B. Record the transactions stated above in the general journal. C. Post the transactions to the general ledger and balance off each account D. Extract a trial balance on August 31st.
Q: National Company's total assets fluctuate between P350,000 and P450,000, while its fixed assets rema...
A: As per the maturity matching concept long-term funds should be invested in long-term assets and shor...
Q: Is it possible for a worksheet's income statement and balance sheet columns to sum up when they are ...
A: Worksheet income statement is the statement income each item of the income statements is shown as pe...
Q: Assume a company's Income Statement for Year 12 is as follows: Year 12 Income Statement Data Net Rev...
A: Formula for Operating Profit Margin. = Operating Profit / Net Revenue x 100. Formula to Calculate ...
Q: Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princes...
A: Where the exchange of Assets have a commercial substance (sufficient cash flow can be generated in f...
Q: SHADOW BONE Company reported net income of P7,500,000 for the current year: The auditor raised quest...
A: Adjusted net income for the current year = Reported net income for the year + Debit adjustment of pr...
Q: TreTech Corporation (TreTech) sells technology products and provides technology services to customer...
A: Journal entries are used to prepare the books of accounts. It is a basic method of recording financi...
Q: tealesxille Sanctuary is a family-owned and operated wildlife park located in Melbourne. Healesville...
A: Answer:- The answers to each individual situation is as follows; i) Here the omission of manual invo...
Q: to make a down paymer Jay is going to pay the рay I a. How How
A: Maturity value refers to the sum value of money an entity that has borrowed a loan needs to pay when...
Q: Save-the-Earth Co. reports the following income statement accounts for the year ended December 31. S...
A: THE MULTI-STEP INCOME STATEMENT PROVIDES DETAILED REPORTING OF YOUR COMPANY'S REVENUES AND EXPENSES ...
Q: physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,249 of supplies ...
A: Physical count of Supplies= $1,249 Balance of General ledger = $2,090 Difference= $2,090-$1,249 = $...
Q: F Polk, after being in Bakery business for some years without keeping proper records, now decides to...
A: Answer:-
Q: 1. Information on an entity's operating segments is shown below: Operating segments % Revenue % Prof...
A: As per PFRS 8, Operating segments, Reportable segments are the operating segments that meet the belo...
Q: Marcus are partin eir respective profit and loss ratio: Сapital P3,000,000 Profit and Loss Ratio vi ...
A: Manuel and Marcas are partners who have admitted Marshal in the partnership . Marshal has been admi...
Q: 1(i) The Book Value of Equity includes: a) Cash Flows from operating costs. b) retained earnings...
A: Disclaimer:- “Since you have asked multiple question, we will solve the first question for you. If y...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: The dividend is paid to the shareholders from the unappropriated retained earnings of the business. ...
Q: Compute the individual product and total sales volume variances for August. Compute the individual ...
A: 1. Sales Volume Variance Budgeted Sales Volume in Kg (A) Actual Sales Volume in Kg ...
Q: If Houston Company billed a client for $24.000 of consulting work completed, the accounts receivable...
A: Credit sale = $24,000 Journal entry will be as follows: Accounts receivable ...
Q: Veronica Valentine works as a financial consultant as her sideline which earns her approximately 35,...
A: In absence of specific information it is assumed that Valentine belongs ...
Q: Green Mountain Power Company obtained authorization to issue 20-year bonds with a face value of $10 ...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: sed on the following data, prepare a bank reconciliation for December of the current year: a. Balan...
A: "Analysis and adjustment of differences between the cash balance shown on a bank statement, and the ...
Q: Provide chronological analysis of Tyler's treatment of NOLs through 2021 and report NOL carry forwar...
A: NOL stands for the net operating loss which is the loss which has been incurred by the company durin...
Q: On July 1, a company paid the $1,200 premium on a one-year insurance policy with benefits beginning ...
A: Solution: Insurance paid in advance is prepaid insurance which needs to be adjusted to recognize ins...
Q: What amount was reported as net income for the current year? A. 6,200,000 B. 9,700,000 C. 8,200,000...
A: Accounting equation of the business says that, total assets in the business, must be equal to total ...
Q: If equity is $310,000 and liabilities are $193,000, then assets equal: Multiple Cholce $117,000. $19...
A: Equity = $310000 Liabilities = $193000
Q: *The sinking fund factor is the reciprocal of the uniform-series compound amount factor. True False
A: The sinking fund factor is the reciprocal of the uniform-series compound annual factor. Uniform-seri...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: Calculation of balance of Unappropriated Retained earnings at the end of year Amount (In P)...
Q: 2. Mala-Inse Company sells its products on account payable in 30 days from the date of sale. Custome...
A: Total Sales Value=P900,000 40% of the customers pay on the 10th day (to avail 3% discount) 60% of th...
Q: he Harriott manufacturing company uses job order costing system. The company uses machine hours to a...
A: The cost of goods sold refers to the direct costs of producing goods sold by a company (COGS). This ...
Q: HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. ...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: Computer Equipment Accounts Payable Repairs Expense, Computer Charitable Donations Expense 167 684 2...
