Accounting Questions

The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $19,090. 2. Cash balance according to the bank statement at August 31, $20,340. 3. Checks outstanding, $3,880. 4. Deposit in transit, not recorded by bank, $3,110. 5. A check for $170 in payment of an account was erroneously recorded in the check register as $710. 6. Bank debit memo for service charges, $60 a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance b. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should be reported for cash? $ c. Must a bank reconciliation always balance (reconcile)?Entries for Notes Receivable Valley Designs issued a 90~day, 12% note for $90,000, dated April 15, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. v b. Determine the maturity value of the note. C c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. ' l v [ cz. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. ' C ' l v [ Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Not 1-30 31-60 61-90 Over 90 Past Days Days Days Days Customer Balance Due Past Due Past Due Past Due Past Due Subtotals 720,400 425,000 158,500 64,800 36,000 36,100 Boyd Industries 11,300 11,300 Hodges Company 17,700 17,700 Kent Creek Inc. 8,800 8,800 Lockwood Company 8,600 8,600 Van Epps Company 25,100 25,100 Totals 791,900 450,100 167,100 73,600 53,700 47,400 Percentage uncollectible 1% 5% 25% 35% 50% Allowance for Doubtful Accounts 73,751 4,501 8,355 18,400 18,795 23,700 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 15,490 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. July 31Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,140,000 and sales for the year total $12,920,000. The allowance account before adjustment has a debit balance of $15,400. Bad debt expense is estimated at 1/4 of 1% of sales. The allowance account before adjustment has a debit balance of $15,400. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $49,300. The allowance account before adjustment has a credit balance of $8,700. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a credit balance of $8,700. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $72,200. 999'!" Determine the amount of the adjusting entry to provide for doubtful accouns under each of the assumptions (a through d) listed above. aim