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What would be the journal entry for this transaction

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1. Bank customer Jake Arnott withdrew $8,800 from his deposit account. What would be the Journal entry for this transaction?

2. Ignoring rates of taxation, assume that the bank managers estimates that the tax payment for the ensuing year to be $4,600. What would be the monthly adjusting entry to cover the tax payment at the end of the year?

3. At the end of the year, bank manager's estimations properly matched with the government's tax computations and the tax payment amounted to $4,600. If that is the exact amount of the tax to be paid, what would be the adjusting entry to cover the payment for the tax?

4. At the end of the year, bank manager's estimations have not matched with the government's tax computations and the tax payment amounted to $5,100. If that is not the exact amount of the tax to be paid, what would be the adjusting entry to cover the payment for the tax?

5. On August 24th, bank bought $20,000 worth of accounting system from Fino Ltd. and issued a post-dated cheque to pay this supplier. Date on the cheque was October 15th What would be the adjusting entry to record this transaction?

6. Few weeks later, on September 17th, owner of the Fino Ltd. came to bank to clear the cheque before the maturity date. Bank charged 3% commission for cashing the cheque before the date written on the cheque.

7. At the end of January, Bank accountant made records of the staff salaries. Amount of monthly salary is $44,000. Barker bank generally pays its staff salaries within the three working days of the following month. (3rd February) So, what would be the adjusting entry for the salary payment on 31st January?

8. What would be the adjusting entry for the salary payment on 3rd February?

9. On 1st Jan 2013, Booster Bank borrowed loan of $3,000,000 from Redstone Bank. Monthly interest rate of the loan is 5%. Booster bank pays interest to the lender at the end of every monthly. (12 months). What would be the adjusting entry for interest payments for the following 1 month? What would be the adjusting entry for the interest payment end of year 2013?

Reference no: EM132572975

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