User Account

All Pages

Prepare bank reconciliation for february

Assignment Help Accounting Basics
Reference no: EM13875259

The bookkeeper at Tony Company has asked you to prepare bank reconciliation as of February 29. The February bank statement and the February T- account for cash showed the following (summarized):

Tony Company's bank reconciliation at the end of January showed no outstanding checks. No deposits were in transit at the end of January, but a deposit was in transit at the end of February.

Required:

1. Prepare bank reconciliation for February.

2. Prepare any journal entries required as a result of the bank reconciliation. Why are they necessary?

3. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger?

4. If the company also has $ 50 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of February?

Reference no: EM13875259

Questions Cloud

Constructed spreadsheet to calculate the payback period : Bullock Gold Mining. from essential of corporate finance. Constructed a spreadsheet to calculate the payback period, internal rate of return, modified internal rate of return, and net present value of the proposed mine. Based on your analysis, should..
How the revenue model week : I mentioned a few weeks back how the revenue model week included an action to get get our product into front of 100 (or more) potential customers to validate pricing assumptions.  It was not part of the formal testing assignment, but was mentioned in..
Develop a physical design of the bi center : Develop a Physical Design of the BI Center - By searching the Internet, select the tools that you will use in the BI Center (e.g., databases, Excel, data mining tools, analytical tools). Select the "free" tools available on the Internet
That shown in table 15-16 and use the work sheet to prepare : Extend the trial balance to an eight column work sheet like that shown in Table 15-16 and use the work sheet to prepare the following financial statements
Prepare bank reconciliation for february : Prepare bank reconciliation for February. Prepare any journal entries required as a result of the bank reconciliation. Why are they necessary? After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in ..
Assignment - planning activity for the persuasive essay : Assignment - Planning Activity for the Persuasive Essay
Seminar be prepared to discuss- science : Choose a developmentally appropriate thematic unit using nature that would interest the students and integrate the following subjects:Science ,Math ,Language Arts ,Sensory.
What was the taxable portion of the social security benefits : -Humphrey and Lauren filed a 2014 joint return. Humphrey earned $31,000 during the year before losing his job. Lauren received Social Security benefits of $5,000. What was the taxable portion of the Social Security benefits? What would have been the ..
From the ledger accounts prepared for p15-8 : From the ledger accounts prepared for P15-8, prepare a trial balance. Extend the trial balance to an eight column work sheet like that shown in Table 15-16 , and use the work sheet to prepare the following financial statements

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