User Account

All Pages

Prepare the journal entries that should be made in records

Assignment Help Accounting Basics
Reference no: EM132527280

Question - Mask Limited received the bank statement from bank as at the end of June 2019:

Deposit/(Withdraw) Balance

Balance, May 31 2019 $20,000

Deposits recorded during June $38,000 58,000

A note including $500 interest deposited by a customer to the bank

2,400 60,400

Cheques cleared during June (41,000) 19,400

Bank service charges (40) 19,360

NSF check (given by customer B Johnson) (100) 19,260

Balance, June 30 2019 $19,260

The company had ending cash balances $22,000 and $17,700 in May 2019 and June 2019 respectively. It had checks written $41,300 and cash deposits $37,000 during June 2019. The bank reconciliation for 31 May 2019 showed that deposits in transit $2,000 was carried forward from 31 May 2019.

Required -

(a) Prepare bank reconciliation statement as at 30 June 2019.

(b) Prepare the journal entries that should be made in the accounting records after the above bank reconciliation is prepared.

Reference no: EM132527280

Questions Cloud

What happens when there is a positive shock : What happens when there is a positive shock to aggregate demand from a boom in the construction of new housing? Explain using the multiplier diagram
Explain why arson evidence is packaged in metal cans : Explain why arson evidence is packaged in metal cans. Explain the difference between the headspace and vapor concentration techniques in determining.
Event that the number of visas increase : Now, in the event that the number of visas increase, the implication is that it becomes more difficult for immigrants to enter a country legally.
What budget cost of goods manufactured for upcoming year : The fixed manufacturing overhead for the year is estimated to be $150,000. What is the budgeted cost of goods manufactured for the upcoming year?
Prepare the journal entries that should be made in records : Prepare the journal entries that should be made in the accounting records after the above bank reconciliation is prepared
Explain difference in class and individual charactersitics : Explain the difference between class and individual characteristics. What class and individual characteristics would an examiner look for in fingerprints?
Building of the bridge will result in an estimated : A proposed bridge on the interstate highway system is being considered at the cost of 3 million dollars.
What is the budgeted cost of purchasing material : Material A and 6,000 ounces of Material B in inventory on December 31. What is the budgeted cost of purchasing Material B in the upcoming year?
Prepare the entries Salem made in related to the patent : On June 30, 2022, Salem spent $12,000 to defend its patent rights. Salem's defense was successful. Prepare the entries Salem made in 2022 related to the patent

Reviews

Write a Review

Accounting Basics Questions & Answers

  Supplies expense for the amount of the payment

Increase its Supplies account. decrease its Supplies account. Increase its Supplies Payable account decrease stockholder's equity

  Prepare the companys cash budget for february

Prepare the company's cash budget for February in good form. Make sure to indicate what borrowing

  What percentage of sales can we afford to pay

What percentage of sales can we afford to pay the salesperson and make the same profit as we would have if we did not accept the plan

  Big bear company deals in distressed properties and makes

big bear company deals in distressed properties and makes high-risk sales. in 2012 the company sold for 250000 a piece

  Vega corporation purchased a patent at a cost

The amount charged to income (expense and loss) in 2019 related to the patent should be:$ 26,000.$219,200.$ 53,600.$217,000.

  What is meant by the term tax haven

Tax-Haven Subsidiary. Answer the following questions: What are the desired characteristics for a country if it expects to be used as a tax haven?

  What are budgeted purchases in units for december

Budgeted sales for December are 3,909 units. The November 30 inventory was 1,919 units. What are Budgeted purchases in units for December

  How much will white receive

Wong and White are partners. If profits before distributions were $650 000 how much will White receive

  Identify and evaluate the breach event

For each organization, recommend changes to their security controls that could have better protected customers' data. Identify and evaluate the breach event

  Which of the following sets of accounts is the general fund

Which of the following sets of accounts is the General Fund likely to have? Which of the following transactions results in reporting a transfer out in the General Fund statement of revenues, expenditures and changes in fund balance?

  What is the breakeven point for this company

The variable cost per unit is $15 and the company incurs fixed costs of $50,000 per month. What is the breakeven point for this company

  Compute the present value of the following cash flows

calculate the present value of the following cash flows rounding to the nearest dollara. a single cash inflow of

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