Business, 12.03.2021 14:40 aspenbaxter201634

A. The August 31 balance shown on the bank statement is $9,830. b. There is a deposit in transit of $1,280 at August 31.
c. Outstanding checks at August 31 totaled $1,871.
d. Interest credited to the account during August but not recorded on the company's books amounted to $99.
e. A bank charge of $39 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived.
f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $638 had been recorded as a disbursement of $371.
g. The August 31 balance in the general ledger Cash account, before reconciliation, is $9,446.

Required:
a. Prepare the adjusting journal entry that should be prepared to reflect the reconciling items.
b. What is the amount of cash to be included in the August 31 balance sheet for the bank account reconciled?

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 18:00

Employers hiring for entry-level positions in hospitality and tourism expect workers to

Answers: 3

Answer

Business, 21.06.2019 20:20

while setting up his new office, an attorney ordered thick, frieze carpets for the floor. however, the building inspector had him remove the expensive carpeting. the building inspector stated that according to federal regulations, the office must be wheelchair accessible as it is a public area. he further explained that since wheelchairs do not maneuver well in thick, frieze carpeting, the carpets had to be removed and be replaced with smooth-textured carpets that do not restrict wheelchair maneuverability. this scenario illustrates how a company is influenced by the component of its specific environment.

Answers: 2

Answer

Business, 22.06.2019 12:20

If jobs have been undercosted due to underallocation of manufacturing overhead, then cost of goods sold (cogs) is too low and which of the following corrections must be made? a. decrease cogs for double the amount of the underallocation b. increase cogs for double the amount of the underallocation c. decrease cogs for the amount of the underallocation d. increase cogs for the amount of the underallocation

Answers: 3

Answer

Business, 22.06.2019 17:40

Solomon chemical company makes three products, b7, k6, and x9, which are joint products from the same materials. in a standard batch of 320,000 pounds of raw materials, the company generates 70,000 pounds of b7, 150,000 pounds of k6, and 100,000 pounds of x9. a standard batch costs $3,840,000 to produce. the sales prices per pound are $10, $14, and $20 for b7, k6, and x9, respectively. (a) allocate the joint product cost among the three final products using weight as the allocation base. (b) allocate the joint product cost among the three final products using market value as the allocation base. (c) allocate the joint product cost among the three final products using weight as the allocation base.

Answers: 3

Answer

You know the right answer?

A. The August 31 balance shown on the bank statement is $9,830. b. There is a deposit in transit of...

Questions