User Account

All Pages

Prepare the bank reconciliation for flounder enterprises

Assignment Help Financial Accounting
Reference no: EM132746719

Question - The following data have been gathered for Flounder Enterprises Limited for the month ended October 31, 2020:

The cash balance at October 31, 2020 was $19,380. The ending balance shown on the bank statement was $24,720.

Cheques outstanding at October 31, 2020 were:

#109 $7,200

#111 $600

#114 $875

The bank statement showed a deposit of $485 for a $500 non-interest bearing note that the bank had collected on behalf of the company, net of the $15 bank service charge. This amount was not yet recorded in the company's books.

The bank statement revealed $45 in bank service charges.

The bookkeeper had recorded a cheque for $60 as $660 in error. The cheque was a payment on account payable.

A deposit made on October 29, 2020 for $2,200 did not appear on the bank statement.

A deposit made on October 31, 2020 for $500 did not appear on the bank statement.

A cheque from a customer for $1,675 was returned NSF with the bank statement.

Required -

A. Prepare the bank reconciliation for Flounder Enterprises Limited as of October 31, 2020.

B. Do the necessary journal entries as a result of the bank reconciliation.

Reference no: EM132746719

Questions Cloud

What you have learned to your professional lives : You have the opportunity to be creative and to relate what you have learned to your professional lives.
What is the return on investment for the project : Given the following information - Retained earnings, beginning $70242, what is the return on investment for the following project
What will have been your return on these shares : Preferred shares with a par value of $100 pay a 6% dividend. The dividend is paid annually. What will have been your return on these shares
At what amount in dollar should the inventory be shown : The exchange rate is FC1 = $0.90. At what amount in dollar should the inventory be shown in the translated financial statements on December 31, 20X1
Prepare the bank reconciliation for flounder enterprises : The bank statement revealed $45 in bank service charges. Prepare the bank reconciliation for Flounder Enterprises Limited as of October 31, 2020
How many withdrawals will he or his heir be able to make : Mr. Ghani wants to deposit his savings of Rs. 50,000 in a bank, How many withdrawals will he or his heir (in case of his death) be able to make
Common hacking techniques you should know about : Hacking is the process of gaining unauthorized access into a computer system, or group of computer systems.
What is the value of the firm : Suppose that with the $49,000 of debt and no costs to financial distress the firm has a value of $198,957.5. What is the value of the firm
Future technologies important to management of health : You found the most beneficial in learning more about computers and health information technology.

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