Post from cash receipts and cash payments journals

Assignment Help Accounting Basics

Reference no: EM132694173

Question - Below is information about Adam Ltd's cash position for the month of May 2020.

1. The general ledger Cash at Bank account had a balance of $42,400 on 30 April.

2. The cash receipts journal showed total cash receipts of $585,408 for May.

3. The cash payments journal showed total cash payments of $530,148 for May.

4. The June bank statement reported a bank balance of $82,368 on 30 May.

5. Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820.

6. Cash receipts of $20,180 for 31 May were not included in the May bank statement.

7. A dishonoured cheque written by a client Jim Ltd, $272

8. A credit for an electronic transfer from a customer of $1,288

9. Interest earned, $88

10. Account and transaction fees, $240.

Required -

a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May.

b) Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account.

c) Prepare a bank reconciliation statement at 31 May.

Reference no: EM132694173

Questions Cloud

Benefits issue from publically available digital source : You will individually research and select a current compensation and benefits issue from a publically available digital source.

Calculate the bad debt expense at July : J & B Company uses the percentage of sales approach to estimate its uncollectible accounts. Calculate the bad debt expense at July 31, 2020

Business intelligence : Discuss the types of business intelligence/data gathering/data warehousing used by the company/organization.

What is an operational budget : What is an operational budget? What items are included in an operational budget? What is a master budget? What items are included in a master budget

Post from cash receipts and cash payments journals : Account and transaction fees, $240. Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account

What is the weighted average cost of capital : What is the cost of equity using the CAPM? What is the cost of debt using Book Valuation? What is the weighted Average Cost of Capital (WACC)?

Provide an analysis of division of partnership assets : Provide an analysis of division of partnership assets under RUPA when there is not a written partnership agreement. How should the assets be divided

Health services marketing plans might promote social change : Continue the Discussion and provide additional insights on how health services marketing plans might promote social change.

Discuss some common characteristics of balanced scorecards : Discuss some common characteristics of balanced scorecards. How do most organizations identify which performance measures their balanced scorecard will include

User Account

All Pages