Use the following information for Funk Ltd to answer the questions below. Assume errors (if any)...
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Use the following information for Funk Ltd to answer the questions below. Assume errors (if any) were committed by the company Funk Ltd Bank Statement, April of 2011 Date 4/1 Description Beginning Balance Charges Deposits Balance $19,900 4/2 Deposit (received 3/31) 5,780 4/8 EFT-Muller Corporation 410 4/8 Check #501 2,420 4/19 NFS check-Nader LLC 180 4/19 Deposit (received 4/17) 6,240 4/21 Check #502 474 4/28 Check #503 1,260 4/30 Interest Earned 158 4/30 Service Charge 31 4/30 Ending Balance $28,123 Funk Ltd Cash T-account, April of 2011 Cash (Balance, 4/1) (Deposit, 4/17) (Deposit, 4/29) 25,680 6,460 2,420 3,800 474 (Check #501) (Check #502) 1,260 (Check #503) 332 (Check #504) (Balance, 4/30) 31,454 REQUIREMENT 1: In the company's April Bank Reconciliation, what number will the company enter as, "Ending Correct Cash Balance" in the "as per Bank Statement" column? REQUIREMENT 2: What journal entry (if any) will the company record from any errors noted in the bank reconciliation process? Account No Journal Entry Required Debit REQUIREMENT 3: What journal entry (if any) will the company record for any outstanding checks? Account No Journal Entry Required Debit REQUIREMENT 4: What journal entry (if any) will the company record for the NSF Chack from Nader LLC? Account No Journal Entry Required Debit Credit Credit Credit Use the following information for Funk Ltd to answer the questions below. Assume errors (if any) were committed by the company Funk Ltd Bank Statement, April of 2011 Date 4/1 Description Beginning Balance Charges Deposits Balance $19,900 4/2 Deposit (received 3/31) 5,780 4/8 EFT-Muller Corporation 410 4/8 Check #501 2,420 4/19 NFS check-Nader LLC 180 4/19 Deposit (received 4/17) 6,240 4/21 Check #502 474 4/28 Check #503 1,260 4/30 Interest Earned 158 4/30 Service Charge 31 4/30 Ending Balance $28,123 Funk Ltd Cash T-account, April of 2011 Cash (Balance, 4/1) (Deposit, 4/17) (Deposit, 4/29) 25,680 6,460 2,420 3,800 474 (Check #501) (Check #502) 1,260 (Check #503) 332 (Check #504) (Balance, 4/30) 31,454 REQUIREMENT 1: In the company's April Bank Reconciliation, what number will the company enter as, "Ending Correct Cash Balance" in the "as per Bank Statement" column? REQUIREMENT 2: What journal entry (if any) will the company record from any errors noted in the bank reconciliation process? Account No Journal Entry Required Debit REQUIREMENT 3: What journal entry (if any) will the company record for any outstanding checks? Account No Journal Entry Required Debit REQUIREMENT 4: What journal entry (if any) will the company record for the NSF Chack from Nader LLC? Account No Journal Entry Required Debit Credit Credit Credit
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Requirement 1 The Ending Correct Cash Balance in th... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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