Problem 3-8 (IAA) Jargon Company provided the following data concerning the cash records for the months of September and October: September 30 October 81 1,900,000 Book balance Total cash receipts per book Total cash disbursements per book 1,400,000 2,400,000 2,100,000 Bank balance Total charges in bank statement Total credits in bank statement 2,500,000 1,200,000 60,000 40,000 NSF check Collections of accounts receivable not recorded by entity and corrected in subsequent month Overstatement of check in payment of salaries corrected in subsequent month Deposit in transit Outstanding checks 30,000 50,000 90,000 130,000 270,000 120,000 260,000 30,000 Required: a. Prepare a four-column reconciliation showing adjusted balances. b. Prepare adjusting entries on October 31.

(10) After the closing entries have been journalized and posted, but prior to the next accounting period, which of the following accounts would have a balance? a. Fund Balance--Unassigned b. Appropriations c. Other Financing Uses d. Revenues

On December 31, 2020, Ditka Inc. had Retained Earnings of $286, 800 before its closing entries were prepared and posted. During 2020, the company had service revenue of $187, 100 and interest revenue of $90,800. The company used supplies in the amount of $97,400, advertising expenses were $18,300, salaries and wages totaled $21,150, and income tax expense was calculated as $17,500. During the year, the company declared and paid dividends of $7,900. Required: Prepare the closing entries dated December 31, 2020. Prepare T-account for the Retained Earnings account. Enter the beginning balance into the T-account, post the closing entries, and then determine the ending balance. Record the entry for closing revenue and expense account. Record the entry for closing dividend account.

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