Question
In: Accounting
QUESTION 3 Raymond Company's cheque book ledger lists the following in $ for the month ending...
QUESTION 3
Raymond Company's cheque book ledger lists the following in $ for the month ending 30 June 20X0.
|
Date |
Cheque number |
Description |
Cheque |
Deposit |
Balance |
|
|
1 |
4,000.00 |
|||||
|
4 |
722 |
Golf club |
400.00 |
3,600.00 |
||
|
9 |
dividend received |
2,000.00 |
5,600.00 |
|||
|
13 |
723 |
food supplies |
700.00 |
4,900.00 |
||
|
14 |
724 |
electricity |
1,500.00 |
3,400.00 |
||
|
18 |
725 |
cash |
500.00 |
2,900.00 |
||
|
26 |
726 |
stationery |
800.00 |
2,100.00 |
||
|
28 |
727 |
rent |
1,500.00 |
600.00 |
||
|
29 |
Service revenue |
3,000.00 |
3,600.00 |
|||
|
30 |
3,600.00 |
Raymond Company's bank statement shows the following in $ for the month ending 30 June 20X0
|
Date |
Transaction description |
Cheque number |
Debit (withdrawal/charge) |
Credit (Deposit) |
Balance |
|
|
1 |
4,000.00 |
|||||
|
10 |
Dividend from XYZ |
2,000.00 |
6,000.00 |
|||
|
4 |
722 |
400.00 |
5,600.00 |
|||
|
14 |
723 |
700.00 |
4,900.00 |
|||
|
15 |
724 |
150.00 |
4,750.00 |
|||
|
19 |
725 |
500.00 |
4,250.00 |
|||
|
28 |
Printed cheques |
100.00 |
4,150.00 |
|||
|
29 |
Service charge |
80.00 |
4,070.00 |
|||
|
30 |
4,070.00 |
Additional information: The correct expense of cheque 724 as shown on the bank statement.
Part A: Prepare a reconciliation starting with the cash book balance and ending with the adjusted cash book balance as at 30 June 2020
Type answer here.
Part B: Prepare the bank reconciliation starting with the bank statement balance and ending with the adjusted cash book balance as at 30 June 2020
Type answer here.
Part C: Complete the journal entries required to be entered for the month ending 30 June 2020. Provide a narrative to each journal entry.
Type answer here.
Solutions
Expert Solution
A.
| Balance as per books | $ 3,600.00 |
| Add : | |
| Electricity Expense incorrectly recorded | $ 1,350.00 |
| Deduct : | |
| Bank charges | $ 180.00 |
| Adjusted Cash Balance | $ 4,770.00 |
B.
| Bank Reconciliation | |
| Balance as per bank statement | $ 4,070.00 |
| Add : | |
| Deposit in Transit | $ 3,000.00 |
| Deduct : | |
| Checks Outstanding | $ 2,300.00 |
| Corrected Cash Balance | $ 4,770.00 |
C.
| Account Titles | Debit | Credit |
| Cash | $ 1,350.00 | |
| Electricity Expense | $ 1,350.00 | |
| (To rectify electricity expense entered in excess) | ||
| Bank Charges | $ 180.00 | |
| Cash | $ 180.00 | |
| (To record Bank service charges and printed cheques) |
ekkarill92 answered 2 years agoRelated Solutions
From the following selected ending ledger balance extracted from the ledger book of Aman’s Accounting Practice...
From the following selected ending ledger balance extracted from
the ledger book of Aman’s Accounting Practice Pty Ltd during
December 2019, prepare the unadjusted Ending Trial balance,
adjusted Income statement and adjusted balance sheet for “Adam’s
Legal Practice Pty Ltd.” Aman’s Accounting Practice Pty Ltd. Ending
Ledger Balance 31 December 2019 Account Title Ending balance Debit
($) Credit ($) Cash 343,700 Prepiad internet 100 Books &
Stationeries 35,900 Prepaid Insurance 18,000 Prepaid Internet $200
Land 35,000 Buildings 125,000 Equipment 66,000...
For each of the following transactions, determine if Raymond Corporation has earned revenue during the month...
For each of the following transactions, determine if Raymond
Corporation has earned revenue during the month of May and, if so,
how much it has earned.
Customers paid Raymond $1,500 for work Raymond will perform in
June.
Customers purchased $6,000 of inventory for which they have not
yet paid.
Raymond performed work for customers and was paid $3,400 in
cash.
Customers paid Raymond $2,300 for inventory purchased in
April
Record the journal entries for above.
Question 3 (1 point) Which of the following correctly lists the compounds in order of increasing...
Question 3 (1 point)
Which of the following correctly lists the compounds in order
of increasing boiling point?
Question 3 options:
1)
CCl₄(l) < NH₃(l) < N₂(l)
2)
N₂(l) < CCl₄(l) < NH₃(l)
3)
CCl₄(l) < N₂(l) < NH₃(l)
4)
NH₃(l) < N₂(l) < CCl₄(l)
5)
NH₃(l) < CCl₄(l) < N₂(l)
Question 4 (1 point)
Which of the following is true?
i. Hydrogen bonding only occurs when hydrogen is bound to
oxygen or fluorine.
ii. The secondary structures of proteins...
3.Smith Corporation has provided the following data for the month of December: Inventories: Beginning Ending Raw...
3.Smith Corporation has provided the following data for the
month of December:
Inventories:
Beginning
Ending
Raw materials
$
25,500
$
21,500
Work in process
$
17,500
$
10,500
Finished Goods
$
48,500
$
56,500
Additional information:
Raw materials purchases
$
72,500
Direct labor cost
$
92,500
Manufacturing overhead cost incurred
$
42,550
Indirect materials included in manufacturing overhead cost
incurred
$
4,050
Manufacturing overhead cost applied to Work in Process
$
41,500
Any underapplied or overapplied manufacturing overhead is closed...
QUESTION 3 The following production information is provided for Ludicrow Productions related to the month of...
QUESTION 3
The following production information is provided for Ludicrow
Productions related to the month of June 2017:
Direct materials used
$
15,600
Direct Labor
11,900
Total Factory overhead
4,800
Beginning work in process
7,600
Ending work in process
2,100
Beginning finished goods inventory
11,300
Ending finished goods inventory
7,900
a. What is the Cost of Goods Manufactured?
b. What is the Cost of Goods Sold?
QUESTION 4
Mango Company applies overhead based on direct labor costs. For
the...
Question 3 The following represents the inventory transactions for Tyler Company for the month of May,...
Question 3
The following represents the inventory transactions for Tyler
Company for the month of May, 2019.
May-01
BALANCE ON HAND 800 @
$9.00
PURCHASES
SALES
May-02
1,000
@ $9.20
May-05
950 @
$12.50
May-08
400
@ $9.25
May-10
600 @ $13.60
May-15
1,200
@ $10.00
May-12
300 @ $14.80
May-18
700
@ $10.20
May-20
1,500 @
$15.00
May-25
500
@ $11.50 May-26
800 @...
On January 1, 2018, the general ledger of TNT Fireworks includes the following ending account balances:...
On January 1, 2018, the general ledger of TNT Fireworks includes
the following ending account balances:
Accounts
Debit
Credit
Cash
$
59,700
Accounts
Receivable
27,000
Inventory
37,300
Notes Receivable
(5%, due in 2 years)
24,000
Land
165,000
Allowance for
Uncollectible Accounts
3,200
Accounts
Payable
15,800
Common Stock
230,000
Retained
Earning
64,000
Totals
$
313,000
$
313,000
During January 2018, the following transactions occur:
January 1
Purchase equipment for $20,500. The company estimates a residual
value of $2,500 and a...
On January 1, 2018, the general ledger of TNT Fireworks includes the following ending account balances:...
On January 1, 2018, the general ledger of TNT Fireworks includes
the following ending account balances:
Accounts
Debit
Credit
Cash
$
60,700
Accounts
Receivable
29,000
Inventory
38,300
Notes Receivable
(5%, due in 2 years)
36,000
Land
175,000
Allowance for
Uncollectible Accounts
4,200
Accounts
Payable
16,800
Common Stock
240,000
Retained
Earning
78,000
Totals
$
339,000
$
339,000
During January 2018, the following transactions occur:
January 1
Purchase equipment for $21,500. The company estimates a residual
value of $3,500 and a...
The ledger of Cranston Corporation has the following account balances at the company's first year end...
The ledger of Cranston Corporation has the following account
balances at the company's first year end of October 31, 2018.
Accounts payable
$ 3,210
Prepaid rent
$ 3,070
Accounts receivable
4,810
Rent expense
730
Accumulated depreciation
5,250
Salaries expense
7,060
Bank loan payable
7,300
Salaries payable
1,310
Cash
17,160
Service revenue
13,730
Common shares
22,300
Supplies
2,400
Depreciation expense
1,750
Supplies expense
630
Dividends declared
420
Unearned revenue
3,020
Equipment
17,500
Utilities expense
500
Interest expense
300
Interest payable
210
Prepare the...
The following is a record of Cannondale Company's transactions for Boston Teapots for the month of...
The following is a record of Cannondale Company's transactions
for Boston Teapots for the month of May 2019.
May 1 Balance 400 units @ $20
May 10 Sale 300 units @ $38
May 12 Purchase 600 units @ $25
May 20 Sale 590 units @ $38
May 28 Purchase 400 units @ $30
A. Assuming that perpetual inventories are not maintained and
that a physical count at the end of the month shows 510 units on
hand, what is the...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- 8. Three moles of ideal monatomic gas at 400 K are compressed from 1 atm to...
- explain the dynamic modeling of three dof robotic arm with details and examples.
- QDM Question 4 (25 marks): In the planning of the monthly production for the next four...
- Why is 1 example of my code failing? def current_player_score(score_one: int, score_two: int,current_player: str) -> int:...
- What is contribution margin? How does it differ from an operating leverage? Discuss, with an example,...
- Exercise 3.21 DISCOUNTED PAYBACK Your company is considering a high-risk project that could yield strong revenues...
- Python! Create a program that does the following: Reads a number from the user. Calls a...
ADVERTISEMENT