Assignment
Question I
On January 2, Jasmine's Beauty Supplies Inc. issued Check 3100 for $300 to establish a petty cash fund. On January 31, Check 3159 was issued to replenish the petty cash fund. An analysis of payments from the fund showed these totals: Supplies, $57; Delivery Expense, $98; and Miscellaneous Expense, $33.
Indicate how these transactions would be recorded in a general journal.
Question II
On January 2, The Public Legal Clinic issued Check 2108 for $430 to establish a petty cash fund. Indicate how this transaction would be recorded in a general journal,
Question III
Read the following transactions.
Lourdes LLC. keeps a $100 change fund in its cash register. At the end of the day, cash sales per the register tape were $3,280. The cash count was $3,700.
Calculate the amount over or short.
Question IV
Di Stefano Office Supply Company received a bank statement showing a balance of $68,105 as of March 31, 2019. The firm's records showed a book balance of $69,499 on March 31. The difference between the two balances was caused by the following items.
A. A debit memorandum for $52, which covers the bank's collection fee for the note (item 6).
B. A deposit in transit of $3,800.
C. A check for $250 issued by another firm that was mistakenly charged to Di Stefano's account.
D. A debit memorandum for an NSF check of $6,145 issued by Wozniak Construction Company, a credit customer.
E. Outstanding checks: Check 3782 for $2,300; Check 3840 for $153.
F. A credit memorandum for a $6,400 noninterest-bearing note receivable that the bank collected for the firm.
Prepare a bank reconciliation statement for the firm as of March 31. Prepare the necessary journal entries for March 31, 2019 from the statement.
Question V
Di Stefano Office Supply Company received a bank statement showing a balance of $68,105 as of March 31, 2019. The firm's records showed a book balance of $69,499 on March 31. The difference between the two balances was caused by the following items.
A. A debit memorandum for $52, which covers the bank's collection fee for the note (item 6).
B. A deposit in transit of $3,800.
C. A check for $250 issued by another firm that was mistakenly charged to Di Stefano's account.
D. A debit memorandum for an NSF check of $6,145 issued by Wozniak Construction Company, a credit customer.
E. Outstanding checks: Check 3782 for $2,300; Check 3840 for $153.
F. A credit memorandum for a $6,400 noninterest-bearing note receivable that the bank collected for the firm.
Prepare a bank reconciliation statement for the firm as of March 31. Prepare the necessary journal entries for March 31, 2019 from the statement.
Question VI
On March 31, 2019, Home Decorating Pavilion received a bank statement showing a balance of $9,850. The balance in the firm's checkbook and Cash account on the same date was $10,500. The difference between the two balances is caused by the items listed below.
A. A $2,975 deposit made on March 30 does not appear on the bank statement.
B. Check 358 for $535 issued on March 29 and Check 359 for $1,750 issued on March 30 have not yet been paid by the bank.
C. A credit memorandum shows that the bank has collected a $1,100 note receivable and interest of $110 for the firm.
D. A service charge of $35 appears on the bank statement.
E. A debit memorandum shows an NSF check for $575. (The check was issued by Dane Jaris, a credit customer.)
F. The firm's records indicate that Check 341 of March 1 was issued for $800 to pay the month's rent. However, the canceled check and the listing on the bank statement show that the actual amount of the check was $750.
G. The bank made an error by deducting a check for $610 issued by another business from the balance of Home Decorating Pavilion's account.
Required:
A. Prepare a bank reconciliation statement for the firm as of March 31, 2019.
B. Record entries for any items on the bank reconciliation statement that must be journalized.
Question VII
A firm's bank reconciliation statement shows a book balance of $16,000, an NSF check of $490, and a service charge of $29. Its adjusted book balance is
Question VIII
Florence Company received a bank statement showing a balance of $12,300 on November 30, 2019. During the bank reconciliation process, Florence's accountant noted the following bank errors:
Florence Company received a bank statement showing a balance of $12,300 on November 30, 2019. During the bank reconciliation process, Florence's accountant noted the following bank errors:
A. A check for $146 issued by Florentine, Inc., was mistakenly charged to Florence Company's account.
B. Check 2782 was written for $200 but was paid by the bank as $1,200.
C. Check 2920 for $80 was paid by the bank twice.
D. A deposit for $680 on November 22 was credited by the bank for $860.
Assuming outstanding checks total $1,650, prepare the adjusted bank balance section of the November 30, 2019, bank reconciliation.
Question IX
During the month a company paid $44.75 for office supplies and $53.22 for miscellaneous expenses from the petty cash fund. The entry to replenish the petty cash fund at the end of the month would include
Question X
Read each of the following transactions.
a. The cash sales per a register tape were $567. The cash count is $546.
b. The cash sales per a register tape were $8,100. The cash count is $7,740.
Prepare the general journal entries to record the above transactions.
Question XI
Teng Corporation received a bank statement showing a balance of $14,450 as of October 31, 2019. The firm's records showed a book balance of $14,057 on October 31. The difference between the two balances was caused by the following items.
A. A debit memorandum for an NSF check from Richard Wolf for $419.
B. Three outstanding checks: Check 7017 for $119, Check 7098 for $50, and Check 7107 for $1,510.
C. A bank service charge of $15.
D. A deposit in transit of $852.
Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries for the year 2019.
Format your assignment according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.