User Account

All Pages

Prepare the necessary journal entry to update the accounting

Assignment Help Financial Accounting
Reference no: EM132696614

Bank reconciliation for Data Flow, Inc. December 31:

1. At December 31, cash per the bank statement was $15,981; cash per the company's records was $17.445.

2. Two debit memoranda accompanied the bank statement: service charges for December of $24. and a $600 check drawn by Jane Jones marked "NSF."

3. Cash receipts of $4,353 on December 31 were not deposited until January 4.

4. The following checks had been issued in December but were not included among the paid checks returned by the bank: no. 620 for $978, no. 630 for $2,052, and no. 641 for $483.

Problem a. Prepare a bank reconciliation at December 31.

Problem b. Prepare the necessary journal entry or entries to update the accounting records.

Problem c. Assume that the company normally is not required to pay a bank service charge if it maintain a minimum average daily balance of $1.000 throughout the month. If the company's average daily balance for December had been $4,500, why did it have to pay a $24 service charge.

Reference no: EM132696614

Questions Cloud

What order size would recommend : At its minimum, the difference in total annual cost between 800 and 801 units would be small anyway. What order size would you recommend?
How much can borrow for shady bank : Shady Bank is willing to lend you a lump sum of up to $50,000. If you expect to be able to pay back $38,000 in one year's time, how much can you borrow?
How much is the twelfth payment : How much is the twelfth payment? Harper borrowed $10,500.00 from Frack and agreed to make 11 quarterly payments of $1,000.00
Differentiate business strategy versus strategic management : Differentiate business strategy versus strategic management
Prepare the necessary journal entry to update the accounting : Prepare the necessary journal entry or entries to update the accounting records. Prepare a bank reconciliation at December 31.
What is the primary goal a publicly traded corporation : What is the primary goal a publicly traded corporation should pursue and why?
Developmental goals for a new frontline manager : Develop TWO (2) ONE (1) developmental goals for a new frontline manager to include in his individual developmental plan to improve performance.
Explain the provisions in the fair work act : Identify and explain the provisions in the Fair Work Act 2009 which restrict the right of union officials to enter their members' workplaces to investigate.
Prepare bank reconciliation for sun company for oct : Prepare bank reconciliation for Sun Company for Oct 31, 2020. he balance on the cash account in the book on Oct 31, 2020 is $35,344.

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