1. The cash account for Sandy Co. on April 30 indicated a balance of $20,915. The March bank statement indicated an ending balance of $25,645. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $5,975. b. A deposit of $3,796 had been made too late to appear on the bank statement. c. A check for $1,482 returned with the statement had been incorrectly recorded as $482. The check was originally issued to pay on account. d. The bank collected $4,515 on a note left for collection of which $515 was interest revenue. e. Bank service charges for April amounted to $70. f. A check for $894 was returned by the bank because of insufficient funds. Prepare a bank reconciliation as of April 30.( 10 points) 2. Present entries to record the following transactions: (7 points) (a) Established a petty cash fund of $235. (b) The petty cash fund now has a balance of $42.80. Replenished the fund, based on the following disbursements as indicated by a summary of the petty cash receipts: office supplies, $74.50; miscellaneous administrative expense, $92.75; and miscellaneous selling expense, $18.60. (c) Increased the petty cash fund to $300.

3. The following is the adjusted trial balance for Simon Company. Simon Company Adjusted Trial Balance December 31 2018 Account No. Debit Balances Credit Balances Cash 11 5,130 Accounts Receivable 12 3,300 Prepaid Expenses 13 420 Equipment 18 12,400 Accumulated Depreciation 19 2,200 Accounts Payable 21 700 Notes Payable 22 3,070 Nadia Porter, Capital 31 13,000 Nadia Porter, Drawing 32 700 Fees Earned 41 10,930 Wages Expense 51 2,450 Rent Expense 52 1,900 Utilities Expense 53 1,475 Depreciation Expense 54 1,150 Miscellaneous Expense 59 975 Totals 29,900 29,900 Prepare an income statement (Single step), statement of owners equity, and a classified balance sheet. (20 points) 4. Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.) (6 points) (a) Determine the due date of the note. (b) Determine the maturity value of the note. (c) Journalize the entry to record the receipt of the payment of the note at maturity.

5. The beginning inventory and purchases of an item for the period were as follows: Beginning inventory 6 units at $70 each First purchase 10 units at $75 each Second purchase 18 units at $80 each Third purchase 10 units at $90 each The company uses the periodic system, and there were 15 units in the inventory at the end of the period. Determine the cost of the 15 units in the inventory by each of the following methods, presenting details of your computations: (a) first-in, first-out; (b) last-in, first-out; (c) average cost. Round average cost per unit to two decimal places. (7 points)