Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $48,000 in exchange for common stock. Borrowed $25,000 by issuing a note payable. Received cash from fees earned, $28,500. Paid rent on office and equipment for the month, $2,600. Paid automobile expense for the month, $1,800, and miscellaneous expense, $1,000. Paid office salaries, $4,200. Paid interest on the note payable, $90. Purchased land as a future building site, $60,000. Paid dividends, $4,300. Instructions: 1.  Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts. 2.  Which of the following shows the correct effect on the accounting equation for a utility expense that is paid when billed? 3.  Prepare an income statement for July. Prepare a statement of stockholders’ equity for July. If your answer is zero enter "0". 4.  Prepare a balance sheet as of July 31, 20Y5. 5.  Prepare a statement of cash flows for July. Use the minus sign to indicate cash out flows, decreases in cash, or cash payments. if your answer is zero enter "0".

On December 31st, the cheque book balance of Bob's Burgers Ltd. was $1,301.31. The bank statement balance was $1,670.26. Cheques outstanding were $3,152.88. The statement revealed a deposit in transit of $2,815.35 as well as a bank service charge of $112.88. The company earned interest income of $44.30. Complete a bank reconciliation for Bob's Burgers Ltd. $1,332.73 $1,968.23 $1.514.04 $1,345.61 $1,414.19 $1,896.66 $1.269.89 $2.454.19

The Richard’s Red Company maintains a checking account at the Bank of the North. The bank statement for the month of October 2024 indicated the following: balance on October 1, 2024 was $32,690, deposits for October totaled $86,000, checks paid in October totaled $75,200, service charges for October totaled $350; October NSF checks totaled $1,600; a monthly loan payment deducted by the bank directly from the company’s bank account totaled $3,400; and the ending balance on October 31, 2024 totaled $38,140. At the end of October 2024, Richard’s accounting records indicated a balance in its checking account of $42,544. October 31st deposits in transit were $4,224, and outstanding checks totaled $5,620. In addition, a check for $500 to purchase office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the check during October. Assuming the company has no other cash, the amount Richard’s Red would report for cash as a current asset on…

On July 31, 2022, Carla Vista Co. had a cash balance per books of $6,335.00. The statement from Dakota State Bank on that date showed a balance of $7,885.80. A comparison of the bank statement with the Cash account revealed the following facts. 1.   The bank service charge for July was $19.00. 2.   The bank collected $1,715.00 from a customer for Carla Vista Co. through electronic funds transfer. 3.   The July 31 receipts of $1,394.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4.   Company check No. 2480 issued to L. Taylor, a creditor, for $374.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $347.00. 5.   Checks outstanding on July 31 totaled $2,046.10. 6.   On July 31, the bank statement showed an NSF charge of $770.00 for a check received by the company from W. Krueger, a customer, on account.…

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

The petty cash custodian reported the following transactions during the month. Prepare the journalentry to record the replenishment of the fund.A $10 cash payment is made to Starbucks to purchase coffee for a business client, a $40 cashpayment is made for supplies purchased from Office Depot, and a $30 cash payment is made toUPS to deliver goods to a customer

A man borrowed $3700 from a bank for 6 months A friend was cosigner of the man's personal note. The bank collected 3 simple interest on the date of maturity a) How much did the man pay for the use of the money? b) Determine the amount he repaid to the bank on the due date of the note a) The man paid S for the use of the money

[The following information applies to the questions displayed below.] Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information:  A deposit of $1,250 on August 31, Year 1, 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 $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks. Section A: Record the entry to correct the error created while recording check for inventory. Section B: Record…