Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company’s accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021:         Cash receipts:     From customers $ 670,000 Interest on note   3,920 Loan from a local bank   105,000 Total cash receipts $ 778,920 Cash disbursements:     Purchase of merchandise $ 389,000 Annual insurance payment   5,880 Payment of salaries   209,000 Dividends paid to shareholders   12,000 Annual rent payment   23,500 Total cash disbursements $ 639,380   Selected balance sheet information:     12/31/2020 12/31/2021 Cash $ 24,500   $ 164,040   Accounts receivable   61,500     91,000   Inventory   79,000     61,500   Prepaid insurance   2,400     ?   Prepaid rent   10,900     ?   Interest receivable   2,940     ?   Note receivable   49,000     49,000   Equipment   95,000     95,000   Accumulated depreciation   (39,500 )   (49,000 ) Accounts payable (for merchandise)   109,500     121,000   Salaries payable   19,900     23,900   Notes payable   0     105,000     Interest payable   0     ?       Additional information: On March 31, 2020, Zambrano lent a customer $49,000. Interest at 8% is payable annually on each March 31. Principal is due in 2024. The annual insurance payment is paid in advance on April 30. The policy period begins on May 1. On October 31, 2021, Zambrano borrowed $105,000 from a local bank and signed a note promising repayment. Principal and interest at 6% are due on October 31, 2022. Annual rent on the company’s facilities is paid in advance on June 30. The rental period begins on July 1.   Required: 1. Prepare an accrual basis income statement for 2021 (ignore income taxes). 2. Determine the following balance sheet amounts on December 31, 2021:

Miller Corporation’s December 31, 2019, bank statement showed a $2,041.25 balance. On this date, Miller’s Cash account reflected a $150.90 overdraft. In reconciling these amounts, the following information is discovered:     1. Cash on hand for undeposited sales receipts, December 31, $131.25. 2. Customer NSF check returned with bank statement, $426.20. 3. Cash sales of $625.25 for the week ended December 18 were recorded on the books. The cashier reports this amount missing, and it was not deposited in the bank. 4. Note receivable of $2,400.00 and interest of $24 collected by the bank and not recorded on the books. 5. Deposit in transit December 31, $330.00. 6. A customer check for $195.40 in payment of its account was recorded on the books at $945.10. 7. Outstanding checks, $2,030.55. Includes a duplicate check of $63.85 to C. Brown, who notified Miller that the original was lost. Miller stopped payment on the original check and has already adjusted the cash account…

Winson Company reported the following information related to its 31 August 2019 bank statement: i) The bank statement's balance is $3267. ii) The cash account balance is $3193. iii) The outstanding checks total $612. iv) The deposits in transit amount to $1415. v)The bank service charge is $27. vi) Winson's accountant issued a check for $153 (inpayment on an account payable) that was erroneously recorded in the ledger as $135. vii)Bank debit memorandum for$138 NSF (not sufficient funds)check from one of its customers. viii) The bank collected an account receivable in the amount of $1060 on. behalf if Winson Company. Required; Prepare Winson Company's bank reconciliation on 31 August 2019.

Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash.

Safe Security Doors Ltd. undertakes bank reconciliation at the end of each month before preparing its monthly financial statements. The following information is produced by comparing the cash deposits and withdrawals recorded by the business in July with their bank statement received for the month ending 31 July 2021: The bank statement for the month of July shows a credit balance of $112,250 as at 31 July 2021. Safe Security Doors Ltd.’s cash at bank ledger account has a debit balance of $109,230 at 31 July 2021. $7,850 cash received from a customer Adam on 30 July (invoice no. 211) and $11,045 cash received from another customer Brian on 31 July (invoice no. 213) are recorded in the entity’s accounting record but are not shown in the bank statement. Interest earned on bank account is $85. Cheque no. 112 and 113 are not included in the bank statement. # 112    $ 8,045 # 113    $ 6,950 Bank deducted transaction fees of $15 for an overseas transfer by the entity. Safe Security Doors…

As of June 30, Year 1, the bank statement showed an ending balance of $18,181. The unadjusted Cash account balance was $17,028. The following information is available: 1. Deposit in transit, $2,795. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,946. 4. Debit memo for service charge: $12. Required: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. Note: Negative amounts should be indicated with minus sign. Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 $ $ $ 18,181 18,181 4 0

Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)   2 Service Fee Expense selected answer correct 85 selected answer correct     Notes receivable incorrect answer   please help me finish the problem i keep getting stuck. Its not -85 for credit and its not -35 so what is it

A company's Cash account shows a balance of $3,460 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($50), an NSF check from a customer ($370), a customer's note receivable collected by the bank ($1,600), and interest earned ($130). Required: Record the necessary entry(ies) to adjust the company's balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the items that increase cash. 2 Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general Journal

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The following information was available to reconcile A.C. Forrest Company's book cash             balance with its bank statement as of June 30, 2020:                           The June 30 cash balance according to the accounting records was $14,630.                           Oustanding checks from May's bank reconciliation:             Check # 229   $770         Check # 230   540                       Below is a record of the cash receipts and cash payments for June:                           Cash Deposits   Cash Payments     Date Amount   Check# Amount     Jun 2 $3,600   231 $1,500     Jun 5 4,210   232 7,510     Jun 11 5,230   233 1,800     Jun 17 4,500   234 3,230     Jun 23 3,350   235 1,100     Jun 27 5,100   236 1,250     Jun 30 5,390   237 6,270           238 1,650           239 820           240 1,430           241 740           242 1,310           243 2,190           244 5,300                                 Continued…