What would be the entries recorded

Assignment Help Accounting Basics
Reference no: EM133186727

Question - Newport Manufacturing has prepared the following bank reconciliation statement:

Cash balance per bank statement

$4,560.20

Add:   Deposits in transit

3240



Less:  Outstanding checks

1520

Adjusted cash balance per bank

$6,280.20



Cash balance per books

$5,790.20

Add: bank collection bill receivable

2600

Bank collection interest

130

Less:  NSF check

$2,020.00

Bank service charge

220

Adjusted cash balance per books

$6,280.20

The accountant has not yet prepared the accounting entries in the book.

Required - What would be the entries recorded?

Reference no: EM133186727

Questions Cloud

What is the machine internal rate of return : The machine would cost $113,730, including freight and installation. What is the machine internal rate of return
Show how you can take advantage of this series : Assuming that you have $1,000,000 in cash, show how you can take advantage of this series of exchange rates and the profit you would make
Should birch close the plant for two months : Birch Company normally produces and sells 48,000 units of RG-6 each month. Should Birch close the plant for two months
Describe the macroeconomic impacts of covid-19 : Implement a wide variety of economic stimulus and support packages and Describe the macroeconomic impacts of Covid-19
What would be the entries recorded : The accountant has not yet prepared the accounting entries in the book. What would be the entries recorded
Network management team forming : Provide the email communication between you and your teammate for marking as well as the member details (name, student-id) of your team
Industry report and company report : The market structure of the industry by determining the concentration ratio in the industry and how market structure affects the entry into the market
What was the total actual cost of the direct materials : You find a copy of the budget which shows that materials were budgeted at $0.60/unit. What was the total actual cost of the direct materials
Prepare a perpetual inventory record for the cricket bats : Prepare a perpetual inventory record for the Cricket Bats. Then determine the amounts Cricket Central should report for ending inventory

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journal entries to record salaries and wages expense

Prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the January 2011 pay period.

  Did the mayor do wrong

When confronted by the press she pointed out that the state, balanced budget laws require only that the General Fund  break even and that she could not in good conscience allow the city to retain idle resources when people needed help. What, if an..

  Social change research paper

through a great deal of governmental scrutiny as well as how it has evolved into twentieth century times only to go on with placing an array of challenges such as epidemics of organized crime and what some publicize as undue criticism on today's l..

  Accounting for credit card sales

On July 20, Wolverine presents credit card receipts to its bank in the amount of $10,000; the collection charge is 4%. Prepare the journal entry on Wolverine's books on July 20, the date of deposit.

  Compute stanley basic and diluted earnings per share

Stanley Department Stores reported net income of $720,000 for the year ended, Compute Stanley's basic and diluted earnings per share for the year ended December

  What are the cash collections from sales on account

Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $248,186, $304,519.

  How much can charles deduct on return

How much can Charles deduct on his return? Charles, a self-employed real estate agent, attended a conference on the impact of some new building

  Calculate the amount wayne needs to invest

Calculate the amount Wayne needs to invest to give him a one-third interest in the partnership's capital if no goodwill or bonus is recorded

  Premium expense-inventory of premiums

Bonita places a coupon in each box of its product. Customers may send in five coupons and $3-A total of 400,000 boxes of product were sold in 2010. It was estimated that 6% of the coupons would be redeemed.

  What disadvantage of constructing versus purchasing assets

Provide a presentation to the senior management team highlighting the accounting advantages and disadvantages of constructing versus purchasing assets

  Make all the legder accounts in the books of h ltd

A. Ltd. Forwarded on 1st December,Make all the legder accounts in the books of H.Ltd, and Pass journal entries for all the transactions relating to consignment.

  What are the required journal entries for the dates

Fair value at grant date, as determined by using a binomial valuation model is $5. What are the required journal entries for the dates

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd