Question
In: Accounting
QUESTION 3 (CLO 5 & 6) The bank columns in the cash book for June 2019...
QUESTION 3 (CLO 5 & 6)
The bank columns in the cash book for June 2019 and the bank
statement for that month for D. Hogan are as follows:
Dr Cash Book Cr
2019 $ 2019 $
1-Jun Balance b/d 1410 5-Jun L. Holmes 180
7-Jun J. May 62 12-Jun J. Rebus 519
16-Jun T. Wilson 75 16-Jun T. Silver 41
28-Jun F. Slack 224 29-Jun Blister Disco 22
30-Jun G. Baker 582 Jun-30 Balance c/d 1591
2353 2353
Bank Statement
Jun-19 Dr Cr Balance
$ $ $
1 Balance b/d 1410
7 Cheque 62 1472
8 F. Lane 180 1292
16 Cheque 75 1367
17 J. Rebus 519 848
18 T. Silver 41 807
28 Cheque 224 1031
29 SLM standing order 52 979
30 Flynn: trader's credit 64 1043
30 Bank charges 43 1000
As the accountant, you have been asked to do the following:
a. Prepare an updated cashbook for the
month.
(CLO 5)
b. Prepare a bank reconciliation statement for the
month.
(CLO 5)
c. Describe three (3) objectives of internal
control.
(CLO 6)
[Total 20 marks]
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The bank columns in the cash book for June 2019 and the bank statement for that...
The bank columns in the cash book for June 2019 and
the bank statement for that month for D. Hogan are as
follows:
Dr Cash Book Cr
2019 $ 2019 $
1-Jun Balance b/d 1410 5-Jun L. Holmes 180
7-Jun J. May 62 12-Jun J. Rebus 519
16-Jun T. Wilson 75 16-Jun T. Silver 41
28-Jun F. Slack 224 29-Jun Blister Disco 22
30-Jun G. Baker 582 Jun-30 Balance c/d 1591
2353 2353
Bank Statement
Jun-19 Dr Cr Balance
$...
6-5 Chavez Company most recently reconciled its bank statement and book balances of cash on August...
6-5
Chavez Company most recently reconciled its bank statement and
book balances of cash on August 31 and it reported two checks
outstanding, No. 5888 for $1,097 and No. 5893 for $486. The
following information is available for its September 30, 2017,
reconciliation.
From the September 30 Bank Statement
PREVIOUS BALANCE
TOTAL CHECKS AND DEBITS
TOTAL DEPOSITS AND CREDITS
CURRENT BALANCE
20,000
9,850
11,841
21,991
CHECKS AND DEBITS
DEPOSITS AND CREDITS
Date
No.
Amount
Date
Amount
09/03
5888
1,097
09/05...
Question 3: (CLO 4 and 5) (7 marks) The adjusted trial balance of Miracle Company contained the...
Question 3: (CLO 4 and 5)
The adjusted trial balance of Miracle Company contained the
following information:
Debit Credit
Sales $1,420,000
Interest
Revenue 100,000
Sales Returns and
Allowances $40,000
Sales
Discounts 14,000
Cost of Goods
Sold 872,000
Freight-out 4,000
Advertising
Expense 30,000
Interest
Expense 36,000
Store Salaries
Expense 110,000
Utilities
Expense 56,000
Depreciation
Expense 14,000
Dividends 50,000
Instructions:
Use the above information to prepare an income
statement for the year ended December 31, 2019.
Prepare the closing entries for Miracle Company at
December 31, 2019.
Outline five (5) reasons for the discrepancy between the cash book and the bank statement.
Outline five (5) reasons for the discrepancy between
the cash book and the bank statement.
QUESTION 5 (25 MARKS) You are in charge of the audit of “cash and bank” at...
QUESTION 5
You are in charge of the audit of “cash and bank” at Beachbreak
(Pty) Ltd for the financial year – end February 2018. During the
interim audit conducted during late December 2017, you had audited
the bank reconciliation at 30 November and found it to be correct.
During March, as part of your normal year – end procedures, you are
preparing to audit the bank reconciliation prepared by Otis Redding
and presented below.
Page 17 of 17
Bank...
Bentley Company’s June 30 bank statement and June ledger account for cash are summarized below: BANK...
Bentley Company’s June 30 bank statement and June ledger account
for cash are summarized below: BANK STATEMENT Checks Deposits
Balance Balance, June 1 $ 7,450 Deposits during June $ 15,800
23,250 Checks cleared during June $ 16,550 6,700 Bank service
charges 22 6,678 Balance, June 30 6,678 Cash (A) June 1 Balance
7,450 June Checks written 19,100 June Deposits 18,450 Required: 1.
Reconcile the bank account. A comparison of the checks written with
the checks that have cleared the bank...
Bentley Company’s June 30 bank statement and June ledger account for cash are summarized below: BANK...
Bentley Company’s June 30 bank statement and June ledger account
for cash are summarized below:
BANK STATEMENT
Checks
Deposits
Balance
Balance, June 1
$
6,500
Deposits during June
$
16,200
22,700
Checks cleared during June
$
16,600
6,100
Bank service charges
40
6,060
Balance, June 30
6,060
Cash (A)
June 1 Balance
6,500
June Checks written
19,000
June Deposits
18,100
Required:
1. Reconcile the bank account. A comparison of
the checks written with the checks that have cleared the bank...
Bentley Company’s June 30 bank statement and June ledger accounts for cash are summarized below: BANK...
Bentley Company’s June 30 bank statement and June ledger
accounts for cash are summarized below:
BANK STATEMENT
Checks
Deposits
Balance
Balance, June 1
$
7,750
Deposits during June
$
15,950
23,700
Checks cleared during June
$
16,700
7,000
Bank service charges
27
6,973
Balance, June 30
6,973
Cash (A)
June 1 Balance
7,750
June Checks written
19,250
June Deposits
18,400
Required:
1. Reconcile the bank account. A comparison of
the checks written with the checks that have cleared the bank...
Account June 30 2020 June 30 2019 $ $ Cash and cash equivalents 95,800 64,000 Debtors...
Account
June 30 2020
June 30 2019
$
$
Cash and cash equivalents
95,800
64,000
Debtors
231,600
157,200
Inventory
96,720
104,400
Plant and equipment
100,000
75,000
Accumulated depreciation – plant and equipment
(40,000)
(29,000)
Total assets
484 120
371,600
Creditors
71,000
74,400
Accrued expenses
30,000
33,000
Long-term loan
100,000
50,000
Capital and reserves
283,120
214,200
Total liabilities and owners equity
484 120
371,600
Sales
440,000
Less: Cost of goods sold
296,000
Gross profit
144,000
Operating expenses (including depreciation)
84,000
Net...
E4.1 (LO 1, 3) The trial balance columns of the worksheet for Dixon Company at June...
E4.1 (LO 1, 3) The trial balance columns of the worksheet for
Dixon Company at June 30, 2020, are as follows.
Dixon Company
Worksheet
For the Month Ended June 30, 2020
Trial Balance
Account Titles Dr. Cr.
Cash 2,320
Accounts Receivable 2,440
Supplies 1,880
Accounts Payable 1,120
Unearned Service Revenue 240
Owner’s Capital 3,600
Service Revenue 2,400
Salaries and Wages Expense 560
Miscellaneous Expense 160
7,360 7,360
Other data:
1. A physical count reveals $500 of supplies on hand.
2....
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