COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 9, Problem 6PA
1.
To determine
Prepare
2.
To determine
Prepare necessary
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Prepare a reconciliation of the bank and book balances to the correct cash balance and provide the journal entries to adjust and correct Yingying's books.
Yingying Company's books show a cash balance at the Ojibway National Bank on November 30, 2020, of $20,502. The bank statement covering the month of November shows an ending balance of $22,190. An examination of Yingying's accounting records and the November bank statement identified the following reconciling items.
1. A deposit of $3,680 was taken to the bank late on November 30 but does not appear on the November bank statement.
2. Cheques written in November but not charged to (deducted from) the November bank statement are:
Cheque #7327 = $150 #7348 = 4,820 #7349 = 31
3. Yingyinghas not yet recorded the $600 of interest collected by the bank on November 20 on Sequoia Co. bonds held by the bank for Yingying.
4. Bank service charges of $18 are not yet recorded on Yingying s books.
5. A $220 cheque for Yingying from a…
The accountant of ABC has collected the following information for the month of July 2019.
ABC’s bank statement for July 2019 shows the following data:
Balance on 1 July as per bank
$29,500
Balance on 31 July as per bank
$15,907.45
The cash balance as per company records as of July 31 is $11,589.45. Further review of the data reveals the following information:
Errors: Check no115 for $1,226. The bank correctly paid the amount, but ABC recorded the check as $1,262.
Outstanding checks on July 31, total $5,904
Deposits in transit on July 31 total $2,201.40
Bank statement shows:
A. Debit-NSF check: $425.60
B. Debit-bank fee $30
C. Credit- collection of note receivable for $1,000 plus interest earned $50 and bank collection fee $15.
Required:Prepare bank reconciliation on July 31, 2019.
Firebird Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for February 2019 indicated the following: The correct amount of check #7853 is $797. It was recorded as a cash disbursement of $779 bymistake. The check was issued to pay for merchandise purchases. The check appeared on thebank statement correctly.Required:1. Prepare a bank reconciliation schedule at February 28, 2019, in proper form.2. What is the amount of cash that should be reported on the February 28, 2019 balance sheet?
Chapter 9 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 9 - Prob. 1.1SRQCh. 9 - What is a promissory note? In what situation would...Ch. 9 - How would the receipt of a 62 refund for supplies...Ch. 9 - Prob. 1.4SRECh. 9 - Prob. 1.5SRECh. 9 - Prob. 1.6SRACh. 9 - Prob. 2.1SRQCh. 9 - Prob. 2.2SRQCh. 9 - Prob. 2.3SRQCh. 9 - Prob. 2.4SRE
Ch. 9 - Prob. 2.5SRECh. 9 - Prob. 2.6SRACh. 9 - Prob. 3.1SRQCh. 9 - Prob. 3.2SRQCh. 9 - Prob. 3.3SRQCh. 9 - Prob. 3.4SRECh. 9 - Prob. 3.5SRECh. 9 - Prob. 3.6SRACh. 9 - Prob. 1CSRCh. 9 - Prob. 2CSRCh. 9 - Prob. 3CSRCh. 9 - Prob. 4CSRCh. 9 - Prob. 5CSRCh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Prob. 13DQCh. 9 - Prob. 14DQCh. 9 - Prob. 15DQCh. 9 - Prob. 16DQCh. 9 - Prob. 17DQCh. 9 - Prob. 18DQCh. 9 - Prob. 1ECh. 9 - Prob. 2ECh. 9 - Prob. 3ECh. 9 - Prob. 4ECh. 9 - Prob. 5ECh. 9 - Prob. 6ECh. 9 - Prob. 7ECh. 9 - Prob. 8ECh. 9 - Journalizing cash receipts, cash short or over,...Ch. 9 - Prob. 2PACh. 9 - Prob. 3PACh. 9 - Prob. 4PACh. 9 - Prob. 5PACh. 9 - Prob. 6PACh. 9 - Prob. 1PBCh. 9 - Prob. 2PBCh. 9 - Prob. 3PBCh. 9 - Prob. 4PBCh. 9 - Prob. 5PBCh. 9 - Prob. 6PBCh. 9 - Prob. 1CTPCh. 9 - Prob. 2CTPCh. 9 - Prob. 1MFCh. 9 - Prob. 2MFCh. 9 - Prob. 3MFCh. 9 - Prob. 4MFCh. 9 - Prob. 5MFCh. 9 - Prob. 6MFCh. 9 - Prob. 7MFCh. 9 - Prob. 8MFCh. 9 - Borrowing from Petty Cash Daniel Brown is in...Ch. 9 - Prob. 1FSA
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- Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporations bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling 14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned a customers 2,000 check marked NSF, but no entry was made. Cash includes 100,000 restricted for building purposes. 2. Included in accounts receivable is a 30,000 note due on December 31, 2022, from Zeuss president. 3. During 2019, Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 51,300, and fair value on December 31, 2019, was 51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for 32 per share in May 2019. This amount is included in investments. 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a 10% note payable, manning December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This note is collateralized by a 250,000 tract of land acquired as a potential future building site, which is included in land. 6. The mortgage payable requires 50,000 principal payments, plus interest, at the end of each month. Payments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non-cancelable agreement with the lender to refinance this mortgage. The new terms require 100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021. The final payment is due February 28, 2028. 7. The lawsuit liability will be paid in 2020. 8. Of the total deferred tax liability; 5,000 is considered a current liability. 9. The current income tax expense reported in Zeuss 2019 income statement was 61,200. 10. The company was authorized to issue 100,000 shares of 50 par value common stock.arrow_forwardSantana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $67,166. The general ledger Cash account, No. 101, shows an ending cash balance per books of $67,730 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. The bank erroneously cleared a $590 check against the company account in March that S.Rey did not issue. The check was actually issued by Business Systems. On March 25, the bank statement lists a $48 charge for the safety deposit box. Santana has not yet recorded this expense. On March 26, the bank statement lists a $103 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. On March 31, the bank statement lists $44 interest earned on Business Solutions’s checking account for the month of March. Santana has not yet recorded this…arrow_forwardThe following data represents information necessary to assist in preparing the July 31, 2019 bank reconciliation for Domore Company. On July 31, the bank balance was $5,353. The bank statement indicated a deduction of $20 for all bank service charges. A customer deposited $1,210 directly into the bank account to settle an outstanding accounts receivable bill. Cheque #566 for $800 and cheque #573 for $560 have been recorded in the company ledger but did not appear on the bank statement. A customer paid an amount of $4,570 to Domore Company on July 31 but the deposit did not appear on the bank statement. The accounting clerk made an error and recorded a $150 cheque as $1,500. The cheque was written to pay an outstanding accounts payable account. Cheque #8603 for $170 was deducted from Domore Company's account by the bank. This cheque was not written by Domore Company and needs to be reversed by the bank. The bank included an NSF cheque in the amount of $490 relating to a…arrow_forward
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