User Account

All Pages

Prepare bank reconciliation for smith inc at may

Assignment Help Accounting Basics
Reference no: EM132964308

Question - The following information was available for Smith Inc. for the month ended May 31, 20XX.

a) The book balance at May 31, 20XX was $4,790.22.

b) The bank balance at May 31, 20XX was $5,660.22.

c) Outstanding cheques amounted to $6,310.

d) The May 31st cash receipts of $5,600 were deposited but have not yet appeared on the bank statement.

e) A $50 debit memorandum for cheques printed by the bank was included with the cancelled cheques.

f) A customer's note for $1,000 was collected by the bank. In addition interest on the note was $110.

g) The bank incorrectly recorded a cheque payment of $1,600 as $1,500.

h) A cheque made out by Essex Company for $1,000 deposited on May 15 is returned by the bank marked NSF.

REQUIRED - Prepare bank reconciliation for Smith Inc. at May 31, 20XX and record the appropriate journal entries. There is a template provided that you can use to answer this question.

Reference no: EM132964308

Questions Cloud

Prepare the adjusting journal entry : On 1 February 2013, Jude Ltd borrowed $30,000 cash on a 180-day (fixed), 20% interest- bearing bill payable. Prepare the adjusting journal entry
Do believe fairly measures portfolio performance : Do you see any weaknesses with using the CAPM to calculate expected returns? Do you believe it fairly measures your portfolio's performance?
What is the financial advantage of accepting special order : If Collins Co. accepts the order, it will have no effect on other customers. What is the financial advantage or disadvantage of accepting the special order
Calculate receivables turnover and average collection period : Calculate the receivables turnover and average collection period for both companies. 2017 financial statements of Canadian National Railway Company.
Prepare bank reconciliation for smith inc at may : A $50 debit memorandum for cheques printed by the bank was included with the cancelled cheques. Prepare bank reconciliation for Smith Inc at May
What is the value of the stock today for xyz : After the third year, the dividend will grow at a constant rate of 5 percent per year. The required return is 10 percent. What is the value of the stock today?
Describe what the variable overhead cost variance measures : Question - Describe what the variable overhead cost variance measures about a company and what it means if it is favorable or unfavorable
What is the dividend yield and capital gains yield : The dividends are anticipated to maintain a 5% growth rate forever. If the stock currently sells for $48.00 per share, what is the required return?
What will be the price in three years : f investors require an 11% return on Amco stock, what is the current price? What will be the price in three years? In fifteen years?

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