Reference no: EM13794743
Bank Reconciliation P 1. The following information is available for Unique Globe, as of May 31,
2011:
a. Cash on the books as of May 31 amounted to $43,784.16. Cash on the bank statement for the same date was $53,451.46.
b. A deposit of $5,220.94, representing cash receipts of May 31, did not appear on the bank statement.
c. Outstanding checks totaled $3,936.80.
d. A check for $1,920.00 returned with the statement was recorded incorrectly in the check register as $1,380.00. The check was for a cash purchase of merchandise.
e. The bank service charge for May amounted to $30.
f. The bank collected $12,200.00 for Unique Globe, on a note. The face value of the note was $12,000.00.
g. An NSF check for $178.56 from a customer, Eve Lay, was returned with the statement.
h. The bank mistakenly charged to the company account a check for $750.00 drawn by another company.
i. The bank reported that it had credited the account for $250.00 in interest on the average balance for May.
Required
1. Prepare a bank reconciliation for Unique Globe, Inc., as of May 31, 2011.
2. Prepare the entries in journal form necessary to adjust the accounts.
3. What amount of cash should appear on Unique Globe’s balance sheet as of May 31?
4. Why is a bank reconciliation considered an important control over cash?
|
Professional codes of conduct-relationships in various acts
: The professional codes of conduct are meant to clarify the relationships between various acts that can be carried out by an individual or firm. However, there are some items that codes of conduct do not seem to be able to clarify. What are some of th..
|
|
Identification and evaluation of current liabilities
: Tony Garcia opened a small dryer repair shop, Garcia Repair Shop, on January 2, 2010. The shop also sells a limited number of dryer parts. In January 2011, Garcia realized he had never filed any tax reports for his business and therefore probably owe..
|
|
Determine the concentration of ethanol in alcoholic
: 1. Propose an extension experiment that would allow you to determine the concentration of ethanol in alcoholic beverages using the information collected from this lab. In the lab, we determined the Keq for the equation CH3CH2OH + NAD+ ---> CH3CHO + N..
|
|
Identification of current liabilities-contingencies
: Identification of Current Liabilities, Contingencies and Commitments LO3 P 1. Listed below are common types of current liabilities, contingencies, and commitments: For each of the following statements, identify the category above to which it gives ri..
|
|
Amount of cash should appear on unique globes balance sheet
: Prepare a bank reconciliation for Unique Globe, Inc., as of May 31, 2011. Prepare the entries in journal form necessary to adjust the accounts. What amount of cash should appear on Unique Globe’s balance sheet as of May 31?
|
|
About the transfer pricing
: Why Alibaba does or does not have Transfer pricing? "As we know that Services Company does not do transfer price" Please discuss and explain?
|
|
What does the lewis structure for the conjugate acid
: What does the lewis structure for the conjugate acid of CH3OCH3 look like? include reosnonce
|
|
Exploring interests to identify research problems
: Exploring Interests to Identify Research Problems
|
|
Genetically influential role in weight or health
: What are the possible health and physical risks for this person's lifestyle?
|