Andy's Autobody Shop has the following balances at the beginning of September: Cash, $9,800; Accounts Receivable, $1,300; Equipment, $44,900; Accounts Payable, $2,100; Common Stock, $20,000; and Retained Earnings, $33,900. a. Signed a long-term note and received a $123,800 loan from a local bank. b. Billed a customer $2,300 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for $740 of rent for the current month. d. Received $360 cash on account from a customer for work done last month. e. The company incurred $350 in advertising costs for the current month and is planning to pay these costs next month. Required: 1. Prepare journal entries for the above transactions, which occurred during a recent month. 2. Prepare an income statement. 3. Prepare a statement of retained earnings.

You are the accountant for Georgia Company, and you have recently received the bank statement for your company's account and need to reconcile it with your general ledger cash account. Georgia's records show an ending balance for the month of $12,802.40 while the bank's records show an ending balance of $12,573.76. The bank charged $7.50 in service fees and paid $26.15 in interest. All but three checks written during the month were processed by the bank without incident during the month. The three exceptions were: • Check # 841 was correctly processed by the bank as $841.27 but was mistakenly recorded by you as $741.27. Check #853 for $70.57 had not yet been processed by the bank. • Check #855 for $723.46 had not yet been processed by the bank. All but two of the deposits made during the month were processed by the bank without incident. The two exceptions were: • A customer check for $321.95, which had been deposited during the month, was returned NSF. • A deposit totaling $619.37 had…

Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month of August, Year 3. As of August 31, the bank statement shows a balance of $13,995. The August 31 unadjusted balance in the Cash account of Hall's Cards is $9,933. A review of the bank statement revealed the following information: A deposit of $1,700 on August 31, Year 3, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $3,970 but was recorded on the books as $4,870. When checks written during the month were compared with those paid by the bank, three checks amounting to $4, 935 were found to be outstanding. A debit memo for $73 was included in the bank statement for the purchase of a new supply of checks. Required Prepare a bank reconciliation at the end of August showing the true cash balance. (Negative amounts should be indicated with minus sign.) HALL'S CARDS Bank Reconciliation August…

Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the com-pany hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. Cash sales                                                        $150,000 Collections on accounts receivable            350,000 Bank loan                                                               90,000 Total cash receipts                                        $590,000 The accounts receivable from customers at the end of the year are $120,000. You note that the accounts receivable at the beginning of the year were $190,000. The cash sales included $30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a.Compute the company’s accrual basis gross income for 2019. b.Would you recommend that Blue use the cash method or the…

Rick Rambis operates a ski lodge center at Bull Mountain in Alaska. He has just received the monthly bank statement at October 31 from Bull National Bank. The bank statement shows an ending balance at October 31 of $750. The following items are listed on the statement:1. The bank collected rent revenue for Rick in the amount of $330.2. Service charge of $10.3. Two NSF checks from customers totaling $110.4. Printing check charge of $11.In reviewing his cash records and the bank statement, Rick identifies the following:1. Outstanding checks totaling $603.2. Deposit in transit on October 31 of $1,770.3. An error made by Rick: Rick recorded a salary check for $31 but it cleared the bank at $310.Rick’s cash records show a balance on October 31 of $1,997.Requireda) Reconcile the bank account.b) Prepare journal entries that should be made as a result of the bank reconciliation.c) What should the balance in Rick’s Cash account be after the reconciliation?d) What total amount of cash should the…

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J. Whitlock Co. had $1,000 of credit cards sales. The net cash receipts were deposited immediately into Whitlock's bank account less a 5% fee. The entry to record this sales transaction would include a debit to:

Walker Clothing Store had a balance in the Accounts Receivable account of $780,000 at the beginning of the year and a balance of $820,000 at the end of the year. Net credit sales during the year amounted to $7,000,000. The average collection period of the receivables in terms of days was 42 days. 365 days. 10 days 37 days

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Lowell Bank reported the following checking account fees: $2 to see a real-live teller, $20 to process a bounced check, and $1 to $3 if you need an original check to prove you paid a bill or made a charitable contribution. This past month you had to transact business through a tellet six times-a total $12 cost to you. Your bank statement shows a $305,33 balance your checkbook shows a $1,009.76 balance. You received $1.10 in interest. An $80115 deposit was not recorded on your statement. The following checks were outstanding: No. 413. $28.30, No. 414, $18.60, and No. 418, $60.72. Prepare your bank reconciliation (Input all amounts as positive values. Round your answers to 2 decimal places) Checkbook balance Add: Interest Subtotal Deduct Teller fee Reconciled balance Y BANK RECONCILIATION $ 1,009 76 Bank balance Add: 1.10 $1,010.86 12.00 $ 998 58 Deposit in transit Subtotal Deduct Outstanding checks (total) Reconciled balance - ** $ 74 $ 305.33 801.15 1,106.48 107,62 998.86