On September 1, Cullumber Company has the following accounts and account balances:Cash $21,600, Accounts Receivable $2,480, Supplies $2,360, Accounts Payable $1,240, Unearned Revenue $1,980, Owner's Capital$19,880, Service Revenue $5,080, and Salaries Expense $1,740During the month of September, the bookkeeper for Cullumber Company prepared the following journal entries:1.2.3.4.5.CashService Revenue(To record cash received from services performed.)Salaries ExpenseCash(Paid salaries to date.)Accounts PayableCash(Paid creditors on account.)CashAccounts Receivable(Received cash in payment of account.)Unearned RevenueService Revenue(Provided services.)6. SuppliesAccounts Payable(To record supplies purchased on account.)1,4908702501,2401,4901.2401,4908702501,2401,4901,240SUPPO Post the September transactions and determine the ending balance in each account. (Post entries in the order as displayed in theproblem statement.)

The objective of the question is to post the transactions for the month of September and determine…

Answered: On September 1, Cullumber Company has…

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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Pearl 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?
The accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?
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General ledger accounts
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Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this?
The month-end journal entry to adjust its cash balance to agree to the adjusted book balance should include a: a) debit to interest revenue for $125 b) credit to service revenue for $4000 c) credit to bank service charge expense for $35 d) credit to note receivable for $2500
During the current year, Robby’s Camera Shop had sales revenue of $157,000, of which $74,000 was on credit. At the start of the current year, Accounts Receivable showed a $23,000 debit balance and the Allowance for Doubtful Accounts showed a $1,300 credit balance. Collections of accounts receivable during the current year amounted to $57,000. Data during the current year follow: a. On December 31, an Account Receivable (J. Doe) of $1,800 from a prior year was determined to be uncollectible; therefore, it was written off immediately as a bad debt. b. On December 31, on the basis of experience, a decision was made to continue the accounting policy of basing estimated bad debt losses on 1.5 percent of credit sales for the year. Required: 1. Prepare the required journal entries for the two items on December 31, the end of the accounting period. 2. Show how the amounts related to Accounts receivable and Bad debt expense would be reported on the income statement and balance sheet for the…
Bridgeport Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. Cash receipts for January were $87,679, of which $5,295 was outstanding at January 31. The bank statement shows a debit memorandum for $135 for cheque printing charges. Cheque no. 119 payable to Sunland Company was recorded in the general journal and cleared the bank for $343. A review of the Accounts Payable subsidiary ledger shows a $131 credit balance in the account of Sunland Company and that the payment to it should have been for $474. The total amount of cheques written during January was $75,126, of which $5,979 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $109. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $190. The bank returned an NSF cheque from a…
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At the end of April, Meyer Company had a $7,890 balance in its cash account, while its bank state-ment for April showed an ending cash balance of $7,200. The April bank statement showed $10 of interest earned by Meyer on its checking account and a $200 NSF check written by one of Meyer’s customers. Meyer’s records show a $600 deposit in transit and $100 of outstanding checks at the end of April. Prepare the bank reconciliation of Meyer for April.

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