Question
In: Accounting
Use the following information below for The Cashew Company for March 31, 2020: - Balance per...
Use the following information below for The Cashew Company for March 31, 2020:
- Balance per bank statement is $27,248 and the balance per books is $30,851.
- Checks, amounting to $1,341, were still outstanding as of March 31
- A note receivable was collected by Persons’ Bank on behalf of Cashew and credited to the company’s account for $5,150.
- Bank service fees amounted to $120
- Interest was credited to Cashew’s account for $98.
- Check no. 114, for utilities expense, had erroneously been entered into the Cashew’s books as $608; the check cleared the bank for $806.
- Check No. 1272 for $500 was classified as “Not-Sufficient-Funds” (NSF) by Persons’ Bank and returned to Cashew. The check had been written by Jane Jones, who is one of Cashew’s customers
- Cashew deposited $9,374 into the ATM machine’s drop box at Persons’ Bank on March 31st. The bank has not yet credited the account.
Directions:
Prepare the bank reconciliation and prepare all necessary adjusting entries to update the cash balance at the end of the month.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Use the following information to prepare a budgeted balance sheet for Olivas Corporation at March 31....
Use the following information to prepare a budgeted balance
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a.
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b.
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c.
March payments of accounts payable and accrued liabilities,
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d.
March 31 accounts payable balance,
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e.
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f.
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g.
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$3,000,000 and the balance in Unamortized Premium on Bonds Payable
(Premium on Bonds Payable) is $100,000, what is the amount for the
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A. 3,100,000
B. 3,000,000
C. 2,900,000
D. 100,000
E. None of the above
2. STATEMENT OF CASH FLOW: Company A has a net income of
1,000,000, depreciation of 500,000, a decrease in accounts
receivable of 300,000, and...
The following information was available for Wild Oat Company for the month ended May 31, 2020. (a) The book balance at May 31, 2020 was $6,890.22. (b) The bank balance at May 31, 2020 was $8,660.22.
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he March 31, 2020, adjusted trial balance for Amusement Park Repair is shown below with accounts...
he March 31, 2020, adjusted trial balance for Amusement Park
Repair is shown below with accounts in alphabetical
order.
Debit
Credit
Accounts payable
$
31,000
Accounts receivable
$
48,000
Accumulated depreciation, equipment
9,000
Accumulated depreciation, truck
21,000
Cash
14,400
Depreciation expense
3,800
Equipment
19,000
Franchise
21,000
Gas and oil expense
7,500
Interest expense
450
Interest payable
750
Land not currently used in business operations
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Long-term notes payable1
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The post-closing trial balance of M/S. Sun Traders at 31 March 2020 is set out below...
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2020 is set out below
Sun Tarders
Post Closing Trial Balance
As on 31St March 2020
Particular
Debit
Credit
Cash at Bank
1,000
Sundry Debtors
11,000
Stock
15,000
Motor Vehicle
10,000
Profit and loss accounts
3,000
Plant & Equipment
26,500
Land & Building
20,000
Goodwill
10,000
Sundry Creditors
15,000
Bills Payable
6,000
General Reserve A/c
10,500
Akbar, Capital
30,000
Babar ,Capital
20,000
Khan , Capital
15,000
96,500
96,500
On...
The post-closing trial balance of M/S. Sun Traders at 31 March 2020 is set out below...
The post-closing trial balance of M/S. Sun Traders at 31 March 2020
is set out below
Sun Tarders
Post Closing Trial Balance
As on 31St March 2020
Particular
Debit
Credit
Cash at Bank
1,000
Sundry Debtors
11,000
Stock
15,000
Motor Vehicle
10,000
Profit and loss accounts
3,000
Plant & Equipment
26,500
Land & Building
20,000
Goodwill
10,000
Sundry Creditors
15,000
Bills Payable
6,000
General Reserve A/c
10,500
Akbar, Capital
30,000
Babar ,Capital
20,000
Khan , Capital
15,000
96,500
96,500
On...
Alex Company reported the following information for 2020. Alex Company Comparative Balance Sheets December 31 Assets...
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2020.
Alex
Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Change
Increase/Decrease
Cash
$59,000
$36,000
$23,000
Increase
Accounts receivable
62,000
22,000
40,000
Increase
Inventory
44,000
–0–
44,000
Increase
Prepaid expenses
6,000
4,000
2,000
Increase
Land
55,000
70,000
15,000
Decrease
Buildings
200,000
200,000
–0–
Accumulated
depreciation—buildings
(21,000)
(14,000)
7,000
Increase
Equipment
183,000
68,000
115,000
Increase
Accumulated
depreciation—equipment
(28,000)
(10,000)
18,000
Increase
Totals
$560,000
$376,000
Liabilities and
Stockholders’ Equity
Accounts payable
$43,000
$40,000
$3,000...
The following information is available for xyz company ltd. as at 12/31/17 Balance as per bank...
The following information is available for xyz company ltd. as
at 12/31/17
Balance as per bank statement $50,207.50
Balance as per general ledger $ 41,608.50
outstanding cheques $9,267
bank service charge $52
NSF checks $616
prepare a bank reconciliation and journal entries
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