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

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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)

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