The information below was taken from the bank transfer schedule prepared during the audit of Fox Co.'s financial statements for the year ended December 31, 2001. Assume all checks are dated and issued on December 30, 2001. Disbursement date Per books Bank Accounts Check # From 101 202 303 404 National County Federal State To Federal State American Republic Dec. 30 Jan. 3 Dec. 31 Jan. 2 Per bank Jan. 4 Jan. 2 Jan. 3 Jan. 2 18. Which of the following checks might indicate kiting? A. #101 and # 303. B. #202 and #404 C. #101 and #404 D. #202 and #303 Receipt date Per books Per bank Dec. 30 Dec. 30 Jan. 2 Jan. 2 Jan. 3 Dec. 31 Jan. 2 Dec. 31

The information below was taken from the bank transfer schedule prepared during the audit of Fox Co.'s financial statements for the year ended December 31, 2001. Assume all checks are dated and issued on December 30, 2001. Disbursement date Per books Bank Accounts Check # From 101 202 303 404 National County Federal State To Federal State American Republic Dec. 30 Jan. 3 Dec. 31 Jan. 2 Per bank Jan. 4 Jan. 2 Jan. 3 Jan. 2 18. Which of the following checks might indicate kiting? A. #101 and # 303. B. #202 and #404 C. #101 and #404 D. #202 and #303 Receipt date Per books Per bank Dec. 30 Dec. 30 Jan. 2 Jan. 2 Jan. 3 Dec. 31 Jan. 2 Dec. 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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On April 30, the bank reconciliation of Vaughn Company shows three outstanding checks: no. 254, $680; no. 255, $820; and no. 257, $370. The May bank statement and the May cash payments journal show the following. Bank Statement Checks Paid Date Check No. Amount 5/4 254 $680 5/2 257 370 5/17 258 244 5/12 259 300 5/20 261 460 5/29 263 400 5/30 262 680 Cash Payments Journal Checks Issued Date Check No. Amount 5/2 258 $244 5/5 259 300 5/10 260 840 5/15 261 460 5/22 262 680 5/24 263 400 5/29 264 520 List the outstanding checks at May 31.
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How do I journalize this in the genral journal, what accounts would I use?
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