Prepare the adjusted bank balance book balance of the bank

Assignment Help Accounting Basics
Reference no: EM132463877

Teng Corporation received a bank statement showing a balance of $14,600 as of October 31, 2019. The firm's records showed a book balance of $14,180 on October 31. The difference between the two balances was caused by the following items.

Point 1: A debit memorandum for an NSF check from Richard Wolf for $422.

Point 2: Three outstanding checks: Check 7017 for $122, Check 7098 for $53, and Check 7107 for $1,540.

Point 3: A bank service charge of $18.

Point 4: A deposit in transit of $855.

Question 1: Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries for the year 2019

Reference no: EM132463877

Questions Cloud

Do see any problems with cindys proposal : Do you see any problems with Cindy's proposal?Would your advice vary if she called you after she had already sold the land to the plan?
Determine the expected value of the lottery ticket : A lottery ticket has a grand prize of $48.9 million. The probability of winning the grand prize is .000000047.
How is tax-exempt status is granted to public charities : What differences are there in terms of the criteria an organization must meet to be designated tax-exempt? What governing body decides on these criteria?
How cost of living explains salary in sample of cities : A regression analysis helps provide explanation on how cost of living explains salary in this sample of cities.
Prepare the adjusted bank balance book balance of the bank : Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries
Evaluate the integral : Evaluate the integral over the parallelogram D bounded by the lines y = 3/2 x - 4, y = 3/2 x + 2y, y = -2x + 1, and y = -2x + 3
Find the value of the 30th percentile : Problem: The following data are the time in minutes taken to complete a stat exam.
Prepare the adjusted bank balance section of the november : Assuming outstanding checks total $2,200, prepare the adjusted bank balance section of the November 30, 2019, bank reconciliation.
Calculate the mean and standard deviation : Calculate the mean and standard deviation. (Round your mean value to 2 decimal places and standard deviation to 3 decimal places.)

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.

  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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd