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Bank reconciliation and correct available cash balance

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Problem 1: From the following data, prepare a bank reconciliation and determine the correct available cash balance for Reed Company as of 2010 October 31.

Balance per bank statement, 2010 October 31

$13,974

Ledger account balance. 2010 October 31

8,088

Proceeds of a note collected by bank not yet entered in ledger (includes $500 of interest)

6,000

Bank service charges not yet entered by Reed Company

18

Deposit in transit

1,680

Outstanding checks:

 

No. 327

654

No. 328

288

No. 329

390

No. 331

252

Problem 2: Dunwoody Discount Toys, Inc., sells merchandise in a state that has a 5 percent sales tax. Rather than record sales taxes  collected in a separate account, the company records both the sales revenue and the sales taxes in the Sales account. At the end of the first quarter of operations, when it is time to remit the sales taxes to the state taxing agency, the company has USD 420,000 in the Sales account. Determine the correct amount of sales revenue and the amount of sales tax payable.

Reference no: EM13836847

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