User Account

All Pages

Discuss when checks written during the month were compared

Assignment Help Financial Accounting
Reference no: EM131714583

Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month of August 2016.

As of August 31, the bank statement shows a balance of $10,625. The August 31 unadjusted balance in the Cash account of Hall's Cards is $7,322. A review of the bank statement revealed the following information:

1.A deposit of $1,630 on August 31, 2016, does not appear on the August bank statement.2.It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $2,450 but was recorded on the books as $3,350.

3.When checks written during the month were compared with those paid by the bank, three checks amounting to $4,115 were found to be outstanding.

4.A debit memo for $82 was included in the bank statement for the purchase of a new supply of checks.

Reference no: EM131714583

Questions Cloud

Determine corrected net incomes : Give the entry to bring the books of the company up to date in 2015, assuming that the books have been closed for 2014
What would be the amount applied to paying : What would be the amount applied to paying of the principal balance for the 3rd payment
Create an overview of a specific topic area : Identify the ways delivery of sport psychology services may be evolving given the availability of modern technology and alternative types of communication.
Do you agree or disagree with friedman claim : Do you agree or disagree with Friedman’s claim that the only social responsibility of businesses is to generate profits? Why or why not?
Discuss when checks written during the month were compared : When checks written during the month were compared with those paid by the bank, three checks amounting to $4,115 were found to be outstanding
How hipaa privacy and security rules benefit the integrity : Explain how HIPAA Privacy and Security Rules benefit and support the integrity of the healthcare industry, patient, and physician.
What elements could be included in the essay : How to write a good application essay that you can show your interest on architecture? What elements could be included in the essay?
Determining the environmental considerations : Planning and designing, space and ambience to reflect functional, technical, and social, and environmental considerations are part of?
Identify problem as a test of independence : "Snake eyes," a local gambler, let a group of sophomores know they would be welcome in a dice game. After 3 hours the sophomores went home broke.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Manufacturing costs consisted of direct labor

Last month, PeeWee Company manufactured 20,000 units and sold 18,000 of these units at a price of $8.00 per unit. Manufacturing costs consisted of direct labor, $30,000; direct materials, $32,000; variable manufacturing overhead, $3,600; fixed manufa..

  Production budget-how many units should be produced

Morganton Company makes one product and it provided the following information to help prepare the master budget for its first four months of operations: What are the expected cash collections for July? What is the accounts receivable balance at the e..

  Illustrate what impact does the entry to record

The company's fiscal year ends on February 28. Debbie's sold 500 shares of common stock at $6 per share on April 1. Illustrate what impact does the entry to record the April 1 transaction have on total stockholders' equity?

  Section of code apply to transaction-consequences to Brian

Carrot Corp, Inc. owns and operates a carrot farm. Shawn formed Carrot Corp by contributing farmland with an adjusted basis of $95,000 in exchange for 100 shares of stock in 1980. Shawn owns the only stock in Carrot Corp. In answering the above quest..

  Intermediate products should be processed further

Beets 'R' Us processes sugar beets in batches that it purchases from farmers for $57 a batch. A batch of sugar beets costs $12 to crush in the company's plant. Two intermediate products, beet fiber and beet juice, emerge from the crushing process.

  Direct labor rate variance

Lion Company's direct labor costs for the month of January were as follows: Actual total direct labor-hours............ 20,0000 Standard total direct labor-hours.........21,000 Direct labor rate variance—unfavorable...$3,000 Total direct labor cost....

  Prepare closing entries that gomez would record on december

Prepare the closing entries that Gomez would record on December 31. Unrecorded interest owed to the center totaled $275 as of December 31.

  Budgeted labor hours and actual manufacturing overhead

Kei Products uses a predetermined overhead application rate of $18 per labor hour. A review of the company's accounting records revealed budgeted manufacturing overhead for the period of $621,000, applied manufacturing overhead of $590,400, and overa..

  Made at time of the issuance of the bonds and warrants

Illiad Inc. has decided to raise additional capital by issuing $179,300 face value of bonds with a coupon rate of 10%. In discussions with investment bankers, it was determined that to help the sale of the bonds, detachable stock warrants should be i..

  Dobson manufacturing company

Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $59,60..

  In relation to adjusting entries and the estimates

In relation to adjusting entries and the estimates used in them. How can you be assured that financial statements are accurate? What steps can be taken to make sure that the estimates are as accurate as possible?

  What is price of the straight preferred stock

Barnes air conditioning inc. has two classes of preferred stock floating rate preferred stock and straight (normal) preferred stock. Both issues have a par value of $100. What is the rate of the floating rate preferred stock likely to be? Will the st..

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd