number 5800 issued by Bridgesplc to Jon Newton for $600 that was incorrectly charged to Marvel by the bank.4. On August 31, the bank statement showed an NSF check of $640 issued by Sandy Grifton, acustomer.5. A check printing charge of $60 was charged to the bank account.6. Besides the error made by the bank in note 3, there are two more discrepancies between thebank statement and the book records. (Hint: The correction of any errors pertaining torecording checks should be made to Accounts Payable. The correction of any errors relatingto recording cash receipts relates to receipts from cash sales.)Instructions(a) Prepare a bank reconciliation at December 31.(b) Prepare the adjusting entries based on the reconciliation.Question 2The equity accounts of Marvell Ltd. on January 1, 2020, were as follows.Share Capital-Preference (9%, $50 par, cumulative, 10,000 sharesauthorized, 8,000 shares issued)Share Capital-Ordinary ($1 stated value, 2,000,000 shares authorized,1,000,000 shares issued)Share PremiumPreference??Share Premium-OrdinaryRetained Earnings100,0001,450,0001,816,000During 2020, the corporation had the following transactions and events pertaining to its equity.Purchased 20,000 ordinary shares for the treasury at a cost of $2.5 per share.Issued 50,000 ordinary shares for $152,000.Reissued 10,000 treasury shares-ordinary for $42,000.Purchased 1,000 ordinary shares for the treasury at a cost of $6 per share.Determined that net income for the year was $452,000. Close the income summaryJan 25Feb. 1Apг. 14Nov. 10Dec. 31асcount.Declared a dividend of $0.5 per ordinary share, to be payable in April 2021. Dividendfor the preference shares was not paid in 2019.Dec. 31Instructions(a.) Journalize the transactions and the closing entry for net income and dividend.(b.) Prepare the equity section of the statement of financial position at December 31, 2020.

Particulars Amount Amount Cash balance as per bank statement 16,824.6 Add: Deposit in…

Question 1 Marvel Ltd. 's accountant is preparing the bank reconciliation at 31 December 2020. The December bank statement showed the following checks and deposits. Bank Statement Checks Deposits Date Number Amount Date Amount 12-4 $2,530.20 1,211.60 2,365.10 3475 $1,640.70 1,300.00 2,130.00 3,080.00 12-1 12-8 3476 12-4 12-10 3477 3479 12-8 12-15 12-16 836.15 2,954.00 2,567.30 2,836.00 1,025.00 12-27 3480 685.00 12-21 12-30 3482 475.50 12-26 12-29 3483 1,140.00 12-29 12-31 5800* 600.00 12-30 3485 *See note 3 below 12-31 540.80 The cash records per books for August showed the followings. Cash Payments Journal Amount $1,640.70 1,300.00 2,130.00 3,080.00 Date 12-1 Number 3475 Date 12-20 Number 3482 Amount 475.50 3476 3477 3483 3485 12-2 12-22 1,140.00 12-2 12-24 540.80 12-8 256.25 3479 3480 12-30 3486 12-10 658.00 Cash Receipts Journal Amount $2,530.20 1,211.60 2,365.10 Date 12-1 12-3 12-7 12-15 886.15 12-20 2,954.00 2,567.30 2,836.00 1,025.00 1,916.15 12-25 12-28 12-30 12-31

Question 1 Marvel Ltd. 's accountant is preparing the bank reconciliation at 31 December 2020. The December bank statement showed the following checks and deposits. Bank Statement Checks Deposits Date Number Amount Date Amount 12-4 $2,530.20 1,211.60 2,365.10 3475 $1,640.70 1,300.00 2,130.00 3,080.00 12-1 12-8 3476 12-4 12-10 3477 3479 12-8 12-15 12-16 836.15 2,954.00 2,567.30 2,836.00 1,025.00 12-27 3480 685.00 12-21 12-30 3482 475.50 12-26 12-29 3483 1,140.00 12-29 12-31 5800* 600.00 12-30 3485 *See note 3 below 12-31 540.80 The cash records per books for August showed the followings. Cash Payments Journal Amount $1,640.70 1,300.00 2,130.00 3,080.00 Date 12-1 Number 3475 Date 12-20 Number 3482 Amount 475.50 3476 3477 3483 3485 12-2 12-22 1,140.00 12-2 12-24 540.80 12-8 256.25 3479 3480 12-30 3486 12-10 658.00 Cash Receipts Journal Amount $2,530.20 1,211.60 2,365.10 Date 12-1 12-3 12-7 12-15 886.15 12-20 2,954.00 2,567.30 2,836.00 1,025.00 1,916.15 12-25 12-28 12-30 12-31

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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