Reference no: EM131031760
Problem 644 Prepare I bank reconclllation and record adJustments LO P3
The following information applies to the problems that given below.
The following information is available to reconcile Branch Company's book balance of cash wiih its bank statement cash balance as of July 31, 2015.
a. On July 31, the company's Cash account has a $24754 debit balance, but its July bank statement shows a $26,22O cash balance.
b. Check No. 3031 for $1J70 and Check No. 3040 for $577 were outstanding on the June 3O bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $361 and Check No. 3069 for $1,938, both written in July, are not among ihe canceled checks on the July 31 statement.
c. ln comparing the canceled checks on the bank statement with the entrles in the accounting records, it is found that Check No. 3056 for July rent was correctly written and drawn for $1,220 but was erroneously entered in the accounting records as $1,210.
d. A credit nremorandum enclosed with the July bank statement lndicates the bank collected $5,500 cash on a non-interest-bearing note for Branch, deducted a $28 collection fee, and credited the remainder to its account. Branch had not recorded this event before receiving the statement.
e. A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF.
f. Enclosed with the July statement is a $8 debit memorandum for bank services. lt has not yet been recorded because no previous notification had been received.
g. Branch's.july 31 claily cash receipts of $6,652 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement.
Required:
1. Prepare the bank reconciliation for this company as of July 31, 2015.
2. Prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of July 31, 2015. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
|
Prepare the project proposal for a project
: You are expected to prepare the project proposal for a project of sufficient complexity and value that you are familiar with to highlight the costing approach and appraisal of the project. Your proposal should include:
|
|
Evaluate the company ratios against the industry norm
: Find industry quartiles for each of the ratio and evaluate the company ratios against the industry norm (a major competitor company) (cross-section analysis)
|
|
Prepare henleys contribution format income statement
: Henley Horticulture provides and maintains live plants in office buildings. Prepare Henley's contribution format income statement for the month.
|
|
What is the products contribution margin
: What is the product's contribution margin? What is the product's CM ratio? What is the margin of safety in dollars and units for Crestline Pipe?
|
|
Prepare journal entries necessary to bring companys balance
: Prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.
|
|
Write down the best-response functions of firms
: Write down Apple's best-response function. Also, write down Microsoft's best-response function - Conclude which outcomes of the game constitute a Nash equilibrium.
|
|
Difference between intellectual virtue and moral virtue
: Summarize Aristotle's reasoning from book I, chapter 13 for the claims that the best human life consists by cultivating and exercising sets of excellent traits. Explain the difference between intellectual virtue and moral virtue. How can each be ..
|
|
Prepare bank reconciliation for business solutions
: Prepare bank reconciliation for Business Solutions for the month ended March 31, 2016. Prepare any necessary adjusting entries. Use Miscellaneous Expenses, No. 677, for any bank charges.
|
|
What tall structure did you decide to measure
: Move a certain distance,d toward the Structure. Now you are at point B. Measure the distance, d , from A to B. What was that distance? Move a certain distance,d toward the Structure. Now you are at point B. Measure the distance, d , from A to B. W..
|