a) The following bank statement was received. Prepare a bank reconciliation for September: Bank Statement To: Barton Corporation September 30, 2015 Cheques/Charges/Debits Deposits/Credits Balance 2,330,174 #3144 01/Sep 5,000 01/Sep 19,550 2,344,724 #3145 02/Sep 694,500 1,650,224 NSF Cheque 05/Sep 75,017 1,575,207 09/Sep 302,820 1,878,027 #3146 12/Sep 644,000 1,234,027 15/Sep 3,093 1,237,120 16/Sep 15,750 1,252,870 #3148 20/Sep 9,600 1,243,270 #3149 20/Sep 35,100 1,208,170 #3150 23/Sep 867,790 340,380 25/Sep 16,150,400 16,490,780 #3152 30/Sep 49,000 16,441,780 Service Charge 30/Sep 1,100 16,440,680 Additional Information: The NSF cheque was received in August from Vision Consulting Inc. for a sale dated August 15. Barton Corporation Bank Reconciliation September 30, 2015 Book balance Add: Bank statement balance. Add: Deduct: Deduct: Outstanding cheques: Adjusted bank balance. Adjusted book balance. b) Prepare the appropriate adjusting entries on September 30, 2015. Hint: Some additional information is provided below but where else might you look to find details relevant to preparing the adjusting entries? It is estimated that utilities used during September totalled $24,485. Actual count of ending merchandise inventory on September 30, 2015 was $1,956,437. Management estimates uncollectible accounts receivable based on the following rates of uncollectibility applied to outstanding accounts: Not yet due (2%), 1-30 days past due (9%), 31-60 days past due (18%), Greater than 61 days past due (60%). Since this is an estimate please round your final answer to the nearest whole dollar. Income taxes are estimated to be $248,200. General Journal Account/Explanation Page Gj1 F Debit Credit General Journal Account/Explanation Page GJ2 F Debit Credit Date Date + + - + + + - + 1 + | + + - c) What is the next step in the accounting cycle? Prepare an adjusted trial balance Prepare an unadjusted trial balance Prepare a post-closing trial balance Post transactions Prepare closing entries This is the last step Post closing entries Prepare financial statements Post adjusting entries O Analyze and journalize transactions a) The following bank statement was received. Prepare a bank reconciliation for September: Bank Statement To: Barton Corporation September 30, 2015 Cheques/Charges/Debits Deposits/Credits Balance 2,330,174 #3144 01/Sep 5,000 01/Sep 19,550 2,344,724 #3145 02/Sep 694,500 1,650,224 NSF Cheque 05/Sep 75,017 1,575,207 09/Sep 302,820 1,878,027 #3146 12/Sep 644,000 1,234,027 15/Sep 3,093 1,237,120 16/Sep 15,750 1,252,870 #3148 20/Sep 9,600 1,243,270 #3149 20/Sep 35,100 1,208,170 #3150 23/Sep 867,790 340,380 25/Sep 16,150,400 16,490,780 #3152 30/Sep 49,000 16,441,780 Service Charge 30/Sep 1,100 16,440,680 Additional Information: The NSF cheque was received in August from Vision Consulting Inc. for a sale dated August 15. Barton Corporation Bank Reconciliation September 30, 2015 Book balance Add: Bank statement balance. Add: Deduct: Deduct: Outstanding cheques: Adjusted bank balance. Adjusted book balance. b) Prepare the appropriate adjusting entries on September 30, 2015. Hint: Some additional information is provided below but where else might you look to find details relevant to preparing the adjusting entries? It is estimated that utilities used during September totalled $24,485. Actual count of ending merchandise inventory on September 30, 2015 was $1,956,437. Management estimates uncollectible accounts receivable based on the following rates of uncollectibility applied to outstanding accounts: Not yet due (2%), 1-30 days past due (9%), 31-60 days past due (18%), Greater than 61 days past due (60%). Since this is an estimate please round your final answer to the nearest whole dollar. Income taxes are estimated to be $248,200. General Journal Account/Explanation Page Gj1 F Debit Credit General Journal Account/Explanation Page GJ2 F Debit Credit Date Date + + - + + + - + 1 + | + + - c) What is the next step in the accounting cycle? Prepare an adjusted trial balance Prepare an unadjusted trial balance Prepare a post-closing trial balance Post transactions Prepare closing entries This is the last step Post closing entries Prepare financial statements Post adjusting entries O Analyze and journalize transactions