A: Financial statements (FS) are those statements which are prepared by the companies during the end of...
Q: 20. Record the entry for write-off Choose * Sales returns and allowances * Bad debt expense * Accoun...
A: An account payable is defined as the amount a business owed for purchases they made on credit. they ...
Q: If a company receives $12,600 from a stockholder, the effect on the accounting equation would be: Mu...
A: Cash received from stockholder =$12,600
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: Calculation of balance of Unappropriated Retained earnings at the end of year Amount (In P)...
Q: Carla Vista Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selec...
A: Journal entry: A Journal entry is the records of any transactions either economic or non-economic. A...
Q: igh Country, Inc., produces and sells many recreational products. The company has just opened a new ...
A: 1a: Computation of Unit Product Cost - Absorption Costing Particulars Per unit Unit Product C...
Q: On January 2, 2018, Country Lumber installed a computerized machine in its factory at a cost of $168...
A: Depreciation: It refers to a decrease in the fixed asset's value because of normal tear and wear, co...
Q: Kent Ltd owns all the share capital of Lodh Ltd. That is, Lodh Ltd is a wholly own subsidiary of Ken...
A: Business combination is an arrangement in which one entity purchases the major stocks in another ent...
Q: Concord Inc. is a retailer using a perpetual inventory system. All sales returns from customers resu...
A: As per the definition of perpetual inventory system , inventory counting is done continuously and up...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: Calculation of balance of Unappropriated Retained earnings at the end of year Amount (In P)...
Q: Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%. Dec. 1...
A: Land was purchased against Note which has a duration of 90 days. The question requires to make the j...
Q: Prepare the adjusting journal entries. Show all the calculations. Write the name of entries and acco...
A: Adjusting journal entries are those entries which are recorded usually at the end of the period in o...
Q: w to determine what depreciation should be used
A: Solution Concept Depreciation Depreciation refers to the expense that is recorded fo...
Q: che Board of acc onisod Composition Nomination an Term (in years Qualification o Powers and fur
A: Accounting refers to the concept of gathering and organizing and documenting all the data of a compa...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: The restricted retained earnings is the portion of retained earnings kept aside for specific purpose...
Q: A firm has daily cash receipts of P100,000. A bank has offered to reduce the collection time on the ...
A: In order to accept the bank offer, the business organizations firstly determines the net annual expe...
Q: Transportation 15,400 2,000 Financial 8,000 4,200 Education 3,000 22,000 Leisure 14,000 8,381 What i...
A: Here asked for the index for Herfindahl Hirschman which can be calculated using the common factor 10...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: The unappropriated retained earnings are the net retained earnings that are available for the shareh...
Q: petitor. If correct, this may have disclosure implications. Management advises you that although the...
A: (a) The auditors prepare a management representation letter, which is signed by the business's senio...
Q: SHADOW BONE Company reported net income of P7,500,000 for the current year: The auditor raised quest...
A: Adjusted net income for the current year = Reported net income for the year + Debit adjustment of pr...
Q: company's balance sheet shows: cash $30,000, accounts receivable $20,000, office equipment $54,000, ...
A: Cash = $30,000 Accounts receivable = $20,000 Office equipment = $54,000 Accounts payable = $21,000
Step by step
Solved in 4 steps with 7 images
- For each of the following, indicate if the statement reflects an input component, output component, or storage component of the accounting information system for a bank. A. Online customer check ordering system. B. Approved loan applications. C. Report of customers with savings accounts over $5,000. D. Desktop hard drive on computer used by bank presidents administrative assistant. E. List of the amount of money withdrawn from all of the banks ATMs on a given day.Scenario: Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 28 Aug The owner took $5000 out of the bank for his personal use. 28 Aug Provided services for cash 12 small motorbike engines $350.00 per engine 6 medium size motorbike engines $550.00 per engine 4 medium size motor bike engines $800.00 per engine 29 Aug…ABC company are involved with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug 3 Aug 5 Aug 7 Aug 10 Aug 10 Aug 11 Aug 12 Aug Started business with $150, 000 in the bank Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe 24 Boxes Disc Pads Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (full service) 8 medium size motorbike engines (full service) Paid Rent by cheque Paid Wages by cheque Bought Fixtures from CT Limited paying by cash Provided services on credit to Auto Care. 24 small motorbike engines 8 large motor bike engines (partial service) 12 medium size motorbike engine (partial service)…
- following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 4/9 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.00 per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque $8,000.00 10 Aug Bought Fixtures from CT Limited $3,500.00 paying by cash 11 Aug Provided services on credit to…PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. During your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P918,000. Among the bank credits in November was customer's note for P300,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check which was charged by the bank in error against Bugoy's account. Also in November you ascertained that there were deposits in transit amounting to P240,000 and outstanding checks totaling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,000. The Company's books for December showed total debits of P2,206,800, total credits of P1,221,600 and a balance of P1,456,800. Bank debit memos for December were: No. 121 for service…You have been asked to help out a small Landscaping company by preparing their month-end bank reconciliation for February, 2022. You have gathered the following information: Balance per the bank statement, February 28, 2022 $5,033 Unadjusted balance per books (G/L), February 28, 2022 $1,950 A deposit made on February 28th not yet recorded by the bank $6,375 Outstanding cheques (total) as of February 28, 2022 $4,928 You found the following items on the bank statement that were either not included in the books (G/L) or were entered incorrectly: Bank Service Charges $35 NSF cheque from R. Bounce was returned by the bank $685 (this was for an outstanding account receivable) Note and interest collected by the bank on behalf of the company $5,250 ($5,000 is for the note and $250 is interest that was collected) Required – а. Prepare the adjusting entries required for the cash account. Calculate the adjusted balance per books. b. Prepare a bank reconciliation as at February 28.
- Read and understand the transaction. Prepare a Bank Reconciliation Statement using the following methods: a. Adjusted Method b. Book-to-bank Method c. Bank-to-book Method Use the space provided for each method for you answer. Moonlight Company maintains cash in ODB Bank. The following information was made available for the month of October 2021: • The bank statement at the of the month shows P10,000. • Deposits not yet reflected in the bank statement, P84,000. • Checks issued but not yet encashed by the payees, P65,000. The bank made an error of debiting the account of Moonlight Company, which was actually a debit for Crescent Company, P4,000. • The ledger shows a cash-in-bank balance of P12,000. Notes receivable collected by the bank for Moonlight Company amounted to P16,000. • Interest earned by Moonlight Company from keeping their cash at ODB Bank is P5,000. • ODB Bank charged Moonlight Company P1,000 service charges directly debited to their account as seen in the bank statement. •…The bookkeeper for Blossom Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bank reconciliation that she is completing at May 31, 2021, the end of the company's first month of operations. The company's bank statement showed the following: Date May 1 3 5 15 19 21 25 25 27 28 31 BLOSSOM MANUFACTURING LTD. Bank Statement May 31 NSF fee Description Deposit Cheque, No. 001 Cheque, No. 002 Deposit Cheque, No. 004 Cheque, No. 006 Returned cheque-NSF, S. Gillis Cheque, No. 009 Cheque, No. 010 Bank service charges Amounts Deducted from Account (Debits) 1.648 7,277 8,457 1,016 1,377 31 2,173 2,005 43 Amounts Added to Account (Credits) 25,500 4,743 Balance 25,500 23,852 16,575 21,318 12,861 11,845 10,468 10,437 8,264 6,259 6,216 Blossom's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for the month of May showed the following:Your friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019: He provides you with the following information: Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145. Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June Bank service charge for June was $12.50 Interest earned on checking account for June was $25 and automatically deposited The bank statement shows a deposit of $423 that SES didn’t make. After a call to the Bank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th: Cheque # Payee Amount 745 Landlord $ 2,100.00 751…
- Given this book and bank statement information, create an October bank reconciliation for Arrowhead company. And the journal entries required for the book side. BOOK INFO: Cash Date Debit Credit Balance 10/1/2020 Beginning Balance 8,259.86 10/1/2020 Ck 10102 Accounts Payable 1,374.12 6,885.74 10/2/2020 Ck 10103 Rent 3,420.00 3,465.74 10/2/2020 Ck 10104 Utilities 689.00 2,776.74 10/4/2020 Deposit 3,743.10 6,519.84 10/4/2020 Ck 10105 Advertising 344.21 6,175.63 10/4/2020 Ck 10106 Subscription 102.84 6,072.79 10/9/2020 Ck 10107 Internet 74.97 5,997.82 10/9/2020 Deposit 4,859.47 10,857.29 10/9/2020 Ck 10108 Telephone 221.00 10,636.29 10/9/2020 Deposit 11,339.64 21,975.93 10/12/2020 Ck 10109 Accounts Payable 1,680.00 20,295.93 10/13/2020 Ck 10110 Wages…Using the following information, prepare a bank reconciliation for Kingbird Beauty Supply Company for May 31, 2025. a. b. C. d. e. f. The bank statement balance is $8,280. The cash account balance is $6,600. Outstanding checks totaled $1,900. Deposits in transit are $600. The bank service charge is $20. Collection of note by the bank, $400. Kingbird Beauty Supply Company Bank Reconciliation $ $ $ $Determine the following: d. Adjusted bank balance on May 31, 2021 PROBLEM 2: The following data are gathered by the account of CHOPPER TECH. 4/30/2021 5/31/2021 Cash account balance 53,000 87,400 Bank statement balance 260,000 340,000 Deposits in transit 20,500 32,200 Outstanding checks 69,000 75,000 Bank service charges 1,500 1,300 NSF checks 20,600* Company's note receivable collected by bank 160,000 211,100 * Redeposited and recorded in the same month. The bank statement and the company's cash records show the following totals: Cancelled checks and debit memos per bank statement P 540,000 Cash receipts per cash book 400,000 Checks written per cash book 524,100 Deposits and credit memos per bank statement 620,000