Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Beeler furniture company bank reconciliation june 30 20y2

29/11/2021 Client: muhammad11 Deadline: 2 Day

Chapter 7&8 Homework Assignment

7-1A, 7-5A*, 8-1A, 8-6A

PR 7-1A Evaluating internal control of cash

The following procedures were recently installed by Pine Creek Company:

a. Along with petty cash expense receipts for postage, office supplies, etc., several post-dated employee checks are in the petty cash fund.

b. After necessary approvals have been obtained for the payment of a voucher, the treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing.

c. At the end of each day, all cash receipts are placed in the bank’s night depository.

d. The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer’s office for approval.

e. At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank.

f. The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.

g. All mail is opened by the mail clerk, who forwards all cash remittances to the cashier.

The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts.

h. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers.

Instructions

Indicate whether each of the procedures of internal control over cash represents

(1) a strength or (2) a weakness. For each weakness, indicate why it exists.

PR 7-5A Bank reconciliation and entries

Oneida Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account.

CASH ACCOUNT:

Balance as of June 1 $9,317.40

CASH RECEIPTS FOR MONTH OF JUNE $9,524.16

DUPLICATE DEPOSIT TICKETS:

Date and amount of each deposit in June:

Date Amount Date Amount Date Amount

June 1 $1,080.50 June 10 $ 896.61 June 22 $ 897.34

3 854.17 15 882.95 24 942.71

8 845.00 17 1,607.64 30 1,517.24

CHECKS WRITTEN:

Number and amount of each check issued in June:

Check No. Amount Check No. Amount Check No. Amount

740 $237.50 747 Void 754 $ 449.75

741 495.15 748 $450.90 755 272.75

742 501.90 749 640.13 756 113.95

743 671.30 750 276.77 757 407.95

744 560.88 751 299.37 758 259.60

745 117.25 752 537.01 759 901.50

746 298.66 753 380.95 760 486.39

Total amount of checks issued in June $8,359.66

BANK RECONCILIATION FOR PRECEDING MONTH:

Oneida Furniture Company

Bank Reconciliation

May 31, 20

Cash balance according to bank statement . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,447.20

Add deposit for May 31, not recorded by bank. . . . . . . . . . . . . . . . . . . . . . . 690.25

$10,137.45

Deduct outstanding checks:

No. 731 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $162.15

736 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345.95

738 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251.40

739 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.55 820.05

Adjusted balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,317.40

Cash balance according to company’s records . . . . . . . . . . . . . . . . . . . . . . . $ 9,352.50

Deduct service charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.10

Adjusted balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,317.40

AMERICAN NATIONAL BANK OF CHICAGO

CHICAGO, IL 60603 (312)441-1239MEMBER FDIC

ACCOUNT NUMBER FROM 6/01/20– TO 6/30/20–

BALANCE 9,447.20

DEPOSITS 8,691.77

WITHDRAWALS 8,014.37

OTHER DEBITS

AND CREDITS 3,370.00CR

NEW BALANCE 13,494.609

20

4 ONEIDA FURNITURE COMPANY

* – – – CHECKS AND OTHER DEBITS – – – * – – DEPOSITS – – * – DATE – * – – BALANCE– – *

No.731 162.15 No.736 345.95 690.25 6/01 9,629.35

No.739 60.55 No.740 237.50 1,080.50 6/02 10,411.80

No.741 495.15 No.742 501.90 854.17 6/04 10,268.92

No.743 671.30 No.744 506.88 840.50 6/09 9,931.24

No.745 117.25 No.746 298.66 MS 3,500.00 6/09 13,015.33

No.748 450.90 No.749 640.13 MS 210.00 6/09 12,134.30

No.750 276.77 No.751 299.37 896.61 6/11 12,454.77

No.752 537.01 No.753 380.95 882.95 6/16 12,419.76

No.754 449.75 No.755 272.75 1,606.74 6/18 13,304.00

No.757 407.95 No.759 901.50 897.34 6/23 12,891.89

942.71 6/25 13,834.60

NSF 300.00 6/28 13,534.60

SC 40.00 6/30 13,494.60

EC –– ERROR CORRECTION OD –– OVERDRAFT

MS –– MISCELLANEOUS PS –– PAYMENT STOPPED

NSF –– NOT SUFFICIENT FUNDS SC –– SERVICE CHARGE

* * * * * * * * *

THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL.

ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY.

Instructions

1. Prepare a bank reconciliation as of June 30. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable.

2. Journalize the necessary entries. The accounts have not been closed.

3. What is the amount of Cash that should appear on the balance sheet as of June 30?

4. Assume that a canceled check for $270 has been incorrectly recorded by the bank as $720. Briefly explain how the error would be included in a bank reconciliation and how it should be corrected.

PR 8-1A Entries related to uncollectible accounts

The following transactions were completed by Axiom Management Company during the current fiscal year ended December 31:

Feb. 17. Received 25% of the $30,000 balance owed by Gillespie Co., a bankrupt business, and wrote off the remainder as uncollectible.

Apr. 11. Reinstated the account of Colleen Bertram, which had been written off in the preceding year as uncollectible. Journalized the receipt of $4,250 cash in full payment of Colleen’s account.

July 6. Wrote off the $9,000 balance owed by Covered Wagon Co., which has no assets.

Nov. 20. Reinstated the account of Dugan Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $5,900 cash in full payment of the account.

Dec. 31. Wrote off the following accounts as uncollectible (compound entry): Kipp Co., $3,000; Moore Co., $4,000; Butte Distributors, $8,000; Parker Towers,

$6,700.

31. Based on an analysis of the $1,200,000 of accounts receivable, it was estimated that $60,000 will be uncollectible. Journalized the adjusting entry.

Instructions

1. Record the January 1 credit balance of $40,000 in a T account for Allowance for

Doubtful Accounts.

2. Journalize the transactions. Post each entry that affects the following selected T accounts and determine the new balances:

Allowance for Doubtful Accounts

Bad Debt Expense

3. Determine the expected net realizable value of the accounts receivable as of December 31.

4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ¾ of 1% of the net sales of $7,500,000 for the year, determine the following:

a. Bad debt expense for the year.

b. Balance in the allowance account after the adjustment of December 31.

c. Expected net realizable value of the accounts receivable as of December 31.

PR 8-6A Sales and notes receivable transactions

The following were selected from among the transactions completed by Sorento Co. during the current year. Sorento Co. sells and installs home and business security systems.

Jan. 5. Loaned $17,500 cash to Marc Jager, receiving a 90-day, 8% note.

Feb. 4. Sold merchandise on account to Tedra & Co., $19,000. The cost of the merchandise sold was $11,000.

13. Sold merchandise on account to Centennial Co., $30,000. The cost of merchandise sold was $17,600.

Mar. 6. Accepted a 60-day, 6% note for $19,000 from Tedra & Co. on account.

14. Accepted a 60-day, 9% note for $30,000 from Centennial Co. on account.

Apr. 5. Received the interest due from Marc Jager and a new 120-day, 9% note as a renewal of the loan of January 5. (Record both the debit and the credit to the notes receivable account.)

May 5. Received from Tedra & Co. the amount due on the note of March 6.

13. Centennial Co. dishonored its note dated March 14.

July 12. Received from Centennial Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note.

Aug. 3. Received from Marc Jager the amount due on his note of April 5.

Sept. 7. Sold merchandise on account to Lock-It Co., $9,000. The cost of the merchandise sold was $5,000.

17. Received from Lock-It Co. the amount of the invoice of September 7, less 1% discount.

Instructions

Journalize the transactions.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Grade Essay
Accounting & Finance Master
Homework Tutor
Top Class Engineers
Engineering Solutions
Engineering Exam Guru
Writer Writer Name Offer Chat
Top Grade Essay

ONLINE

Top Grade Essay

As per my knowledge I can assist you in writing a perfect Planning, Marketing Research, Business Pitches, Business Proposals, Business Feasibility Reports and Content within your given deadline and budget.

$46 Chat With Writer
Accounting & Finance Master

ONLINE

Accounting & Finance Master

I have done dissertations, thesis, reports related to these topics, and I cover all the CHAPTERS accordingly and provide proper updates on the project.

$50 Chat With Writer
Homework Tutor

ONLINE

Homework Tutor

I am an elite class writer with more than 6 years of experience as an academic writer. I will provide you the 100 percent original and plagiarism-free content.

$19 Chat With Writer
Top Class Engineers

ONLINE

Top Class Engineers

I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade.

$43 Chat With Writer
Engineering Solutions

ONLINE

Engineering Solutions

I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade.

$37 Chat With Writer
Engineering Exam Guru

ONLINE

Engineering Exam Guru

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$22 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Phil response - A fantastic cave with odysseus and calypso - Cambridge igcse chemistry 0620 - 2d transformation program in computer graphics using opengl - Assignment - Zero plagiarism - Luton town squad 2013 - What was howard schultz's original strategic vision for starbucks - Wr2 to gd2 conversion - A study on cash management of abc company - Blair water purifiers india case analysis - Cluster to array labview - RM A.5 - Why were books banned in fahrenheit 451 according to beatty - Art/disussion - Hyperbole in julius caesar - Fst 7 bodybuilding com - Forklift safe work procedure - Cap XM - Organ leader and decision making - Dca vantage optical test - Emerson climate technologies control board - 5 kingdoms of cells - How to solve step functions - Why CV Masters Are Among the Best IT CV Writers - Blazin squad net worth - Coca cola vs pepsi financial analysis 2013 - Paragon machine works dropouts - Man utd hooligans 1970s - Elevated irt no mutations - Presentation - Characteristics of life concept map homework answers - Clinical Significance - At zappos core values are _______ - Advantages of internal fertilization - Security Architecture and design - Nature vision pak shack 1 man shelter with chair - Concept synthesis paper on personal nursing philosophy - Swot analysis of starwood hotels - The dapper dons partnership was formed - Anticon insulation r value - What are the three types of endowments - Assignment: Self-Report Measures - Man's search for meaning download - Baby sitters club books pdf - Drive reduction theory argues that motivation is a function of - 1 2-dichlorobutane structural formula - Chapter 13 medical math assignment sheet answers - Pizza hut owned by pepsi - Map of curtin university - What is the marginal tax rate in waxwania? - Observing chemical reactions lab report - If a plant asset is retired and is fully depreciated - Medication matters D6 - Forever young america's obsession with never growing old answers - Complex pdu packet tracer - Https www pbs org wgbh frontline film generation like - Basic moves lesson plans - The loaded dog analysis - Researching Database Solutions - Barbara mellix biography - Tasmanian leatherwood honey coles - Esma guidelines 10 788 - Discussion (400 words) - Bibl 104 bible dictionary project - Mcqs of marketing management by philip kotler 13th edition - 4ajob wendy's - Batter my heart as a metaphysical poem - Marketers don t create needs needs preexist marketers - Tarbiyah meaning in english - Snhu it 210 milestone 2 - 192.168 o 8.1 admin - Allison thiel world surf league - Casp uk net - Lead - The night before graduation - Code of professional conduct tax agent - What did charles perkins do - Jones v dunkel inference - Equipment iq oq pq template - Dramatic hip hop instrumental rebel america inc - Show that f is a solenoidal vector field - How many died on hacksaw ridge - Iphone upgrade program iphone 7 - Law quiz - Module 01 Project - Financial Statements - What hr metrics are you familiar with - Locus in coordinate geometry - Non fruiting olive trees perth - Ubertour Part 6&7 - Vending machine mdb interface - M15 white phosphorus grenade - 36 10 as a decimal - Thomas kilmann conflict mode instrument - Studio artes northside inc - Sika wetherill park nsw 2164 - Eaton lighting control systems - Cushing ok wti spot price fob - Study Case - Sdlc table - In memory of my dear grandchild elizabeth bradstreet poem