Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, Is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 Deposits and other credits Jan. 2 $ 50,000 500 10 15 6,000 750 20 25 26 3,500 250 EFT CC Youth Center 31 Interest Revenue 25 61,025 Checks and other debits Ck# 100 250 2,000 5,000 1,000 4,000 750 Ck# 103 Ck# 102 Ck# 105 Ck# 106 Ck# 104 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 500 50 13,550 $47.475 35706285

Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, Is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 Deposits and other credits Jan. 2 $ 50,000 500 10 15 6,000 750 20 25 26 3,500 250 EFT CC Youth Center 31 Interest Revenue 25 61,025 Checks and other debits Ck# 100 250 2,000 5,000 1,000 4,000 750 Ck# 103 Ck# 102 Ck# 105 Ck# 106 Ck# 104 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 500 50 13,550 $47.475 35706285

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

I need the answer as soon as possible
Select the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…
Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerk. Petty cash can be accounted for using a/an .____________________-
The term deposits in transit refer to: a. Deposits that were made after the bank statement was mailed b. Deposits that have left the organization and are on their way to the bank c. The individual who is transporting the deposits to the bank d. Funds that have been wired but not yet received
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2022. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,250 to move their personal belongings, and she and Heather spent two days driving the 1,600 miles to Georgia. Reba rented a home in…
Describe and use the cash receips journal. What steps are followed in posting from the cash receipts journal to the accounts receivable ledger?
I tihnk this solution is inomplete as it requires bank reconcillation and also adjusting entries. The instructions are mentioned below in the screenshot.
How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check. B. Prepare a journal entry to debit the expense account of the purchase and credit cash. C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases. D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.
The sales journal is used to record______. cash sales on account debit transactions credit cards
Explain briefly how proof cash affect the balance in book and bank balances?
Direction: Match the following bank accounts to its usage or description listed below. Write your answer on the blank before the number. Choose from the following Savings Account Current Account Time Deposit UITF _________________1. The simplest form of bank account. _________________2. A bank account which cannot be withdrawn until the contract period has ended. _________________3. It is a type of bank account that pooled funds managed by experts to ensure high yield and quality returns. _________________4. It allows a limited number of withdrawals only. _________________5. It makes saving very rewarding. _________________6. It allows numerous withdrawals with a large sum of money. _________________7. The investors earn through the increase in fair value of the pooled fund. _________________8. The investors earn through interest while saving. _________________9. This bank account comes with atm or passbook. ________________10. This is evidence by a…
Describe situations in which you might use a certified check, cashiers check or money order.