User Account

All Pages

How the reconciled cash balance that should be reported

Assignment Help Financial Accounting
Reference no: EM132706526

Question 1. Prepare journal entries to record the following transactions entered into by the Transatlantic Corporation:

2012

July 2- Received a $10,000, 6%, 1-year note from Jesse Ltd as full payment on his account.

Aug. 4 -Sold merchandise on account to Samuel Ltd for $14,000, terms 2/10, n/30.

Oct. 8 -Samuel, Inc., returned merchandise worth $1,000.

Dece. 4- Received payment in full from Samuel Inc.

Dece. 30 -Accrued interest on Jesse note.

2013

May 2 -Jesse Ltd honored his promissory note by sending the face amount plus interest. (2 marks)

Question 2. Transatlantic Corporation Cash account has a balance of $851 as of May 31st. The bank statement for this account reports a balance of $1,430 as of May 31st. Meanwhile, there are outstanding checks totaling $840 and a deposit in transit of $60. The Company's bank statement shows interest earned of $19, service charges of $30, a customer's returned check of $100, and a check printing cost of $90. The reconciled Cash balance that should be reported on the Transatlantic balance sheet as of May 31st is how much?

Reference no: EM132706526

Questions Cloud

Would it be possible to ensure effective emergency response : The nation's system of emergency management relies predominantly upon the efforts of unpaid volunteer first responders. Is this type of system sustainable?
Create the spreadsheet model and use solver : Formulate the LP model for this problem and Create the spreadsheet model and use Solver to solve the problem.
Conduct a three-stage roe decomposition or dupont analysis : You are preparing an equity research report focusing on Mattel.Conduct a three-stage ROE Decomposition (DuPont Analysis) for Mattel.
Explain why geneticists use notations like cw : Explain why geneticists use notations like CW and CR to describe white and red alleles associated with genes showing incomplete dominance.
How the reconciled cash balance that should be reported : Transatlantic Corporation, The reconciled Cash balance that should be reported on the Transatlantic balance sheet as of May 31st is how much?
Preparing a recipe to be used by home cooks : What must a chef consider when preparing a recipe to be used by home cooks?
Best chance of decreasing stomach emptying : An active transport pump, located in the cell membrane of the parietal cell of the stomach, called "H+/K+ ATPase" is essential for a) the intestinal absorption
Compute what adjustment is needed to the cash balance book : Find What adjustment is needed to the Cash balance book? The receipts were actually $43. The deposit slip for the bank was prepared correctly as $43.
How does gender equality interact with the history lens : How does gender equality interact with the history lens and impact social issues? In what ways does the history lens help articulate a deeper understanding.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Process costing

Tempe Manufacturing Company makes a single product that is produced on a continuous basis in one department. All materials are added at the beginning of production. The total cost per equivalent unit in process in March 2009 was $4.60, consisting of ..

  What would be the depreciation expense recognized

The B.S. Law Firm purchased new computers on January 1, 2011 for a total cost of $30,000. The computers have a useful life of 3 years and no salvage value. The straight line depreciation method is used. If on January 1, 2013 it is determined that the..

  Budgeted costs at its anticipated production level

Wooster has the following budgeted costs at its anticipated production level (expressed in hours): variable overhead, $167,700; fixed overhead, $252,000. If Wooster now revises its anticipated production slightly upward, it would expect:

  What annual rate of interest did you earn on bond

At maturity, the bond can be redeemed for $1500. What annual rate of interest did you earn on this bond?

  Using the fifo perpetual inventory method

McCarthy Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it purchased 20 units at $205 each. 11 units are sold on October 4. Using the FIFO perpetual inventory method, what is the value of inventory after the Octob..

  FNSORG506 Prepare Financial Forecasts and Projections

FNSORG506 Prepare Financial Forecasts and Projections Assignment Help and Solution, Australian Pacific College - Assessment Writing Service

  Assess the control risk over shipping and billing functions

Your firm has selected you to develop and assess the control risk over shipping and billing functions of ABC Company. The audit manager wishes to rely on control risk assessment at a low level. In other words, the firm would like to be able to assess..

  Record the company payment of salaries on january

Form the necessary adjusting entry for salaries expense on December 31, 2019. Record the company's payment of salaries on January 5, 2020.

  Calculate additional funds needed

Calculate Additional Funds Needed and Evaluate Full Capacity Sales and find Exercise value of the call option and Premium on the option

  What is the corporations basis in the building

Sandra owned a rental apartment building in her sole name for four years. After her business advisors suggested that she conduct her rental activity in corporate form, she promptly transferred the apartment building to ABC Rental Corporation, a newly..

  Consider with respect to this contemplated transaction

Jean and Paul are equal partners in the J&P Partnership. On December 30 of the current year, the partnership agrees to liquidate Jean's partnership interest, starting this December 30th and for the following four years. What tax issues should Jean an..

  What is consolidated net income attributable

On January 1, 2014, Chamberlain Corporation pays $532,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $19,000 results from the acquisition. The parent figures contain no income from the subsidiary. What is consolid..

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