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Purpose of a bank reconciliation

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Reference no: EM132338047

Q1. Discuss in your words the purpose of a bank reconciliation.

Q2. Prepare general journal entries for the following transactions of this company for the current year:

Apr. 25

Sold SAR 4,500 of merchandise to CBC Corp., receiving a 10%, 60-day, SAR 4,500 note receivable.

June 24

The note of CBC Corp., received on April 25 was dishonored.

Q3. A company purchased mining property containing 7,350,000 tons of ore for SAR 1,837,500. In 2009 it mined and sold 857,000 tons of ore and in 2010 it mined and sold 943,000 tons of ore.

a. Calculate the depletion expense for 2009 and 2010.
b. What was the book value of the property at the end of 2010?

Q4. Define liabilities and explain in your words the differences between current and long-term liabilities.

Chapter 6:Cash and internal control
Chapter 7: Analyzing and Recording Receivables
Chapter 8:Analyzing and Recording Long-term assets
Chapter 9: Analyzing and Recording Short-term Liability
Chapter 11: Reporting and Analyzing Equity

Textbook - Financial Accounting by John J. Wild Sixth Edition - McGraw-Hill/Irwin

Verified Expert

" The assignment is prepared to make journal entries for machinery acquisition, estimating bad debts and identifying assets both short term and long term and also identifying current liabilities and long term liabilities etc. This assignment was prepared in Microsoft word and APA referencing has been adopted for the same".

Reference no: EM132338047

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