answerung all questions 5-1 to 5-C

Work together 5-2 Reconciling a bank statement and recording a bank service charge Forms are given in the Working Papers. Your Instructor will guide you through the following examples. On August 29 of the current year, Bright and White Laundry received a bank statement dated August 28. The following information is obtained from the bank statement and from the records of the business. Bank statement balance $2,712.00 Outstanding checks: Bank service charge 20.00 No. 306 $ 140.00 Outstanding deposit No. 308 70.00 August 28 300.00 Checkbook balance on Check Stub No. 309 2.822.00 1. Prepare a bank statement reconciliation. Use August 29 of the current year as the date. 2. Record the service charge on Check Stub No. 309, 3. Record the service charge on journal page 16. Use Memorandum No. 77 as the source document. On your own 5-2 Reconciling a bank statemelt and recording a bank service charge Forms are given in the Working Papers. Work these problems independently. On June 30 of the current year, Roettger Repair Co. received a bank statement dated June 29. The following information is obtained from the bank statement and from the records of the business. Bank statement balance $3,912.00 Outstanding checks: Bank service charge 25.00 No. 220 $ 140.00 Outstanding deposits: No. 222 616.00 June 29 470.00 No. 223 160.00 June 30 660.00 Checkbook balance on Check Stub No. 224 4,151.00 1. Prepare a bank statement reconciliation. Use June 30 of the current year as the date. 2. Record the service charge on Check Stub No. 224. 3. Record the service charge on journal page 12. Use Memorandum No. 75 as the source document Work together 5-3 Recording dishonored checks, electronic funds transfers, and debit card purchases Write the answers to this problem in the Working Papers. Your instructor will guide you through the following example. Enter the following transactions on page 15 of a journal. Transactions: Aug. 18. Received notice from the bank of a dishonored check from Christine Iverson, $126.00, plus $25.00 fee; total, $151.00. Memorandum No. 312. 20. Paid cash on account to Schwartz Enterprises, $270.00, using EFT. Memorandum No. 313. 21. Purchased supplies, $62.00, using a debit card. Memorandum No. 314. On your own 5-3 Recording dishonored checks, electronic funds transfers, and debit card purchases Write the answers to this problem in the Working Papers. Work this problem independently. Enter the following transactions on page 12 of a journal. Transactions: July 12. Received notice from the bank of a dishonored check from Tiffany Hooverman, $130.00, plus $30.00 fee; total, $160.00. Memorandum No. 78. 13. Paid cash on account to Alfredson Company, $486.00, using EFT. Memorandum No. 79. 14. Purchased supplies, $70.00, using a debit card. Memorandum No. 80. Apply Your Understanding INSTRUCTIONS: Download problem instructions for Excel, QuickBooks, and Sage 50 Accounting from the textbook companion website at www.C21accounting.com. 5-1 Application Problem: Endorsing and writing checks L01, 2, 3 You are authorized to sign checks for Wash N'Dry Forms are given in the Working Papers, Instructions: 1. For each of the following situations, prepare the appropriate endorsement. a. Write a blank endorsement. b. Write a special endorsement to transfer a check to Kim Lumas. c Write a restrictive endorsement to deposit a check in the account of Wash N'Dry. 2. Record the balance brought forward on Check Stub No.410, 54,125.15. 3. Record a deposit of $1.976,60 made on August 31 of the current year on Check Stub No. 410. 4. Prepare check stubs and write the following checks Use August 31 of the current year as the date. a. Check No. 410 to Central Supplies for supplies, $649.50 b. Check No. 411 to Evening Tribune for advertising, $297.00. Check No. 412 to Barbaye Sam for rent $600.00 5-2 Application Problem: Reconciling a bank statement and recording a bank service charge 104,5 Forms are given in the Working Papers. On April 30 of the current year, Clean Carpets received a bank statement dated April 29. The following information is obtained from 1. Use the required formulas to complete the bank statement and from the records of the business. the account reconciliation 2. Make the selections to print the Bank statement balance $1,812.00 worksheet Bank service charge 25.00 Outstanding deposit , April 29 805.10 AAONLINE Outstanding checks: 1. Go to www.cengage.com/login No. 475 325.95 2. Click on AA Online to access 3. Go to the online assignment and follow No. 476 200.00 the instructions Checkbook balance on Check Stub No. 477 2,116.15 Instructions: 1. Prepare a bank statement reconciliation. Use April 30 of the current year as the date. 2. Record the service charge on Check Stub No. 477. 