The following transactions for the month of March have been journalized and posted to the proper accounts. Mar. 1 The business received $8,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $1,000. Mar. 3 Purchased equipment by paying $2,500 cash and executing a note payable for $9,000. Mar, 4 Purchased office supplies for $720 cash. Mar. 5 Billed a client for $12,000 of design services completed. Mar. 6 Received $7,800 on account for the services previously recorded. What is the balance in Cash on March 6? O A. $12,580 O B. S13,300 O C. S11,580 O D. $14,080

The following transactions for the month of March have been journalized and posted to the proper accounts. Mar. 1 The business received $8,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $1,000. Mar. 3 Purchased equipment by paying $2,500 cash and executing a note payable for $9,000. Mar, 4 Purchased office supplies for $720 cash. Mar. 5 Billed a client for $12,000 of design services completed. Mar. 6 Received $7,800 on account for the services previously recorded. What is the balance in Cash on March 6? O A. $12,580 O B. S13,300 O C. S11,580 O D. $14,080

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2 Service Fee Expense selected answer correct 85 selected answer correct Notes receivable incorrect answer please help me finish the problem i keep getting stuck. Its not -85 for credit and its not -35 so what is it
Wright Company's cash account shows a $30,700 debit balance and its bank statement shows $29,000 on deposit at the close of business on May 31. a. The May 31 bank statement lists $260 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,200. c. May 31 cash receipts of $7,800 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $560 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $280 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.
JW Company’s cash balance at the end of the month was $4,500. After comparing the company’s records with the monthly bank statement, JW’s accountant identified the following reconciling items: outstanding checks, $800; deposits in transit, $700; bank service charge, $30; NSF check, $200. The cash receipt of the NSF check was previously wrongly recorded by the JW company as $250. What is the adjusted bank balance? (Assumption, no fraud in this case)
Journal Entries for Accounts and Notes ReceivablePittsburgh, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $33,000, 60 day, eight percent note on account from J. Albert. Aug.7 Received payment from J. Albert on her note (principal plus interest). Sep.1 Received an $39,000, 120 day, nine percent note from R.T. Matthews Company on account. Dec.16 Received a $31,800, 45 day, ten percent note from D. Leroy on account. Dec.30 R.T. Matthews Company failed to pay its note. Dec.31 Wrote off R.T. Matthews account as uncollectible. Pittsburgh, Inc. uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $48,200. An analysis of aged receivables indicates that the desired balance of the allowance account should be $43,000.…
Pearl Company maintains a checking account at the City Bank. The bankprovides a bank statement along with canceled checks on the last dayof each month. The July bank statement included the followinginformation:Balance July 1 550,000Deposits 1,800,000Checks processed 1,400,000Service charge 30,000NSF check 120,000Monthly loan payment deducted by bank from account 100,000 Deposits outstanding totaled P100,000 and all checks written by thedepositor were processed by the bank except for check of P150,000. Page 4 of 26 A P200,000 July deposit from a credit customer was recorded as P20,000debit cash and credit accounts receivable.A check correctly recorded by the entity as P30,000 disbursement wasincorrectly processed by the bank as P300,000 disbursement.6. What is the balance per bank on July 31? a. 700,000b. 550,000c. 800,000d. 950,000 7. What amount should be reported as cash in bank on July 31? a. 650,000b. 920,000c. 380,000d. 970,000 8. What is the cash in bank balance per ledger on…
Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Page: 24 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, orotheraccounts CR 2019 Jun. 12 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 Jun. 15…
Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1. Established a petty cash fund of $730. 12. The cash sales for the day, according to the cash register records, totaled $12,146. The actual cash received from cash sales was $12,171. 31. Petty cash on hand was $133. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Jan. 3. Store supplies, $392. 7. Express charges on merchandise sold, $31 (Delivery Expense). 9. Office supplies, $19. 13. Office supplies, $20. 19. Postage stamps, $14 (Office Supplies). 21. Repair to office file cabinet lock, $13 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $30 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $51 (Delivery Expense). 30. Office supplies, $7. Jan. 31. The cash sales for the day, according to the cash register records, totaled…
The following is information related to Sheridan Company for its first month of operations. Credit Sales Cash Collections Jan. 7 Austin Co. $ 10,600 Jan. 17 Austin Co. $ 7,500 15 Diaz Co. 7,700 24 Diaz Co. 4,300 23 Noble Co. 10,300 29 Noble Co. 10,300 Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. Subsidiary Ledger Austin Co. Diaz Co. Noble Co. General ledger Balance of Accounts Receivable $ enter a dollar amount $ enter a dollar amount $ enter a dollar amount $ enter a dollar amount
can someone help me with journal entry with the following entries? Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 On March 31, customers were billed $25,000. On June 15, cash collections from transaction (a) totaled $20,000. On 10/31, a customer balance of $1500 from a prior year was written off. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. On 12/31, bad debts were estimated at 2% of credit sales.
Weave Company received a bank statement for the month of August. The bank statement showed the following information: Balance 1 August $68,326 Deposits 45,300 Cheques processed (63,222) Service charges (50) Monthly deposit into saving account directly (26,120) Deducted by bank from account (780) Balance, 31st August $49,574 Weave Co’s general ledger account had a balance of $78,304 at the end of August. (i) Deposits shown in the general ledger account but not in the bank amounting to $8,200; (ii) all cheques written by the company were processed by the bank except for those totaling $8,420; (iii) A $2,000 cheque to a supplier correctly recorded by the bank but was incorrectly recorded by the company as $200 credit to cash. Required: 1. Prepare a bank reconciliation statement for the month of August. 2. Prepare the necessary journal entries at the end of August to adjust the general ledger cash account.
The accountant of ABC Company is preparing a bank reconciliation statement for the month of October. The bank statement shows a balance of $9,719 while the ledger balance is $7,261. He compiles the following information: Description Check #3119 recorded at $1,830 Amount $1,380 a b NSF checks $500 EFT for insurance deducted $336 d EFT for rent collected $775 Service charge deducted Outstanding checks Deposit in transit Notes collected by bank e $15 f $4,036| g $3,402 h $1,450 Compute the adjusted bank balance for the month of October. а. $10,520 b. $9,070 с. $9,085 d. $8,749
The petty cash custodian reported the following transactions during the month. Prepare the journalentry to record the replenishment of the fund.A $10 cash payment is made to Starbucks to purchase coffee for a business client, a $40 cashpayment is made for supplies purchased from Office Depot, and a $30 cash payment is made toUPS to deliver goods to a customer