User Account

All Pages

Prepare mcknights bank reconciliation

Assignment Help Financial Accounting
Reference no: EM131706932

Prepare Bank Reconciliation

McKnight Company's June 30 bas statement shows a balance of $14,750. McKnig's books show a 30 cash balance of $13,600. McKnight also has the following information:

1. Deposits in transit as of June 30, $1,000

2. Outstanding checks as of June 30, $2,500

3. $100 service charge reported on the bank statement
4. NSF check returned with bank statement, $1,500

5. Interest on note receivable collected by the bank, $1,250

Required

Prepare McKnight's bank reconciliation as of June 30 and prepare any necessary journal entries resulting from the reconciliation. What is the actual cash balance that should be reported on the June 30 balance sheet?

Reference no: EM131706932

Questions Cloud

Details the events of the protestant reformation : Your online lesson this week details the events of the Protestant Reformation, a historic turning point for Western civilizations.
Determine violation of the first amendment rights : The director of the crime lab then suspended Houseman and Harmon. They claimed that their suspension was in retaliation for their letter about the no-bid.
Define a criminal justice organization : a criminal justice organization different than managing a commercial business
How is this piece of media in relation to the history : Why do you like this character, hate that character, based on what you know from your own life experience?
Prepare mcknights bank reconciliation : Prepare McKnights bank reconciliation as of June 30 and prepare any necessary journal entries resulting from the reconciliation. What is the actual cash balanc
How selectionism helped company redefine its business model : Discussion: Option International- From the e-Activity, determine how selectionism helped this company redefine its business model.
Define federal service labor-management relations act : The director responded that the decision was not subject to bargaining under the Federal Service Labor-Management Relations Act.
Elaborate a bit on how situational rage : briefly describe and elaborate a bit on how situational rage and/or accumulated rage
Does the union action violate federal law : The staff auditors and clerks at the federal Internal Revenue Service Processing Center in Andover, Massachusetts are represented by the National Treasury.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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