Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Problem - Patry Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records:
April 30 Bank Reconciliation
Balance per bank
$7,120
Add: Deposits in transit
1,540
Deduct: Outstanding cheques
(2,000)
Balance per books
$6,660
Month of May Results
Per Bank
Per Books
Balance on May 31
$7,760
$10,570
May deposits
5,000
5,810
May cheques
4,000
3,100
May note collected (not included in May deposits)
900
-
May bank service charge
25
May NSF cheque from a customer, returned by the bank (recorded by the bank as a charge)
235
Required -
a. Determine the amount of deposits in transit and outstanding cheques at May 31. Keep in mind the time lag between deposits and cheques being recorded in the books and when they are recorded by the bank.
b. Prepare a May 31 bank reconciliation showing balance per bank statement and balance per books and correct cash balance.
c. Prepare the journal entry or entries to correct the Cash account at May 31.
What methods are available for separating the fixed and variable components of semi variable costs? And, what are the advantages and disadvantages
Wilbur has been offered a job at a salary that would put him in the 25% marginal tax bracket. In addition to his salary, he would receive health insurance coverage. Another potential employer does not offer health insurance but has agreed to match th..
Assume that the company expects to sell 20,000 units next month. Prepare two contribution format income statements, one assuming that operations are not automated and one assuming that they are.
Find The adjusted cash balance per books on August 31 is? Determine the cash balance per books (before adjustments) for the Clark Company.
Descriptive Questions - Discount on Bills payable - ABC Company just announced a 4 for 1 stock split. Evaluate the effect
If you have an excel formula for getting the actual portfolio return that would be very helpful. If not, please show how to manually get the number.
Charles and Marcia are married cash-basis taxpayers. In Year 8, they had interest income as follows (Becker CPA Review Course): What amount of interest income is taxable on Charles and Marcia's Year 8 joint income tax return?
a. If Sarah can earn 8 percent annually for the next 25 ?years, the amount of money she will have to invest today is ?$_________?
A bond has a par value of $1,000, a time to maturity of 8 years, and a coupon rate of 8% with interest paid annually. What is the bond yield to maturity
What are three advantages of activity-based costing over traditional volume-based allocation methods and which of the following manufacturing costs are assigned to products
Draw a cash flow timeline for 1 days sales under existing credit policy b. What is the value effect (?Z) of this decision on 1 day's sales
Share opinion on the statement - " revenue from operations and earnings before interest, taxes, depreciation and amortization differs from each other" how?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd