Reference no: EM131812005
Problem - The cash account for Meers Medical Co. at November 30, 2012, indicated a balance of $14,470.19. The bank statement indicated a balance of $8,999.48 on November 30, 2012. Comparing the bank statement and the accompanying canceled checks and memoranda with the records revealed the following reconciling items:
a. Checks outstanding: Check #23 for $124.20; Check #29 for $231.70 and Check #31 for $489.26.
b. A deposit for $550.00 representing receipts for November 30, had been made too late to appear on the bank statement.
c. Interest earned on the checking account was $29.23 and Bank Service charges for November were $12.00.
d. A check for $770.07 returned with the statement had been incorrectly recorded by the company for $707.07. The check was for the payment of an account payable.
e. A deposit for $6,000.00 was incorrectly recorded by the bank as $600.00. You plan on calling the bank tomorrow morning to report the error.
f. A customer's check for $320.10 from Nancy Su was returned by the bank because of insufficient funds.
Instructions:
1. Prepare a bank reconciliation as of November 30 using the form below.
2. Journalize the necessary entries based on the reconciliation.
3. After these entries have been posted, what would be the balance of cash on the Balance Sheet on 11/30/2012?
Calculate the fixed and variable costs
: The BlueDenim Company makes blue jeans. The company's controller wants to calculate the fixed and variable costs associated with electricity
|
What will be each partner managerial role in the restaurant
: Decide what each partner's managerial role in the restaurant will be. For example, who will be responsible for the necessary departments and specific activities
|
Explain a basic understanding of marketing
: Everyone should have a basic understanding of marketing. It can be used to market products, services, people, companies, charities, and ideas.
|
Explain why transfer prices based on total actual costs
: Explain why transfer prices based on total actual costs are not appropriate as the basis for divisional performance measurement
|
Journalize the necessary entries based on the reconciliation
: A customer's check for $320.10 from Nancy Su was returned by the bank because of insufficient funds. Journalize necessary entries based on the reconciliation
|
Prepare the first month financial statements
: Scenario: You have accepted a job as the Controller of a start-up company- a consulting firm, called Smith Steele Consulting.
|
Evaluate the cost of treating infectious diseases in the us
: From the e-Activity, evaluate the cost of treating infectious diseases in the U.S. compared to the U.K., in terms of person, time, and place.
|
Schedule of cash payments for a service company
: EastGate Physical Therapy Inc. is planning its cash payments for operations for the first quarter (January-March), 2017.
|
What is the probability that the average weight is less
: The weight of the contents of cans of mixed nuts have a normal distribution with men 32.4 ounces and standard deviation of 0.4 ounces.
|