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3. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December
3. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $80,448 b. Balance according to the ledger at December 31, C. The following checks were still outstanding as of Dec 31, 2019: Check #1234 $5,301 Check #1235 $10,300 Check #1236 $6,000 d. Interest earned, $100 e. Deposit in transit, not recorded by bank, $113 f. Bank debit memorandum for service charges, $55 g. A check for $200 in payment of an invoice was incorrectly recorded in the ledger as $20 Journal Entries LEDGERS Office Equipment 9,000 Cash Beg Date 1/15/20 Dr. Dr. Account Cash Cammon Stock Amount 60,000 Building 240,000 Accum. Dep. Bldg 12,000 Beg Machine 10,000 Beg Beg Cr. 60,000 9,000 35,000 50,000 10,500 19,500 10,197 19,750 2/10/20 dr 4,750 240,000 12,000 10,000 Supplies Accounts Payable 4,750 4,750 3,200 18,400 10,000 3,950 3,000 7,069 4,250 41,184 Accum. Dep. Office Equip 2,00 2/25/20 Prepaid Insurance 7,000 Dr. 4,750 Accounts Payable Cash Ber Beg Accounts Payable 4,750 2,300 Ber 3,200 4,750 18,400 18.400 Supplies 5,000 4,750 Cr. 4,750 2,00 4/5/20 Dr. 18,400 7,000 9,750 Inventory (16,000 1.15) Accounts Payable Cr. 18,400 1900) 4/10/20 Dr. 3,200 Accounts Payable Cash 16,000 x 20) Cr 59,14 LT Note Payable 100,000 Beg 3,200 59,145 Sales Revenue 10,501 19,500 19,750 Common Stock 42,000 Bek 60,000 Retained Eamings 143,200 Bet 5/5/20 Dr. Accounts Payable Cash 18,400 100,000 Cr. 18,400 102,000 49,75 5/10/20 Dr. 10,500 143,200 Accounts Receivable (3,000 x Sales Revenue Cost of Goods Sold (3,000 x 1 Merchandise Inventory Note Receivable 10,000 10,000 Cr. 10,500 Dr. 3,450 Beg Accounts Receivable 1,300 10,500 19,500 19,500 19,750 19,750 Cr. 3,450 Beg Inventory 4,200 3,450 18,400 5,750 5,750 Interest Revenue 197 Travel Expense 250 150 5/19/20 Dr. 10,500 Cash Accounts Receivable Cr 10,500 Interest Expense 69 1,184 197 400 6/1/20 10,000 7,650 Notes Receivable Cash 19,200) Cr. 10,000 1,253 Land 40.000 6/15/20 Dr. 19,500 ST Note Equip 7,000 7,000 Cr. Accounts Receivable (5,000 x Sales Revenue Cost of Goods Sold 15,000 Merchandise Inventory 19,500 Salaries Expense 1,700 1,200 2,200 1.100 5,100 Cost of Goods Sold 3,450 5,750 5,750 Dr. 5,750 Cr. 5,750 40,000 5/30/20 Dr. 14,950 1,700 1,200 300 500 250 Dr. Dr. Dr. Dr. ST Note - Land 40,000 40,00 Bank Fees Sales Sales Expense Office Salaries Expanse Uslities Opense Insurance Expense Travel Expense Cash Insurance Expense 500 300 H Utilities Expense 300 500 Cr. 3,950 800 7/5/20 Dr. 10,000 800 Cr. Cr Machine Cast Notes Payable 3,000 7,000 7/24/20 Dr. 19,500 Cash Accounts Receivable Cr 19,500 8/1/20 Dr. Cr Cr Cash 10,197 Interest Revenue 10,000 x 12% x 60/365) Notes Receivable 197 10,000 9/1/20 Dr. 19,750 Cr. Accounts Recevable (5,000 x Sales Revenue Cost of Golds Sold 15,000 1 Merchandise Inventory 19,750 Dr. 5,750 Cr. 5,750 9/5/20 Land 40,000 Notes Payable 40,000 10/1/20 Dr. 19,750 Cash Accounts Receivable Cr. 19,750 10/15/20 Dr. Dr. Notes Payable Interest Expense 17000 .06 Cash 7,000 69 Cr. 7,069 11/30/20 Dr. Dr. Dr. Dr. Dr. Sales Salaries Expense Office Salaries Expanse Ulities Expense Insurance Expense Travel Expense Cash 2,200 1,100 500 300 150 4.250 12/5/20 Dr Notes Payable Intrest Expense 140,000 x 12% Cash 40,000 1,184 Cr 41,184 350,500 350,600
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