FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 2, Problem 16E
(1)
To determine
Introduction: The financial statements of a company include a
To prepare: The
(2)
To determine
Introduction: The financial statements of a company include a balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To state: The reason for not being an expense for (a), (c), and (d).
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Beginning Balance
A.
D.
Total
Ending Balance
Deposits
$7,500
350
7,850
Bank Statement.
Checks
101
102
103
106
Bank service charges
C. Initiated a petty cash fund $250 check #102.
D. Received $350 cash for services rendered.
Bank Statement balance
$ 600
250
125
242
1,307
Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April.
A. The owners invested $7,500 from their personal account to the business account.
B. Paid rent $600 with check #101.
$0
E. Purchased office supplies for $125 with check #103.
F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days.
G. Received $750 cash for services rendered.
H. Paid wages $375, check #105.
1. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106.
J. Increased Petty Cash by $70, check #107.
Assume no bank errors.
Lavender Company
Bank Reconciliation…
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…
n
Calculate the following:
a. Determine the cash receipts for April based on the following data:
Cash payments during April
Cash account balance, April 1
Cash account balance, April 30
b. Determine the cash received from customers on account during April based on the following data:
Accounts receivable account balance, April 1
Accounts receivable account balance, April 30
Fees billed to customers during April
%
C
40
$63,000
25,500
31,750
118
hp
$22,500
15,250
45,000
f10
Chapter 2 Solutions
FUND.ACCT.PRIN.
Ch. 2 - Identifying source documents C1 Identify the items...Ch. 2 - Identifying financial statement accounts C2...Ch. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Identifying normal balance C4 Identify the normal...Ch. 2 - QS 2–5
Linking debit or credit with normal...Ch. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QS
Ch. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 16QSCh. 2 - Prob. 17QSCh. 2 - Prob. 18QSCh. 2 - Prob. 19QSCh. 2 - Exercise 21 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Exercise 2-3 Identifying a ledger and chart of...Ch. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Exercise 2-10 Preparing a trial balance P2 After...Ch. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Prob. 27ECh. 2 - Prob. 28ECh. 2 - Prob. 29ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Problem 2-5B Computing net income from equity...Ch. 2 - Prob. 6PSBCh. 2 - Problem 2-7B Preparing an income statement,...Ch. 2 - SP 2 On October 1, 2019, Santana Rey launched a...Ch. 2 - Using transactions from the following assignments...Ch. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Refer to Apple's financial statements in Appendix...Ch. 2 - Prob. 2AACh. 2 - Key comparative figures for Apple, Google, and...Ch. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - What kinds of transactions can be recorded in a...Ch. 2 - Are debits or credits typically listed first in...Ch. 2 - Should a transaction be recorded first in a...Ch. 2 - If assets are valuable resources asset accounts...Ch. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Identify the four financial statements of a...Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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