How much cash william store actually

Assignment Help Accounting Basics
Reference no: EM131574351

Problem - Bank reconciliation and Journal entry

Tammy Williams operates a UPS Store. She has just received the monthly bank statement at May 31, 2017, from Scotiabank, and the statement shows an ending balance of $595. Listed on the statement are an electronic funds transfer (EFT) customer collection of $300, a service charge of $12, two NSF cheques totalling $120, and a $9 charge for printed cheques. In reviewing her cash records, Williams identifies outstanding cheques totalling $603 and a May 31 deposit in transit of $1,788. During May, she recorded a $290 cheque for the salary of a part-time employee as $29. William's Cash account shows a May 31 cash balance of $1,882.

Required:

a) Need bank reconciliation that will show how much cash William's store actually has at May 31.

b) Prepare the journal entries that Williams needs to record on May 31 to update her Cash account.

Reference no: EM131574351

Questions Cloud

How could the data be used by citizens to influence policy : How could the data be used by citizens to influence policy. Provide at least two community advocacy and societal change ideas. Explain them and how they would
Explain how does fed decide to and then close an institution : Create a report about How does the fed decide to and then close an institution? The primary source of information should be the Internet.
An overview of the process of decolonization : Write a three to five page paper that provides an overview of the process of decolonization following World War II.
Explain exception of the performance information : With the exception of the performance information you will list at the top of your paper, your paper should be in essay
How much cash william store actually : Problem - Bank reconciliation and Journal entry. Need bank reconciliation that will show how much cash William's store actually has at May 31
Find all parallel edges : For each of the graphs in: Find all edges that are adjacent to e1.
Calculate total rental cost and total buying cost : Problem - Based on the following data, would you recommend buying or renting? Calculate total rental cost and total buying cost
Discuss the characteristics of the given conflict strategies : Discuss the characteristics of the following conflict strategies. What are the pros and cons of each? When should you use or not use them?
Demonstrate the ability to use the 3d studio max : Demonstrate the ability to use the 3D Studio Max user interface and functions and develop rendering techniques using procedural shaders and texture maps

Reviews

Write a Review

Accounting Basics Questions & Answers

  As part of the initial investment a partner contributes

1.on may 1 20xx a firm purchased a 1 year insurance policy for 1800 and paid the full premium in advance. the insurance

  Prepare a schedule to determine the gross profit

Mojave sold her condominium for $500,000 on September 14, 2010; she had paid $330,000 for it in 2002. Mojave collected the selling price as follows: 2010, $80,000; 2011, $320,000; and 2012, $100,000. Mojave appropriately uses the installment-sales..

  Arrow industries employs a standard cost system in which

arrow industries employs a standard cost system in which direct materials inventory is carried at standard cost. arrow

  Salvage value at the end of service life

The equipment is estimated to have a $5,000 salvage value at the end of its 10-year useful service life.

  Liabilities in a horizontal balance sheet

Why is capital shown under the liabilities in a horizontal balance sheet. This needs to be explained to an owner who is arguing his capital is his major asset.

  A fertilizer manufacturing company wants to relocate

A fertilizer manufacturing company wants to relocate to Collier County. A 13-year-old report from a fired researcher at the company says the company's product is releasing toxic by-products.

  Problem regarding the evaporation of river water

To avoid this "thermal pollution" of the river, the plant could instead be cooled by evaporation of river water. (This is more expensive, but in some areas it is environmentally preferable.) At what rate must the water evaporate? What fraction of ..

  Explain why prospect theory predicts that security prices

efficient securities market theory has long been under attack from behavioural finance which draws on behavioural

  Compute the contribution margin unit

Compute the contribution margin unit, and calculate the break-even point in units (notes: round answer to the nearest unit.) Calculate the contribution margin ratio and the break-even sales revenue to the nearest dollars.

  Determine and compute comprehensive income for 2013.

Instructions (1) Determine other comprehensive income for 2013. (2) Compute comprehensive income for 2013

  Conduct an audit of anorganisation or part of

conduct an audit of anorganisation or part of anorganisation or a process of your choice vis-agrave-vis the provisions

  The income statement

The income statement

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!

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