Question 2- Control A/c7. The balances on the personal ledger control account of Galaxy Ltd at 31st December 1992were as follows:Dr.Cr.Purchases ledgerSales ledger$960$ 97 550$ 56 900$480The following transactions take place during 1993:Total purchases194000Total sales251000Cash purchases6000Cash sales5000Returns inward500Returns outward900Bills received7000Bills dishonoured1000Bills payable to creditorsInterest charges on dishonoured billsPayments to creditorsReceipts from cash and credit salesReceipts from bad debts recovered6500501100001800002000Bad debts written off5500Increase in provision for bad debtsRefunds of credit customers' overpaymentsRefunds given to cash customersAllowances to trade debtors on goods damagedInterest charged to customersCash received in respect of debit balances in purchases ledgerBalance in the sales ledger set off against balance in the15007003309002006002500purchases ledgerBalances at 31st December 1993 included:Sales ledgerPurchases ledger$ 1800 Cr.760 Dr.Prepare the sales ledger control account and the purchases ledger control account.

Sales ledger control account contains all credit sales and purchases ledger control account contains…

Answered: Question 2- Control A/c 7. The balances…

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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Classify the following users of information as: Internal Users, External Trading Partner, External Stakeholder Internal Revenue Service Inventory control manager Board of directors Customers Lending institutions Securities and Exchange Commission Stockholders Chief executive officer Suppliers Bondholders
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F. The records of Stedman Corp. included the following accounts, all of which are normal balances: $1,200,000 900,000 180,000 200,000 3,000 5,000 Cash sales Credit sales Balance in accounts receivable, 12/31/20 Balance in accounts receivable, 12/31/21 Balance in allowance for doubtful accounts, 12/31/20 Accounts written off as uncollectible during 2021 Stedman estimates bad debts as 2% of receivables at year end to be uncollectible. Write any necessary adjusting entry.
Chapter 8 The December cash records of Dickson Insurance Cash Receipts Cash Payments Date Cash Debit Check no. Cash Credit Dec, 4 Dec, 9 Dec, 14 Dec, 17 Dec, 31 $4,180 500 510 2,130 1,850 Beg. Balance + Deposits - Checks Dickson's Cash account shows a balance of $17,030 at Dec, 31. On Dec, 31 Dickson Insurance received the following bank statement: Dec, 1 Dec, 5 Dec, 10 Dec, 15 Dec, 18 Dec, 22 1416 1417 1418 1419 1420 1421 1422 End. Balance Dec, 8 Dec, 11(Check no. 1416) Dec, 19 Dec, 22 (Check no. 1417) Dec, 29 (Check no. 1418) Dec, 31 (Check no. 1419) Dec, 31 Bank Statement for December $850 130 630 1,190 1,490 1,100 650 Bank End. Balance Bank Reconciliation EFT BC Book End. Balance NSF EFT SC $600 4,180 500 510 2,130 1,400 $1,000 850 $400 130 630 1,910 $40 $13,900 Total 9,320 BC - Bank Collections, EFT – Electronic Fund Transfer, NSF- Nonsufficient funds checks, SC - Service Charge Total (4,960) - The EFT Deposit was a receipt of rent. The EFT check was an insurance payment. - The…
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18 Owen Company's unadjusted book balance at June 30 is $13,680. The company's bank statement reveals bank service charges of $110. Two credit memos are included in the bank statement: one for $1,410, which represents a collection that the bank made for Owen, and one for $180, which represents the amount of interest that Owen had earned on its interest-bearing account in June. What is the true cash balance? 200441 Multiple Choice O O $15,160 $14,910 $15,380 $13,680
Problem 1: The company sells a 2/10, n/30 basis. Internet control quite weak, so the senior accountant in charge of the examination of the company's financial statements asked you to make a careful review of the Cash Receipts Book for the month of July, 2020, which is reproduced below. You are asked to compute the cash short or over. Cash Receipts Cash Accounts Date Account Cash P 784 588 Item Sales Discount Receivable 7/5 7/10 Carrie Bart 6/24 invoice P 16 800 6/30 invoice 12 600 7/11 Cash Sales 25 25 7/12 Bart 7/13 Cash Sales 7/14 Antonio 7/15 Cash Sales 7/16 Bart 7/18 Cash Sales 7/20 Carrie 7/20 Cash Sales 7/27 Bart 7/1 invoice 294 6. 300 32 32 713 invoice 877 23 900 38 38 7/1 686 14 700 30 30 7/9 invoice 578 12 600 27 27 7/16 invoice 490 10 500 P 4,439 P 142 103 P 4,400
7. The following information pertains to Mekka Company. a. Cash balance as per bank, July 31, RO 14,526 b. July bank service charges not recorded by the depositor RO 56 c. Cash balance as per books, July 31, RO 14,568 d. Deposit in transit, July 31, RO 3,000 e. Bank collected RO 1800 note for Mekka in July, plus interest RO 72, less fee RO 40. The collection has not been recorded by Mekka, and no interest has been accrued. f. Outstanding checks, July 31, RO 1182. Instruction: Prepare bank reconciliation at July 31
Required Information Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,296 debit balance, but Its July bank statement shows a $27,253 cash balance. b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check Number 3069 for $2,118 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in the accounting records as $1,200. d. The July bank statement shows the bank collected $10,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet…
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3. Bank Reconciliation Barb Lee Inc. (BLI) is about to reconcile its bank statement for the month of May. Pertinent information follows: Bank statement balance $11,003.74. General ledger balance $8, 284.07. BLI mailed a deposit of $899.14 to the bank on May 28. The bank had not yet received it by month end. BLI issued cheques # 124 for $2,041.25; # 126 for $951.56; and #129 for $1,000 in May; however, these were not returned with the May 31 bank statement. BLI received notification that a cheque for $313 deposited to BLI's account was returned NSE. The bank levied a $32 returned cheque charge. The bank statement included a $29 service charge for the month.Required:a) Prepare the cash reconciliation for Barb Lee Inc. as at May 31. b) Prepare adjusting journal entries to correct for items noted in the cash reconciliations.
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