3. Record the service charge on journal page by use Memorandum No. 36 as the source document 5-3 Application Problem: Recording dishonored checks, electronic funds transfers, and debit card purchases 106,7,8 Instructions: Enter the following transactions on page 3 of the journal given in the Working Papers. Transactions: Feb. 25. Received notice from the bank of a dishonored check from Roland Ewing, $275.00, plus 530.00 fee total $305.00, Memorandum No. 414 26. Pald cash on account to Drew Gelst, $310.00, using EFT. Memorandum No. 415. 27. Purchased supplies. 567.00, using a debit card. Memorandum No. 416. 5.4 Application Problem: Establishing and replenishing a petty cash fund 100, 10, 11 Instructions: 1. Prepare a petty cash report for June 30 of the current year using the following information: Amount in fund $300.00 Petty cash slips supported payment of $155.00 for Postage Expense and $75.00 for Miscellaneous Expense. Actual amount of cash in the petty cash box is $66.00 2. Joumalize the following transactions related to petty cash completed during June of the current year. Use page 35 of a journal. The abbreviation for check is Transactions: June 3. Paid cash to establish a petty cash fund, $300.00. 044 30. Paid cash to replenish the petty cash fund, $234,00 C7O. 5-M Mastery Problem: Reconciling a bank statement, journalizing a bank service charge, a dishonored check, and petty cash transactions 1.04,5,6, 9, 10, 11 Lauryn Iverson owns a business called Fresh Flowers Selected general ledger accounts are given below. 110 Cash 140 Prepaid Insurance 530 Rent Expense 115 Petty Cash 320 Lauryn Iverson, Drawing 535 Repair Expense 120 Accts. Rec-Aki Suzuki 510 Cash Short and Over 540 Supplies Expense 130 Supplies 520 Miscellaneous Expense 550 Utilities Expense Instructions: 1. Journalize the following transactions completed during March of the current year. Use page 25 of the journal given in the Working Papers. Source documents are abbreviated as follows check. memorandum, M; calculator tape, T. Transactions: Mar. 21. Poid cash to establish a petty cash tund, $300.00. C220. 24. Isid cash for repairs, 5180.00, C221. 26. Paid cash for supplies. 575.00. C222 27. Received notice from the bank of a dishonored check from All Suzuki, $215.00, plus $15.00 fee: total, $250.00. M14 28. Paid cash for miscellaneous expense, 560.00. C223 31. Paid cash to owner for personal use, $500,00. C224 31. Received cash from sales 5700.00. 131 2. Prepare a petty cash report for March 31 of the current year using the following information Petty cash slips supported payment of S97.00 for Supplies and $185.00 for Miscellaneous Expense. Actualmount of cash in the petty cash box is 515.00. 3. Continue using the journal and journalize the following transaction Mar 31. Pald cash to replenish the petty cash fund, 5285.00.C225 4. On March 31 of the current year, Fresh Flowers received a bank statement dated March 20. Prepare a bank statement reconciliation Use March 31 of the current year as the date. The following information is obtained from the March 30 bank statement and from the records of the business Bank statement balance $3,658.00 Bank service charge 30.00 Outstanding deposit, March 31 700.00 Outstanding checks, Nos. 224 and 225 Checkbook balance on Check Stub No. 226 3.60300 5. Continue using the journal and Journalize the following transaction Transaction: Mat 31. Received bank statement showing March bank service charge, 530.00. MAS Sage 50 Accounting OB AAONLINE 1. Journalice and post transactions to the 1. Journal and post transactions to the 1. Go to www.conge.com/ogin general journal Journal 2 Cid on An Online 