Question
1. Using the following information: The bank statement balance is $3,694. The cash account balance is $3,857. Outstanding checks amounted to $796. Deposits in transit
1. Using the following information:
The bank statement balance is $3,694.
The cash account balance is $3,857.
Outstanding checks amounted to $796.
Deposits in transit are $883.
The bank service charge is $67.
A check for $71 for supplies was recorded as $62 in the ledger.
Prepare a bank reconciliation for Miller Co. for August 31.
Cash balance according to bank statement | $fill in the blank 1 | |
Adjustments: | ||
Bank service chargeDeposits in transit not recorded by bankError in recording | $- Select - | |
Bank service chargeError in recordingOutstanding checks | - Select - | |
Total adjustments | fill in the blank 6 | |
Adjusted balance | $fill in the blank 7 | |
Cash balance according to company's records | $fill in the blank 8 | |
Adjustments: | ||
Bank service chargeDeposits in transit not recorded by bankOutstanding checks | $- Select - | |
Deposits in transit not recorded by bankError in recordingOutstanding checks | - Select - | |
Total adjustments | fill in the blank 13 | |
Adjusted balance | $fill in the blank 14 |
2. Question Content Area
Based upon the following data, estimate the cost of ending inventory using the gross profit method.
Sales | $859,000 |
Estimated gross profit rate | 43% |
Beginning inventory | $61,800 |
Purchases (net) | 648,200 |
Merchandise available for sale | $710,000 |
$fill in the blank 1
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