User Account

All Pages

Prepare the necessary journal entries

Assignment Help Accounting Basics
Reference no: EM131692505

Question - The bank statement of ABC Pte Ltd dated January 31, 20X1 shows a balance of $31,915. The company's cash records on the same date show a balance of $29,842. The following additional information is available:

(i) A cheque issued by the company to its supplier amounting to $583 is still outstanding.

(ii) A non-sufficient funds cheque of $998 from a customer to settle an outstanding debt was returned by the bank with the bank statement.

(iii) The bank charged $30 as service fee.

(iv) Interest income earned on the company's average cash balance at bank was $458.

(v) A cheque deposit of $420 made on January 31 does not appear on bank statement.

(vi) The bank collected a note receivable of $2,300 and an income interest of $180 on behalf of the company.

Required:

(a) Prepare the bank reconciliation statement using the above information.

(b) Prepare the necessary journal entries. Journal narratives are not required.

Reference no: EM131692505

Questions Cloud

Distinguish between alert data nsm monitoring : Distinguish between alert data (including generation tools) and NSM monitoring (including collection tools). Please be sure to explain so I can understand.
Employment history internship and externship history : Professional Profile Educational History Employment History Internship & Externship History (Only if applicable to your field/program of study)
Information security management facing the nation : In your opinion what is the most important ethical issue concerning information security management facing the nation?
Explain the difference between public : Explain the difference between public, private, and community clouds. What are some of the factors to consider when choosing which of the three to use?
Prepare the necessary journal entries : The bank statement of ABC Pte Ltd dated January 31, 20X1 shows a balance of $31,915. Prepare the necessary journal entries. Journal narratives are not required
Probability-standard normal random variable will have value : Find the probability that a standard normal random variable will have a value between -2 and 300.
Which elements of the marketing communications mix : Which elements of the marketing communications mix would you use for each of the following scenarios?
Evaluate various forms of health care fraud : Evaluate various forms of health care fraud. Evaluate civil and criminal penalties associated with fraudulent activities.
Backup of the erp documents folder : In the Windows Server Backup console, which of the following did you use to schedule a backup of the ERP documents folder?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Victory company uses weighted-average process costing to

victory company uses weighted-average process costing to account for its production costs. direct labor is added evenly

  Recommendations on the reporting

The client has asked for help in reporting some securities, and the audit manager on the job has asked you for recommendations on the reporting.

  The city of jamestown has agreed to acquire a new

the city of jamestown has agreed to acquire a new citymaintenance building under a capital lease agreement. at

  Displays the variable total profit

Create a scatter chart that displays the variable total profit (and no other variables) as a function of the number of wardrobes produced and sold. At low production quantities, total profit may be negative but should still be displayed. Label you..

  Francis equipment co closes its books regularly on december

francis equipment co. closes its books regularly on december 31 but at the end of 2010 it held its cash book open so

  Potential impact on the organization profitability

You have been asked to assess certain risks of an organization and quantify their potential impact on the organization's profitability. As a result of your inquiry, you have determined that the firm is exposed to two primary risks.

  Calculate the amount of operating expenses

Calculate the amount of operating expenses incurred by ABC Company during May. Do not use decimals in your answer.

  Determine the amount to be recognized as depreciation

Stevenson Corporation acquires a one-year old building at a cost of $500,000 at the beginning of Year 2. The building has an estimated useful life of 50 years.

  Prepare an income statement-instockholders equity

Prepare an income statement, statement of changes instockholders' equity, balance sheet, and statement of cashflows

  Compare and contrast the three types of responsibility

compare and contrast the three types of responsibility centers. what is the best way to evaluate a managers performance

  Discussing your ruling as judge in the case

Dave claims the rings were promised to him and asks you as Judge to rule on his claim. How do you rule?

  Straight-line method of amortization for bond permium

Foreman Company issued $600,000 of 10% 20-year bonds on January 1, 20X0. interest payable semiannually on July 1 and January 1. Foreman Company uses the straight-line method of amortization for bond permium or discount.

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