201: E-08 - BANK STATEMENT III. Received the Bank Statement. Discovered that check 2395 is for Petty Cash that cleared the bank but was not recorded on the books. LOC is interest the bank charged us on a loan. The NSF was a customer bouncing a check to us. The EFT is for health insurance. 13,598 17,500 (3,287) BANK STATEMENT Bank Statement, Beg Bal Add Deposits Subtract Checks Add Interest Earned Subtract LOC Interest Subtract NSF Return Subtract EFT Subract Bk Ches Ending Balance (125) (300) (197) Health Insurance (15) Bank Charges 27,199 Petty Cash Deposits 3,000 5,000 7,000 2,500 Interest Earned TOTAL DEPOSITS 17,525 2395 2396 2397 2398 2400 2401 2402 TOTAL CHECKS 100 798 500 1,200 493 25 171 3,287 CASH - GENERAL LEDGER DATE Beginning Balance 10/1 CK# CK AMT DEP 2396 798 3,000 2397 2398 500 1,200 5,000 652 2399 2400 2401 493 BALANCE 13,094 12.800 15.800 15,300 14.100 19.100 18,448 17,955 17,930 24,930 24,759 24,465 26,965 26,264 34,764 34,431 25 7.000 2402 2403 171 294 10/25 2.500 2404 701 10/28 8,500 2405 333 201: E-10 - TRADE-INS X. Using the calculations from the depreciation page, prepare journal entries. 1 The asset is traded for a dissimilar asset: END OF YEAR 2 NEW ASSET COST 180,000 METHOD STRAIGHT-LINE TRADE-IN ALLOWANCEL 105,000 Balance is financed with a N/P. 2 The asset is traded for a dissimilar asset: END OF YEAR NEW ASSET COST 185,000 METHOD | PRODUCTION TRADE-IN ALLOWANCEL 75,000 Balance is financed with a N/P. 3 3 The asset traded for a similar (like-kind) asset. Prepare the entry for financial accounting END OF YEAR NEW ASSET COST 190,000 METHOD | DDB TRADE-IN ALLOWANCEL 19,000 Balance is financed with a N/P. 14 The asset traded for a similar (like-kind) asset. Prepare the entry for income tax purposes. END OF YEAR NEW ASSET COST 190,000 METHODL DDB TRADE-IN ALLOWANCEL 19,000 Balance is financed with a N/P. 5 The asset traded for a similar (like-kind) asset. Prepare the entry for income tax purposes. END OF YEAR NEW ASSET COST 200,000 METHOD | MACRS TRADE-IN ALLOWANCEL 15,000 Balance is financed with a N/P. 201: E-08 - BANK STATEMENT III. Received the Bank Statement. Discovered that check 2395 is for Petty Cash that cleared the bank but was not recorded on the books. LOC is interest the bank charged us on a loan. The NSF was a customer bouncing a check to us. The EFT is for health insurance. 13,598 17,500 (3,287) BANK STATEMENT Bank Statement, Beg Bal Add Deposits Subtract Checks Add Interest Earned Subtract LOC Interest Subtract NSF Return Subtract EFT Subract Bk Ches Ending Balance (125) (300) (197) Health Insurance (15) Bank Charges 27,199 Petty Cash Deposits 3,000 5,000 7,000 2,500 Interest Earned TOTAL DEPOSITS 17,525 2395 2396 2397 2398 2400 2401 2402 TOTAL CHECKS 100 798 500 1,200 493 25 171 3,287 CASH - GENERAL LEDGER DATE Beginning Balance 10/1 CK# CK AMT DEP 2396 798 3,000 2397 2398 500 1,200 5,000 652 2399 2400 2401 493 BALANCE 13,094 12.800 15.800 15,300 14.100 19.100 18,448 17,955 17,930 24,930 24,759 24,465 26,965 26,264 34,764 34,431 25 7.000 2402 2403 171 294 10/25 2.500 2404 701 10/28 8,500 2405 333 201: E-10 - TRADE-INS X. Using the calculations from the depreciation page, prepare journal entries. 1 The asset is traded for a dissimilar asset: END OF YEAR 2 NEW ASSET COST 180,000 METHOD STRAIGHT-LINE TRADE-IN ALLOWANCEL 105,000 Balance is financed with a N/P. 2 The asset is traded for a dissimilar asset: END OF YEAR NEW ASSET COST 185,000 METHOD | PRODUCTION TRADE-IN ALLOWANCEL 75,000 Balance is financed with a N/P. 3 3 The asset traded for a similar (like-kind) asset. Prepare the entry for financial accounting END OF YEAR NEW ASSET COST 190,000 METHOD | DDB TRADE-IN ALLOWANCEL 19,000 Balance is financed with a N/P. 14 The asset traded for a similar (like-kind) asset. Prepare the entry for income tax purposes. END OF YEAR NEW ASSET COST 190,000 METHODL DDB TRADE-IN ALLOWANCEL 19,000 Balance is financed with a N/P. 5 The asset traded for a similar (like-kind) asset. Prepare the entry for income tax purposes. END OF YEAR NEW ASSET COST 200,000 METHOD | MACRS TRADE-IN ALLOWANCEL 15,000 Balance is financed with a N/P
