User Account

All Pages

Prepare the journal entries to update the cash account

Assignment Help Accounting Basics
Reference no: EM131703567

Question - On September 3D, Hall Company's Cash account had a balance of $31.970. On that date, the bank statement had a balance of $25,920. Analysis of the bank statement and comparison of the statement with the records indicated the following:

  • Deposits in transit at the end of September - $ 13,439
  • Outstanding checks at the end of September - 5,210
  • Bank service charge - 11
  • Customer's returned check, NSF - 1,470
  • Bank collection of note on our behalf - 4,780
  • Interest income on note - 230

In reviewing the records, Hall Company also discovered the following error: A Morgan Company check of $1,350 was deducted from Hall Company's account.

Required: Prepare the journal entries necessary to update the Cash account so that its balance is equal to the adjusted balance per bank reconciliation. Make sure to enter the day for each separate transaction.

Reference no: EM131703567

Questions Cloud

Discuss the client-professional relationship : assessments help both the professional and the client identify goals to work toward in the client-professional relationship
Using the chromate-dichromate reaction : Using the chromate/dichromate reaction, to answer the following questions.
Calculate the lattice energy : Construct an enthalpy diagram to calculate the lattice energy of CaCl2 from the following information.
Perform the indicated operations then simplify : Perform the indicated operations, then simplify. How long would it take them to paint the house if they worked together? Show all your work.
Prepare the journal entries to update the cash account : Prepare the journal entries necessary to update the Cash account so that its balance is equal to the adjusted balance per bank reconciliation
Disuses a bankruptcy year prior to his ex-wife : what protection would an individual have as the bank was still reporting and "open & delinquent" account on this persons credit bureau
Separate samples of an unknown salt : Separate samples of an unknown salt (ionic compound) solution are treated with dilute solutions of H2Br, H2SO4 and NaOH.
Square root of the molecular weight of the gas : Which of the following properties of a real gas is related to the b coefficient in the van der Waals equation?
Find the x-intercept and the y-intercept of given equation : Use the quotient property to rewrite log10( x/10,000). Find the x-intercept and the y-intercept of -3x + 5y = 30. Show your work.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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