Prepare the journal entries required to correct books

Assignment Help Accounting Basics
Reference no: EM132720952

Problem - Susan Panera is preparing the June 30 bank reconciliation for Panera Bakery. She discovers the following items that explain the difference between the cash balance on her books and the balance as reported by Lawrence Bank:

1. An ATM withdrawal of $200 for personal use was not recorded by Susan.

2. A deposit of $850 was recorded by Susan but has not been received by Lawrence Bank as of June 30.

3. A check written in payment on account to Jayhawk Supply for $340 was recorded by Susan as $430 and by Lawrence Bank as $530.

4. An ATM deposit of $350 was recorded twice by Lawrence Bank.

5. An electronic funds transfer of $260 to Sunflower Mills as a payment on account was not recorded by Susan.

6. Checks No. 103 for $235 and No. 110 for $127 had not cleared Lawrence Bank as of June 30.

Required - Prepare the journal entries required to correct Panera Bakery's books as of June 30.

Reference no: EM132720952

Questions Cloud

Define total quality management : Address the following bullet points based on the webpage above.
Evaluate the president claims using relevant moral theories : The president of the corporation justified his action by telling, "When in Rome, do as the Romans do". Evaluate the President's claims using relevant moral theo
Explanation of the importance of medical informatics : Definition and explanation of the importance of medical informatics. Medical informatics' impact on the quality of care.
How does proposed social cause support the strengths : How does your proposed social cause support the strengths and opportunities of your organization while helping your organization to overcome
Prepare the journal entries required to correct books : An ATM deposit of $350 was recorded twice by Lawrence Bank. Prepare the journal entries required to correct Panera Bakery's books as of June 30
Should non-profit companies be concerned with liquidity : Should non-profit companies be concerned with liquidity and profitability? Should they be required to publish financial statements? Why or why not?
How do both companies rank in the business category : Give an overview of both companies. How do both companies rank in their business category? (Kohl is a department store and Sephora is a beauty retailer.)
What are access-to-care issues : What are the access-to-care issues in the given situations? Suggest at least two solutions to address the access-to-care issues in these scenarios.
Determine a proxy for investor sentiment : Critically review related literature, and summarise and evaluate approaches to construct proxies for investor sentiment and Determine a proxy for investor

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