Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 29P
a.
To determine
Provide the list of all the entities mentioned in the description.
b.
To determine
Identify the effect of cash account on each entity for the given transactions.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Question:
What is the source documents for Payment made by the business X.
option:
a) invoice received by the business X.
b) invoice issued by the business X.
c) Receipts received by the business X.
d) Receipts issued by the business X.
e) Bank Debit advice.
f) Bank credit advice.
g) internal memo.
h) cash sales slip.
i) Cheque butt.
J) credit note issued by business X.
reqiured:
Please answer this question by choosing the right option.
Scenario:
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below.
1 Aug Started business with $150, 000 in the bank
28 Aug The owner took $5000 out of the bank for his personal use.
28 Aug Provided services for cash
12 small motorbike engines $350.00 per engine
6 medium size motorbike engines $550.00 per engine
4 medium size motor bike engines $800.00 per engine
29 Aug…
Accounting
Q/ Prepare a Bank Reconciliation Statement for XYZ company that has:
Bank statement of SR9,000.
Cash account of SR7,500.
Additional information for the reconciliation:
Deposit in transit.
NSF Check.
Outstanding check.
Collections made by the bank.
Required: provide an amount of each information to bring the adjusted
balances to be equal.
Chapter 1 Solutions
Survey Of Accounting
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - 4. In a business context, what does the term...Ch. 1 - 5. What market trilogy components are involved in...Ch. 1 - 6. Give an example of a financial resource, a...Ch. 1 - Prob. 7QCh. 1 - 8. How do financial and managerial accounting...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - 12. Distinguish between elements of financial...Ch. 1 - Prob. 13QCh. 1 - 14. To whom do the assets of a business belong?Ch. 1 - 15. Describe the differences between creditors and...Ch. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - 19. What does a double-entry bookkeeping system...Ch. 1 - 22. How does acquiring capital from owners affect...Ch. 1 - Prob. 21QCh. 1 - Prob. 22QCh. 1 - 25. What are the three primary sources of assets?Ch. 1 - 26. What is the source of retained earnings?Ch. 1 - 27. How does distributing assets (paying...Ch. 1 - 28. What are the similarities and differences...Ch. 1 - Prob. 27QCh. 1 - 30. Which of the general-purpose financial...Ch. 1 - 31. What causes a net loss?Ch. 1 - 35. What three categories of cash receipts and...Ch. 1 - Prob. 31QCh. 1 - 37. Discuss the term articulation as it relates to...Ch. 1 - 38. How do temporary accounts differ from...Ch. 1 - Prob. 34QCh. 1 - 41. Identify the three types of accounting...Ch. 1 - Prob. 36QCh. 1 - Prob. 37QCh. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Exercise 1-3A Identifying the reporting entities...Ch. 1 - Exercise 1-4A Define Terms and Identify Missing...Ch. 1 - Exercise 1-5 Effect of events on the accounting...Ch. 1 - Exercise 1-6 Effect of transactions on general...Ch. 1 - Exercise 1-7 Missing information and recording...Ch. 1 - Prob. 8ECh. 1 - Exercise 1-9A Record events and interpret...Ch. 1 - Exercise 1-10 Interpreting the accounting equation...Ch. 1 - Prob. 11ECh. 1 - Exercise 1-12A Differences between interest and...Ch. 1 - Exercise 1-13A Classifying events as asset source,...Ch. 1 - Prob. 14ECh. 1 - Exercise 1-15 Preparing an income statement and a...Ch. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Riley Company paid 60,000 cash to purchase land...Ch. 1 - Prob. 21ECh. 1 - As of January 1, 2018, Room Designs, Inc. had a...Ch. 1 - As of December 31, 2018, Flowers Company had total...Ch. 1 - Prob. 24ECh. 1 - Critz Company was started on January 1, 2018....Ch. 1 - The Candle Shop experienced the following events...Ch. 1 - Prob. 27ECh. 1 - Prob. 28PCh. 1 - Prob. 29PCh. 1 - Match the terms (identified as a through r) with...Ch. 1 - Problem 1-30A Classifying events as asset source,...Ch. 1 - Problem 1-31A Relating titles and accounts to...Ch. 1 - Marks Consulting experienced the following...Ch. 1 - Prat Corp. started the 2018 accounting period with...Ch. 1 - Maben Company was started on January 1, 2018, and...Ch. 1 - Required Use the Target Corporations Form 10-K to...Ch. 1 - ATC 1-5 Writing Assignment Elements of financial...
Knowledge Booster
Similar questions
- NB: Answer section B only Section: A In this section, briefly provide background/introduction of the focal organisation, which is the legal custodian of the process of Opening a business bank account (any bank of your choice) Section B In this section describe the process of Opening a business bank account in detail. Tell us about the process, how it is executed, by who, what are the tasks, what are the conditions that are involved from beginning to end. The focus is on the extensive textual description of the process. The process should be well detailed, to enable readers to understand how it works.arrow_forward14- What is the main purpose of factoring in accounts receivables? a. To meet immediate cash needs of the business b. To establish a legal proof for future use c. To create an additional guarantee of collection d. To invest accounts receivable in another businessarrow_forwardQ4 A and B holds joint account in Bank in which the mode of operation is jointly one fine day B arrived in branch to get the account statement of the account and suppose you are the banker what will you do in this situation, whether you will give the same or not? Discuss.arrow_forward
- Identify what reconciling item of the book or bank the following independent transaction. TRANSACTION RECONCILING ITEM ABC company deposited a check paid by the 1. customer but was returned by the bank due to the issuer's lack of funds. ABC Company received P2, 000 from Romel. The bookkeeper recorded 2. BOOK. P1,800 will be added to the books. the amount as P200. 3. The deposits of ABC Company earned an interest of P200 for the month. 4. The bank charges a fee for its services of P45. 5. ABC Company received cash of P1, 450 on March 31 and was recorded on the company's books. Due to an unforeseen event, the liaison officer was able to deposit the P1, 450 in the bank on April 1. ABC Company issued a check of P30, 000 to a 6. supplier. Supplier not yet deposited to the bank for payment. 7. ABC Company bank statement for the month of March shows that bank charges of P45 have been incorrectly recorded twice by the bank The bank collected P40, 000 from the 8. BANK customer. 9. P10,000…arrow_forwardQuestion: 1.What is the correct source documents for bank charges from business bank account. option: a) invoice received by the business X. b) invoice issued by business X. c) Receipts received by business X. d) Receipts issued by business X. e) Bank Debit advice. f) Bank credit advice. g) internal memo. h) cash sales slip. i) Cheque butt. j) credit note issued by business X. reqiured: please answer this question by choosing the correct source documents.arrow_forwardQuestion 2 You are the bookkeeper of Holmes Traders. You undertake a bank reconciliation at the end of every month. Holmes Traders received its bank statement for the month ending 31 March 2021. The bank reconciliation at the end of February showed a deposit in transit of $780 and two outstanding cheques (no. 563 for $204 and no. 571 for $420). The adjusted cash balance in the entity’s records was $7087 debit at the end of February. Below are the entity’s March bank statement and the entity’s book records that indicate the deposits made and cheques written during the month of March: AU Bank - Bank Statement For the period 01/03/2021 – 31/03/2021 Holmes Traders, NSW Dr Cr Balance $ Balance brought forward 6931 CR 1 March Deposit 780 7711 CR 3 March Deposit 708 8419…arrow_forward
- X and Y holds joint account in Bank in which the mode of operation is jointly one fine day Y arrived in branch to get the account statement of the account and suppose you are the banker what will you do in this situation, whether you will give the same or not? Discuss.arrow_forwardQuestion 1 The smallest branch of Bare Beauty Cosmetics in Kingston employs Mary Cooper as a branch manager and Janet Hendricks as a sales assistant. The branch uses a bank account in Kingston to pay expenses. This account is kept in the name of ‘Bare Beauty Cosmetics.’ To pay expenses, cheques must be signed by Mary Cooper or by the treasurer of Bare Beauty Cosmetics, John Wilkins. Cooper receives the cancelled cheques and bank statements. She reconciles the branch account herself and files cancelled cheques and bank statements in her records. Whenever she gets the time, reports of cash disbursements are prepared and sent to the head office in Montego Bay. A. Outline FOUR (4) deficiencies in the internal controls at Bare Beauty Cosmetics. B. For each deficiency, state the type of misstatement that is likely to result, and how the deficiency can be overcome. C. Explain the FIVE (5) types of control activities, and for EACH control activity, provide ONE (1)…arrow_forwardCRA DENIS- Ward (Pruduit Atation Faileit) REFERENCES MAILNGS REVIEW VEW EE 91 E 1Normal 1No Spac Heading t Heading 2 Tele Paragraph Styles a) An entity has to maintain its records property so that the business can run efficiently and that management can look at the accounts to see how the business is performing. Hank reconciliation statements ate prepared to determine the differences between the cash book and the bank statement. REQUIRED: Explain four main purposes of preparing a bank reconcilation statement. b) You are working as accounting trainee employed by Masumbuko Ltd. One of your duties is to prepare bank reconcilaticin, the bank statement sent to you on monthly basas by the local branch of the CBD bank pic. On 30th lunie 2015 the cash book balance showed an overdraft of TZ5.60,000,000 whilst the bank statement showed that on the same date Masumbuko Lta has TZ5.620,000,000 in credit with the bank Checking through both the cash book and the bank statement you discover the…arrow_forward
- PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. During your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P918,000. Among the bank credits in November was customer's note for P300,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check which was charged by the bank in error against Bugoy's account. Also in November you ascertained that there were deposits in transit amounting to P240,000 and outstanding checks totaling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,000. The Company's books for December showed total debits of P2,206,800, total credits of P1,221,600 and a balance of P1,456,800. Bank debit memos for December were: No. 121 for service…arrow_forwardUncredited cheques are Cheques issued by a business but not yet cashed out by creditors. Cheques that are already deposited into a business's bank account but not yet recorded in the bank statement O Bank charges on the services provided by the bank Instructions given by a business to make regular payments on its behalf to its creditorsarrow_forwardThe accounting assumption that states an owner of a business must keep the business checkbook separate from the personal checkbook is called? Monetary Unit Assumption Gong Concern Assumption Matching Principle Economic Entity Assumptionarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengageCornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning