The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, arelisted in alphabetical order as follows. All accounts have normal balances. The balance ofthe cash account has been intentionally omitted.$ 42,770Accounts PayableNotes PayablePrepaid InsuranceRent ExpenseSuppliesSupplies Expense50,000Accounts Receivable116,90021,600Cash?48,000Elaine Wells, CapitalElaine Wells, Drawing75,0004,27524,0006,255Fees EarnedUnearned Rent745,23012,000Utilities ExpenseWages ExpenseInsurance Expense3,60026,850Land50,000580,700Miscellaneous Expense9,500Prepare an unadjusted trial balance, listing the accounts in their normal order and insert-ing the missing figure for cash

Trial balance: This is a statement in which all the year-end account balances of a business are…

Answered: The accounts in the ledger of Hickory…

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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The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
Bank reconciliation and entriesThe cash account for Coastal Bike Co. at October 1, 2019, indicated abalance of $5,140. During October, the total cash deposited was $39,175,and checks written totaled $40,520. The bank statement indicated abalance of $8,980 on October 31, 2019. Comparing the bank statement,the canceled checks, and the accompanying memos with the recordsrevealed the following reconciling items: A. Checks outstanding totaled $5,560.B. A deposit of $1,050 representing receipts of October 31 had beenmade too late to appear on the bank statement.C. The bank had collected for Coastal Bike Co. $2, 120 on a note leftfor collection. The face of the note was $2,000. D. A check for $370 returned with the statement had beenincorrectly charged by the bank as $730.E. A check for $310 returned with the statement had been recordedby Coastal Bike Co. as $130. The check was for the payment of anobligation to Rack Pro Co. on account. F. Bank service charges for October amounted to $25.G. A…
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
At the beginning of 2018 Evan Company had a $1,958 balance in its accounts receivable account and a $448 balance in allowance for doubtful accounts. During 2018, Evan experienced the following events. (1) Earned $4,577 of revenue on account. (2) Collected $1,505 cash from accounts receivable. (3) Wrote-off $339 of accounts receivable as uncollectible. Evan estimates uncollectible accounts to be 3% of sales. Based on this information, the December 31, 2018 adjusted balance in the allowance for doubtful accounts is
The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following: A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared. 2. Cheques #251 for $1,200 and#260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020. 3. The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600. 4. The company’s accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,000 5. The bank credited a deposit of $200 as $2,000 to Corey’s Construction account. 6. A cheque for $13,500from a customer Ali Woods was returned for insufficient funds. The…
The cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the outstanding cheques totalling $900 and on August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC bank, listed on August 31,2020, balance of $3,405. Included in the bank balance was on August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance and an NSF cheque for $35. Make the company’s journal entries for transactions that arise from the bank reconciliation. Include an explanation with each entry.
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Duct Company reported the following account balances and related information on December 31, 2019 Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts 200,000 Inventory 2,000,000 Prepaid expenses 300,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank 300,000 Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 The accounts receivable included past due accounts in the amount of P100,000. The account is deemed uncollectible and should be written off. The Inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on Dec. 21, 2019. Neither of these items has been recorded as purchases. The prepaid insurance included cash surrender value of life insurance of P50,000. What is the adjusted inventory? a. P2,200,000…
Based on the following data of KONTINALANG Co., how much is the adjusted bank balance as of December 31, 2019?

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