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The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2016, bank statement included the following information: |
| Balance, October 1, 2016 | $ | 32,590 |
| Deposits | 81,000 | |
| Checks processed | (70,200) | |
| Service charges | (250) | |
| NSF checks | (1,500) | |
| Monthly loan payment deducted | ||
| directly by bank from account | ||
| (includes $300 in interest) | (2,300) | |
| Balance, October 31, 2016 | $ | 39,340 |
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The company’s general ledger cash (checking) account had a balance of $42,354 at the end of October. Deposits outstanding totaled $4,124, and all checks written by the company were processed by the bank except for those totaling $5,520. In addition, a check for $400 for the purchase of office furniture was incorrectly recorded by the company as a $40 disbursement. The bank correctly processed the check during October. |
| Required: | |||
| 1. |
Prepare a bank reconciliation for the month of October.
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| 2. |
Prepare the necessary journal entries at the end of October to adjust the general ledger cash account. |
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In: Accounting
Bank Reconciliation
The cash account of Abstract, Inc., disclosed a balance of $16,348.82 on October 31. The bank statement as of October 31 showed a balance of $19,711.75. Upon comparing the statement with the cash records, the following facts were developed.(a) Abstract’s account was charged on October 26 for a customer’s uncollectible check amounting to $1,927.(b) A 2-month, 8%, $1,350 customer’s note dated August 25, discounted on October 12, was dishonored October 26 and the bank charged Abstract $1,374.91, which included a protest fee of $6.91.(c) A customer’s check for $580 was entered as $530 by both the depositor and the bank but was later corrected by the bank.(d) Check No. 661 for $1,838.00 was entered in the cash disbursements journal at $1,383.00 and Check No. 652 for $47.50 was entered as $475.00. The company uses the voucher system.(e) Bank service charges of $54.81 for October were not yet recorded on the books.(f) A bank memo stated that C. Castro’s note for $1,800 and interest of $74.20 had been collected on October 29, and the bank charged $15.00. (No entry was made on the books when the note was sent to the bank for collection.)(g) Receipts of October 29 for $5,450 were deposited November 1.The following checks were outstanding on October 31:
No. 620. . . . . . . . . . . . . . . . . . . . . $1,075.00
No. 671. . . . . . . . . . . . . . . . . . . . . $ 567.55
No. 621. . . . . . . . . . . . . . . . . . . . . 2,199.98
No. 673. . . . . . . . . . . . . . . . . . . . . 337.99
No. 632. . . . . . . . . . . . . . . . . . . . . 2,765.25
No. 675. . . . . . . . . . . . . . . . . . . . . 375.80
No. 670. . . . . . . . . . . . . . . . . . . . . 1,776.89
No. 676. . . . . . . . . . . . . . . . . . . . . 1,189.49
Instructions: 1. Prepare a bank reconciliation as of October 31. 2. Give the journal entries required as a result of the preceding information.
In: Accounting
Q: Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: Wheeling Company Balance Sheet September 30 Assets Cash $ 66,600 Accounts receivable 138,000 Inventory 64,800 Buildings and equipment, net of depreciation 260,000 Total assets $ 529,400 Liabilities and Stockholders’ Equity Accounts payable $ 159,400 Common stock 216,000 Retained earnings 154,000 Total liabilities and stockholders’ equity $ 529,400 The company is in the process of preparing a budget for October and has assembled the following data: Sales are budgeted at $480,000 for October and $490,000 for November. Of these sales, 35% will be for cash; the remainder will be credit sales. Forty percent of a month’s credit sales are collected in the month the sales are made, and the remaining 60% is collected in the following month. All of the September 30 accounts receivable will be collected in October. The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of the following month’s cost of goods sold. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70% are paid for in the following month. All of the September 30 accounts payable to suppliers will be paid during October. Selling and administrative expenses for October are budgeted at $89,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,600 for the month. Required: 1. Using the information provided, calculate or prepare the following: a. The budgeted cash collections for October. b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. The budgeted net operating income for October. e. A budgeted balance sheet at October 31. 2. Assume the following changes to the underlying budgeting assumptions: (1) 50% of a month’s credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month’s cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Using these new assumptions, calculate or prepare the following: a. The budgeted cash collections for October. b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. Net operating income for the month of October. e. A budgeted balance sheet at Octobe
In: Accounting
QUESTION 1: General Journal
Sahra Ong is the sole proprietor of ‘Vacation’ a beach clothing business. Sahra designs and sews fashionable beachwear that has a high SPF rating. Sahra launched a bespoke beachwear range twelve months ago, and thanks to a cover story of her business published in the inflight magazine of a large airline company, demand for her bespoke beachwear has increased significantly.
Sahra is so busy with the growth of the business that she has been unable to attend to the bookkeeping, so she has recently hired Stone & Co Accounting Specialists Pty Ltd to take over the accounting function. You are the graduate accountant working at Stones & Co Accounting Specialists Pty Ltd and are now responsible for preparing the monthly journals for ‘Vacation’.
The following is a list of transactions that took place during the month of July 2020 that need to be recorded in the General Journal.
July 1 The business purchased a new sewing machine at a cost of $8,500. $2,500 was paid in cash and the remaining amount was paid using a loan from Wi Bank.
July 2 The monthly shop & workshop rent of $2,500 was paid.
July 5 A new range of SPF fabric was purchased from ‘World Fabrics Ltd’ on credit for $4,000.
July 11 Sahra sold on credit 27 long sleeve Rashies for $58 each to ‘The Tornadoes’, a local beach volleyball club. The terms of the sale require full payment is made within 30 days.
July 18 Sahra shut the shop at midday for an hour and paid $20 from the business bank account for lunch at ‘Waves’, a local beachside café.
July 27 The first payment of $200 was paid off the loan that ‘Vacation’ borrowed from Wi Bank on July 1.
July 28 ‘The Tornadoes’ beach volleyball club paid $522 off the amount they owe ‘Vacation’ for the purchase of the Rashies on July 11.
In: Accounting
Scenario:
You are the member of a student organization at Northeast State
University which works to provide professional development
opportunities for students. You saw an interesting article in a
college magazine describing a “Suitable Suits” program another
university implemented. Its career development office kept a closet
with 21 crisp black suits of all sizes that students could borrow
for job interviews. Students would make an appointment with the
office and agree to dry clean the suits before returning them. The
program at that university was paid for by a grant. Your student
organization believes this would be a good program to implement at
Northeast State and should be housed in the Career Services
office.
Instructions:
Write a thorough letter to Ginger Martin, Director of Career
Services, to persuade her to consider implementing a “Suitable
Suits” program in the Career Services office. Think about what you
are asking her to do, consider any objections she may have,
anticipate her questions, make a strong case, consider what
persuasion strategy you want to use, determine how to gain her
attention and build interest, plan on how to reduce resistance,
consider a motivating action.
Format the letter based on the guidelines discussed in the lesson or refer to Appendix A of your textbook. The letter should include the following guidelines:
Include a page header with your organization’s name and address
The address to your organization is NSU Box 321, University City, CO 45612
Send the letter to Ms. Ginger Martin
Her address is NSU Box 654, University City, CO 45612
Include the date
Include the inside address (who it is addressed to)
Include a salutation
Include an appropriate subject line
Include a complimentary closing
Include your printed name and title
Use all of the correct spacing between each component
Use a 1-inch margin, 12-point font, Times New Roman
Use correct spelling and grammar
In: Operations Management
PART 1
Its 2021, congratulations on graduating and landing your first job! You are on your way to becoming an industry icon! Now that you are done with school it’s time to buy a real car!
You’ve gone through your financials and feel comfortable with a maximum car payment of $350/month. You haven’t saved enough to make a down payment, but you should be able to get a 36 month loan at 4% interest or a 60 month loan at 3.75% interest.
Use the amortization table you have created to determine what your option is in regards to financing your car.
1. What is the price of the car you can afford, given the above parameters?
2. How much interest would you pay over the life of the loan, given the above parameters?
3. If you made an additional payment of $20 each month, how early would you pay off either loan?
4. If you made an additional payment of $50 each month, how much less interest would you pay with either loan?
5. Which loan would you feel better about? Please explain why.
In: Accounting
In: Nursing
Note:Subject:EC110/EEC1202 Section 02 Early Childhood Education Curriculum and Instruction but I choose Psychology to be easy.
Choose an Early Childhood Group, Setting, and Weekly Theme and describe in a half page.
In: Psychology
Describe the characteristics of high quality early childhood programs.
Discuss and give examples of at least three benefits of early childhood education. Use scholarly research findings to support your position
In: Psychology
ANSWER FOR THE FOLLOWING BRAND APPLE AND ITS PRODUCTS SPECIFIALLY THE :LATEST IPHONE
In: Operations Management