Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) Create a bank Reconciliation as of August 31 from following information

a) August 31 balance shown on bank statement is $9,810

b) There is a deposit in transit of 1,260 at August 31

c) Outstanding checks at august 31 totaled 1890

d) Interest credited to account during august but not recorded on company's book amounted  to 108

e) Bank charge of $36 for check was made to account during august. Though company was expecting a charge, its amount was not known until bank statement arrived

f) In process of reviewing canceled checks, it was determined that checks issued to a supplier in payments of account payable of $631 had been recorded as disbursement of $361

g) August 31 balance in general ledger Cash account before reconciliations is 9378

problems:

1. Compute the beginning balance per the bank?

2. Compute the beginning balance per the books?

3. Compute the total amount of outstanding checks?

4. Compute the total amount of deposits in transits?

5. Compute the total amount of the interest earned?

6. Compute the total amount of the errors?

7. Compute the adjusted or reconciled balance per bank?

8. Compute the adjusted or reconciled balance per books?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920483

Have any Question? 


Related Questions in Accounting Basics

Accounting information systemsfor this assignment research

Accounting Information Systems For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case. Explain how the firm's accounting information syste ...

Assignmentyour accounting firm has been asked to recommend

Assignment Your accounting firm has been asked to recommend an online accounting system for several businesses who are looking to automate their accounting. Research five online accounting systems (including QuickBooks O ...

Internet case-citizen-centric reportingalthough citizens

Internet Case-Citizen-Centric Reporting Although citizens should be concerned about the performance of government, in truth, few citizens typically review the financial information provided by their government. In part, ...

The trial balance before adjustment for sheffield company

The trial balance before adjustment for Sheffield Company shows the following balances.   Dr. Cr. Accounts Receivable $84,800 Allowance for Doubtful Accounts 2,420 Sales Revenue   $434,200 Using the data above, give the ...

Accounting assignmentgrant film products wishes to expand

Accounting Assignment Grant Film Products wishes to expand and has borrowed $100,000. As a condition for making this loan, the bank requires that the business maintain a current ratio of at least 1.50. Business has been ...

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around acquisition accounting to a real-world example. Requirements for the assignment: Each student will select ...

Tf question1under the modified accrual basis of accounting

T/F QUESTION 1 Under the modified accrual basis of accounting, there is no matching principle and no attempt to amortize costs that benefit multiple periods. 2 In fund accounting, expenditures may be classified in differ ...

Problem 3-2 lo 2 simple equity method adjustments

Problem 3-2 (LO 2) Simple equity method adjustments, consolidated worksheet. On January 1, 2015, Paro Company purchases 80% of the common stock of Solar Company for $320,000. Solar has common stock, other paid-in capital ...

Assignmentto write discussion post min 350 words for each

Assignment To write discussion post. Min 350 words for each task. Do not use any direct quotes and/or cut and pasted information (i.e. your discussion is to be 100% your thoughts, ideals and insights). A minimum 350 word ...

Reading concept summaryno plagiarism must be original

Reading Concept Summary **NO PLAGIARISM. MUST BE ORIGINAL. PLEASE USE REFERENCES IF NEEDED ** Write a 260- to 350-word summary of this week's readings. Please write about the following: Fixed Assets, Depreciation, and In ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro