ACC 111 & ACC 211 Review 1. Identify the journal in which each of the following transactions is recorded a. Cash sales b. Owner withdraw of cash c. Cash purchase of land d. Credit sales e. Purchase of merchandise on account f. Receipt of cash for services performed 2. Horvath Company uses a petty cash system. Prepare the journal entries for the following dates a. The fund was established on March 1 with a balance of $100 b. During March, the following petty cash receipts were found in the petty cash box: S39 for stamp inventory, $21 for freight-out, $11 for miscellaneous expenses, and $24 for travel expenses. The fund was replenished on March 15 when the fund contained $2 in cash c. On March 20, the amount in the fund was increased to $175 Don Wyatt is unable to reconcile the bank balance at January 31. Correct the errors in Wyatt's reconciliation below and prepare the journal entries required by the reconciliation 3. $3,560.20 Cash balance per bank Add: NSF Check Less: Bank service charge Adjusted cash balance per bank 490.00 25.00 $4,025.20 3,875.20 Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted cash balance per books 30.00 730.00 4,075.20 The ledger of Costello Company at the end of the current year shows Accounts Receivable $110,000, Sales Revenue $480,000, and Sales Returns and Allowances $20,000. 4. a. If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entries at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable