Reference no: EM13948522
The following information pertains to Laguna Corp.
1. Cash balance per bank, October 31, $8,205.
2. Cash balance per books, October 31 $8,340.
3. October bank service charges not recorded by the depositor $15.
4. Deposits in transit, October 31, $6,000.
5. Note for $5,000 collected for Laguna in October by the bank, plus interest $125 less fee $20. The collection has not been recorded by Allied, and no interest has been accrued.
6. Outstanding checks, October 31, $850
7. NSF check: $325 from the customer.
8. Deposit for $250 from the customer was not recorded in the accounting records.
Required:
Prepare a bank reconciliation at October 31, 2007, and journal entries. Identify the items above that will require journal entries in the accounting records. Circle the corresponding number.
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Journalize the entry to record the sale
: journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.
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Appointed auditor for gibbs manufacturing company
: As a recently appointed auditor for Gibbs Manufacturing Co., the Manager of the audit, asked you to examine selected accounts before issue the financial statement of 12/31/10, to be audited.
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Colicchio corporation acquired two inventory
: Colicchio Corporation acquired two inventory items at a lump-sum cost of $60,000. The acquisition included 3,000 units of knife X001, and 3,000 units of knife X002. X001 normally sells for $20 per unit, and X002 for $10 per unit.
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Prepare the journal entries for all the related transaction
: Prepare the journal entries for all the related transaction.
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Prepare a bank reconciliation
: Prepare a bank reconciliation at October 31, 2007, and journal entries. Identify the items above that will require journal entries in the accounting records. Circle the corresponding number.
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Summarize the events
: Summarize the events of a recent of a well known accounting scandal. Identify how the illegal or unethical act was detected and describe the punishments that resulted.
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Amount of gross profit
: The acquisition included 3,000 units of knife X001, and 3,000 units of knife X002. X001 normally sells for $20 per unit, and X002 for $10 per unit. If Colicchio sells 1,000 units of X002, what amount of gross profit should it recognize
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Deducted in computing the cost
: Deducted in computing the cost-to-retail ratio. Employee discounts.Abnormal shortages.Sales returns.
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Donalds dresses experienced
: Donalds Dresses (DD) experienced the following events in 2014 and uses the perpetual inventory method. For each event, show how cash, the balance sheet (A=L+E) and the income statement (R-E=NI) are affected.
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