User Account

All Pages

Prepare a bank reconciliation statement for mini mart

Assignment Help Accounting Basics
Reference no: EM133127631

Question - The bank statement for the Mini Mart Corporation shows a balance of $1,320 on June 30, but the company's cash in bank account had a balance of $348 on the same date. Comparison of the amounts reported on the bank statement with the company's records indicates (a) deposits of $110, representing cash receipts of June 30, that did not appear on the bank statement; (b) outstanding cheques totalling $240; (c) bank service charges for June amounting to $6; (d) collection of a note receivable by the bank on behalf of the company for $870 plus $43 in interest revenue; and (e) a cheque for $65 from a customer that was returned with the bank statement and marked NSF.

Required -

1. Prepare a bank reconciliation statement for Mini Mart Corporation as at June 30.

2. Prepare any journal entries that should be made as a result of the bank reconciliation.

Reference no: EM133127631

Questions Cloud

Virtual and face to face team dynamics : Identify and explain some differences between virtual teams and face to face teams (identify the author who listed the difference.
What is the approximate inventory loss as a result : On the eve of June 15, 2014, a fire destroyed the entire merchandise inventory of WIND Corp. What is the approximate inventory loss as a result
Discuss impact to thepractice of human resource management : Discuss the impact to thepractice of human resource management as a result of these industrial revolution eras. Use an example in each era discussion
How much revenue should be reflected in the fiscal year : Total tuition paid by students for the summer session amounted to $132,000. How much revenue should be reflected in the fiscal year ended June 30, 2019
Prepare a bank reconciliation statement for mini mart : The bank statement for the Mini Mart Corporation shows a balance of $1,320 on June 30, Prepare a bank reconciliation statement for Mini Mart
Identify pros and cons of equity financing-debt financing : Identify the pros and cons of equity financing and debt financing, which are two main ways companies raise capital.
What is estimate of fixed costs for fleet operating expenses : What is the best estimate of fixed costs for fleet operating expenses in 2020 using the high-low method
What degree is type of price discrimination : What degree is this type of price discrimination? How will the plan increase revenue? Why is this a legal form of pricing?
Main pitfalls is trying to be all things to all stakeholders : As part of the reading, the problem of unfocused strategies was explored. One of the main pitfalls is trying to be all things to all stakeholders.

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