Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Chapter 3, Problem 3.1AP
To determine
Concept Introduction:
Internal events are taken place within the company and external events are with outsiders of the company. Internal events affect organisation internally and it happens due to some internal factors, whereas external events affects organisation from outside.
To Classify: Whether the transaction is internal event or external event and each event would affect account or not and if it affects then write two accounts which are affected.
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Chapter 3 Solutions
Financial Accounting: The Impact on Decision Makers
Ch. 3 - Read each definition below and write the number of...Ch. 3 - Types of Events For each of the following events,...Ch. 3 - Prob. 3.2ECh. 3 - The Effect of Transactions on the Accounting...Ch. 3 - Types of Transactions There are three elements to...Ch. 3 - Balance Sheet Accounts and Their Use Choose from...Ch. 3 - Normal Account Balances Each account has a normal...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Trial Balance The following list of accounts was...
Ch. 3 - Journal Entries Recorded Directly in T Accounts...Ch. 3 - Prob. 3.11MCECh. 3 - Determining an Ending Account Balance Jessies...Ch. 3 - Reconstructing a Beginning Account Balance During...Ch. 3 - Journal Entries Prepare the journal entry to...Ch. 3 - Journal Entries Following is a list of...Ch. 3 - Journal Entries for Vail Resorts Refer to the...Ch. 3 - Prob. 3.17MCECh. 3 - Prob. 3.1PCh. 3 - Transaction Analysis and Financial Statements Just...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transactions Reconstructed from Financial...Ch. 3 - Prob. 3.5MCPCh. 3 - Prob. 3.6MCPCh. 3 - Transaction Analysis and Journal Entries Recorded...Ch. 3 - Prob. 3.8MCPCh. 3 - Journal Entries Atkins Advertising Agency began...Ch. 3 - Prob. 3.10MCPCh. 3 - The Detection of Errors in a Trial Balance and...Ch. 3 - Journal Entries, Trial Balance, and Financial...Ch. 3 - Journal Entries, Trial Balance, and Financial...Ch. 3 - Prob. 3.1APCh. 3 - Prob. 3.2APCh. 3 - Prob. 3.3APCh. 3 - Transactions Reconstructed from Financial...Ch. 3 - Prob. 3.5AMCPCh. 3 - Accounts Used to Record Transactions A list of...Ch. 3 - Prob. 3.7AMCPCh. 3 - Trial Balance and Financial Statements Refer to...Ch. 3 - Journal Entries Castle Consulting Agency began...Ch. 3 - Prob. 3.10AMCPCh. 3 - Entries Prepared from a Trial Balance and Proof of...Ch. 3 - Journal Entries Overnight Delivery Inc. is...Ch. 3 - Journal Entries and a Balance Sheet Krittersbegone...Ch. 3 - Prob. 3.1DCCh. 3 - Prob. 3.2DCCh. 3 - Prob. 3.3DCCh. 3 - Prob. 3.4DCCh. 3 - Prob. 3.5DCCh. 3 - Prob. 3.6DCCh. 3 - Prob. 3.7DC
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- The main office of a large bank has an annual turnover of 500 office workers. As an employment officer of this bank, discuss the sources you would use in obtaining replacement employees.arrow_forwardPearl Company maintains a checking account at the City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July bank statement included the following information: Balance, July 1 550,000 Deposits 1,800,000 Cheeks processed 1,400,000 Service charge 30,000 NSF check 120,000 Monthly loan payment deducted by bank from account 100,000 Deposits outstanding totaled P100,000 and all checks written by the depositor were processed by the bank except for check of P150,000. A P200,000 July deposit from a credit customer was recorded as P20,000 debit cash and credit accounts receivable. A check correctly recorded by the entity as P 30,000 disbursement was incorrectly processed by the bank as P300,000 disbursement. 1. What is the balance per bank on July 31? 2. What amount should be reported as cash in bank on July 31? 3. What is the cash in bank balance per ledger on July 31?arrow_forwardPearl Company maintains a checking account at the City Bank. The bank provides a bankstatement along with canceled checks on the last day of each month. The July bankstatement included the following information:Balance, July 1 550,000Deposits 1,800,000Cheeks 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 the depositor wereprocessed by the bank except for check of P150,000. A P200,000 July deposit from a credit customer was recorded as P20,000 debit cash andcredit accounts receivable. A check correctly recorded by the entity as P 30,000 disbursement was incorrectlyprocessed by the bank as P300,000 disbursement. 1. What is the balance per bank on July 31?2. What amount should be reported as cash in bank on July 31?3. What is the cash in bank balance per ledger on July 31?arrow_forward
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- Safe Security Doors Ltd. undertakes bank reconciliation at the end of each month before preparing its monthly financial statements. The following information is produced by comparing the cash deposits and withdrawals recorded by the business in July with their bank statement received for the month ending 31 July 2021: The bank statement for the month of July shows a credit balance of $112,250 as at 31 July 2021. Safe Security Doors Ltd.’s cash at bank ledger account has a debit balance of $109,230 at 31 July 2021. $7,850 cash received from a customer Adam on 30 July (invoice no. 211) and $11,045 cash received from another customer Brian on 31 July (invoice no. 213) are recorded in the entity’s accounting record but are not shown in the bank statement. Interest earned on bank account is $85. Cheque no. 112 and 113 are not included in the bank statement. # 112 $ 8,045 # 113 $ 6,950 Bank deducted transaction fees of $15 for an overseas transfer by the entity. Safe Security Doors…arrow_forwardHelp Save A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($330), a customer's note receivable collected by the bank $(1,500), and interest earned $(190). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list А Record the entries that increase cash. Record the entries that decrease cash. Credit Note : = journal entry has been entered %3D Record entry Clear entry View general journal EX:arrow_forwardWhen a drawee bank certifies a check, it charges the drawer's account. with the amount of the check and transfers those funds to its own certified check account. within a business day immediately within 48 hours whenever the drawer requestsarrow_forward
- When a company's bookkeeper started to prepare the monthly bank reconciliation, the cash account showed a balance of P528,600. At the end of the month, the following information was available from the company records and the monthly bank statement: (1) Customer NSF checks listed on the bank statement - 40,800 (2) Bank service charges listed on the bank statement - 2,400 (3) Checks outstanding at the end of the month, determined by the bookkeeper - 178,000 (4) A deposit for P45,000 was recorded incorrectly on the bank statement as - 54,000 (5) The company wrote a check for P1,700 (the correct amount) but recorded it in the cash account as - 7,100 (6) Customer defaults on accounts receivable were determined by the bookkeeper to be - 12,600 The correct cash balance shown on the bank reconciliation should be:arrow_forwardIn the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information: Cash balance per company books on April 30 $ 6,270 Deposits in transit at month-end $ 1,310 Outstanding checks at month-end $ 630 Bank charge $ 50 Note collected by bank on Donahue’s behalf $ 760 A check paid to Donahue during the month by a customer is returned by the bank as NSF $ 490 The adjusted cash balance per the books on April 30 is: Multiple Choice $6,980 $6,490 $4,550 $5,830 $8,150arrow_forwardPeterson Company's general ledger shows a cash balance of $7,520 on May 31. May cash receipts of $1,290, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check from a customer for $160 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,850. The bank statement shows a balance of $7,850 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement Bank balance per reconciliation PETERSON COMPANY Bank Reconciliation May 31 Company's Cash Balance Per general ledger Company balance per reconciliationarrow_forward
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