Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

Task1. Portland Boat Limited’s bank statement for the month of November showed the balance per bank of $7,000. The company's Cash account in the general ledger had the balance of $5,659 at November 30. Other information is given below:

(1) Cash receipts for November 30 recorded on company's books were $5,200, but this amount doesn’t appear on the bank statement.

(2) The bank statement shows debit memorandum for $40 for cheque printing charges.

(3) Cheque No. 119 payable to Lynch Company was recorded in general journal and cleared bank for $248. A review of accounts payable records shows a $36 credit balance in account of Lynch Company and that the payment to it must have been for $284.

(4) The total amount of cheques still outstanding at November 30 amounted to $5,800.

(5) Cheque No. 138 was correctly written and paid by bank for $409. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $490.

(6) The bank returned an NSF check from customer for $560.

(7) The bank comprised a credit memorandum for $1,260, which represents assortment of a customer's note by the bank for company; principal amt of note wa $1,200 and interest was $60. Interest hasn’t been accrued.
Instructions

(a) Make bank reconciliation for Portland Boat Limited at November 30.

(b) Make any adjusting entries essential as a result of the bank reconciliation.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M94225

Have any Question? 


Related Questions in Financial Accounting

Assignment exxon versus chevronaccording to the textbook

Assignment: Exxon versus Chevron According to the textbook, the income statement measures the success of a company's operations for a given period. The income statement is important to investors and creditors, because it ...

Assignmentscenario for assignments 1-5for assignments 1-5

Assignment Scenario for Assignments 1-5 For Assignments 1-5, you are the new budgeting and finance administrator for your local government agency. Your first responsibility is to become familiar with the agency, the budg ...

Assignmentyou have just been hired as a new management

Assignment You have just been hired as a new management trainee by XYZ Co, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little i ...

Assignmentable company issued 690000 of 7 percent first

Assignment Able Company issued $690,000 of 7 percent first mortgage bonds on January 1, 20X1, at 103. The bonds mature in 20 years and pay interest semiannually on January 1 and July 1. Prime Corporation purchased $460,0 ...

Assignmentwill beck ron beck and barb beck formed the bbb

Assignment Will Beck, Ron Beck, and Barb Beck formed the BBB Partnership by making capital contribution of $183,750, $131,250 and $210,000, respectively. They predict annual partnership net income of $225,000 and are con ...

1 differentiate between economic rights and non-economic

1. Differentiate between economic rights and non-economic rights under the 14 th amendment. 2. Explain the importance of quality management and apply statistical quality control techniques. 3. To what extent do sole prop ...

Assignmentsheetbend amp halyard casejack tar cfo of

Assignment Sheetbend & Halyard Case Jack Tar, CFO of Sheetbend & Halyard, Inc., opened the company's confidential envelope. It contained a draft of a competitive bid for a contract to supply duffel canvas to the US Navy. ...

Assignment1 benzton inchad sales of 1200000 during 2015

Assignment 1. Benzton Inc.had sales of $1,200,000 during 2015. Twenty-five percent of these were cash sales. In addition to the 2015 cash sales, $569,400 of the 2015 credit sales were collected during the year. $30,000 o ...

Prior to the financial meltdown that occurred around 2008

Prior to the financial meltdown that occurred around 2008, bond-rating agencies were accused of unethical behavior because they were paid by the organizations that they rated. Many of these companies would shop around fo ...

Assignment government-wide statements net assets amp

Assignment: Government-Wide Statements, Net Assets, & Journals Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications. Include any relevant ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen