Reference no: EM132544056
Problem - Bank Reconciliation
The cash transactions and cash balances of Flagg, Inc., for August were as follows:
The ledger account for Cash showed a balance at August 31 of $9,200.
The August bank statement showed a closing balance of $7,480.
The cash received on August 31 amounted to $31 00. It was left at the bank in the night depository chute after banking hours on August 31 and therefore was not recorded by the bank on the August statement.
Also included with the August bank statement was a debit memorandum from the bank for $25 representing service charges for August.
A credit memorandum enclosed with the August bank statement indicated that a no n-interest-bearing note receivable for $3,000 from Joyce Sisters Manes, left with the bank for collection, had been collected and the proceeds credited to the account of Flagg, Inc.
Comparison of the paid checks returned by the bank with the entries in the accounting records revealed that check no. 912 for $630, issued August 15 in payment for computer equipment, had been erroneously entered in Flagg's records as $360.
Examination of the paid checks also revealed that three checks, all issued in August, had not yet been paid by the bank: no. 917 for $270; no. 919 for 3130; no. 922 for $200
Included with the August bank statement was a $200 check drawn by Sharon Jaffer, a customer of Flagg, Inc. This check was marked "NSF." It had been included in the deposit of August 27 but had been charged back against the company's account on August 31.
Instructions - Prepare a bank reconciliation for Flagg, Inc., at August 31.
|
Ordinary annuity instead of perpetuity
: If your required rate of return does not change, how much would you be willing to pay if this were a 15-year annual payment, ordinary annuity instead
|
|
How much is the margin of safety for the company for June
: Total fixed expenses, $42000; Actual sales for the month of June, 3000 units. How much is the margin of safety for the company for June
|
|
Find what is timber ridge net profit margin
: Find What is Timber Ridge's net profit margin? Round to 3 decimal places. The Timber Ridge Company has the following relationships.
|
|
How much regulation should be implemented by government
: Discuss the role consumers play in promoting product safety. Next, explain how much regulation should be implemented by the government.
|
|
Problem - Bank Reconciliation
: Problem - Bank Reconciliation. The cash received on August 31 amounted to $31 00. It was left at the bank in the night depository chute after banking hours
|
|
Write an explanation of your interest in the organization
: Choose one organization among any of the posts (your own or any of your classmates) from the Discussion 1, "Understanding Your Role as a Writer."
|
|
Evaluate What is the AFN
: Last year, it had $5 million of its assets tied to sales, $3 million in sales-affected liabilities, and a retention ratio of 0.3. What is its AFN?
|
|
CTEC5722 Critical Systems Assignment
: CTEC5722 Critical Systems Assignment Help and Solution, De Montfort University - Assessment Writing Service - Critically evaluate the current taxonomies
|
|
How long to the nearest year would it take the purchasing
: In 1978 the average tuition for one year at an Ivy League school was Rs.1,950. In 2007, the average cost was Rs.14,850. What was the growth
|