5. The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $18,000. The bank statement indicated a

balance of $34,000 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and

memos with the records reveals the following reconciling items:

a.

Checks outstanding totaled $17,000.

b.

A deposit of $7,200, representing receipts of July 31, had been made too late to appear on the bank statement.

C.

$5,800.

The bank had collected $6,000 (including interest) on a note left for collection. The face value of the note was

d.

Interest earned on the bank statement was $300.

e.

Bank service charges for July amounted to $100.

Required:

1

Prepare a bank reconciliation.

6. Adjusting Entries for Unearned and Accrued Fees

The balance in the unearned fees account, before adjustment at the end of the year, is $200,000. Of these fees,

$160,000 have been eared. Journalize the adjusting entry to adjust the unearned fees account.

7. Equipment was acquired at the beginning of the year at a cost of $60,000. The equipment was depreciated using the

double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of

$6,000.

The equipment was sold at the end of year 2 for $50,000. Journalize the entry to record the sale.

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