User Account

All Pages

Prepare a bank reconciliation for the Interactive Ltd

Assignment Help Accounting Basics
Reference no: EM132561957

Question - Following the previous question, on 31 May 2019 Interactive Ltd had a cash balance as per company records of $18,000 debit. The bank statement from Community Bank on that date showed a credit balance of $ 16,800. A comparison of the statement with the cash account revealed the following facts:

1. The bank statement included a debit entry of $120 for managing the company's account.

2. Cash sales of $1,882 on 12 May were deposited in the bank. The cash receipts journal entry were incorrectly made for $1,782. The bank credited Interactive Ltd for the correct amount.

3. Cheque #420 for $1,350 have not yet been presented to the bank.

4. Cash receipts amounting to $2,000 which were deposited at the bank on 30 May have not yet been recorded as a deposit by the bank.

5. On 31 May the bank statement showed a dishonoured cheque of $530 that had been issued by a customer to Interactive Ltd.

Required - Prepare a bank reconciliation for the Interactive Ltd.

Reference no: EM132561957

Questions Cloud

Compute the amount of vacation benefits : If they accumulate vacation time at the rate of 1.5 vacation days for each month worked, compute the amount of vacation benefits
Risks and benefits of offering intermediate sanction : Describe the risks and benefits of offering the intermediate sanction to this offender. Do the benefits outweigh the risks? Why or why not?
Evidence-collection unit process crime scene : List at least three advantages of having an evidence-collection unit process a crime scene instead of a patrol officer or detective.
Find the unit manufacturing cost of portable and vip filing : Find the unit manufacturing cost of Portable and VIP filing cabinets by using the company's current overhead costing procedures.
Prepare a bank reconciliation for the Interactive Ltd : The bank statement included a debit entry of $120 for managing the company's account. Prepare a bank reconciliation for the Interactive Ltd
What is the financial break-even sales level for this projet : Assume that the operating cash flow that makes NPV equal to zero is $72,000. What is the financial break-even sales level for this project
Calculate the profit that hard knock manufactures : Assume that each bat is sold at R4 500, calculate the profit that Hard Knock Manufactures make if they both manufacture and sell 8 000 bats
Calculate the manufacturing cost of one leap motion screen : Calculate the manufacturing cost of one Leap Motion Screen. Calculate manufacturing cost of one Oculus Drift Device. Calculate selling price of one Hoverboad
Future issues facing correctional and court administrators : Explain current and future issues facing correctional and court administrators in addressing and managing potential human service needs.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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