2. From the menu bar, select Task Account 2. From the menu bar select Banking 1 Go to the online and follow the Reconciliation to reconcile the bank Reconcile to complete the count ruction statement reconciliation 2. Make the selections to print the general 2. Make the selections to print the journal and journal and the account reconciliation the account recondition 5-C Challenge Problem: Reconciling a bank statement and recording a bank service charge and a dishonored check 104,5,6 Use the bank statement, canceled checks, and check stubs for Pool Clean given in the Working Papers Instructions: 1. Compare the canceled checks with the check stubs. For each canceled check place a check mark next to the appropriate checkstub number. For each deposit shown on the bank statement placea check market to the deposit amount on the appropriate checkstub. 2. Prepare a bank statement reconciliation Use July 29 of the current year as the date 3. Record the following transactions on page 14 of a journal. The abbreviation for memorandum is M. Transactions: Aug. 1. Received bank statement showing July bank service charge 510.00 M1 14 1. Received notice from the bank of a dishonored check from Daric Cohen $320.00, plus $30.00 fee, total $350.00. M115 4. Record the bank service charge and dishonored check on Check Stub A265. trecut Sage 50 Accounting loumala od post transactions to the general journal 2. From the mentale account Reconciliation to reconcile the bank statement 1. Make the elections to the general pour and the account reconciliation loumature and post transaction to the journal 2. From the mentalect Banking Reconcile to reconhe bank statement 3. Make the selections to print the journal and the account recent Chapters 151 Work together 5-2 Reconciling a bank statement and recording a bank service charge Forms are given in the Working Papers. Your Instructor will guide you through the following examples. On August 29 of the current year, Bright and White Laundry received a bank statement dated August 28. The following information is obtained from the bank statement and from the records of the business. Bank statement balance $2,712.00 Outstanding checks: Bank service charge 20.00 No. 306 $ 140.00 Outstanding deposit No. 308 70.00 August 28 300.00 Checkbook balance on Check Stub No. 309 2.822.00 1. Prepare a bank statement reconciliation. Use August 29 of the current year as the date. 2. Record the service charge on Check Stub No. 309, 3. Record the service charge on journal page 16. Use Memorandum No. 77 as the source document. On your own 5-2 Reconciling a bank statemelt and recording a bank service charge Forms are given in the Working Papers. Work these problems independently. On June 30 of the current year, Roettger Repair Co. received a bank statement dated June 29. The following information is obtained from the bank statement and from the records of the business. Bank statement balance $3,912.00 Outstanding checks: Bank service charge 25.00 No. 220 $ 140.00 Outstanding deposits: No. 222 616.00 June 29 470.00 No. 223 160.00 June 30 660.00 Checkbook balance on Check Stub No. 224 4,151.00 1. Prepare a bank statement reconciliation. Use June 30 of the current year as the date. 2. Record the service charge on Check Stub No. 224. 3. Record the service charge on journal page 12. Use Memorandum No. 75 as the source document Work together 5-3 Recording dishonored checks, electronic funds transfers, and debit card purchases Write the answers to this problem in the Working Papers. Your instructor will guide you through the following example. Enter the following transactions on page 15 of a journal. Transactions: Aug. 18. Received notice from the bank of a dishonored check from Christine Iverson, $126.00, plus $25.00 fee; total, $151.00. Memorandum No. 312. 20. Paid cash on account to Schwartz Enterprises, $270.00, using EFT. Memorandum No. 313. 21. Purchased supplies, $62.00, using a debit card. Memorandum No. 314. On your own 5-3 Recording dishonored checks, electronic funds transfers, and debit card purchases Write the answers to this problem in the Working Papers. Work this problem independently. Enter the following transactions on page 12 of a journal. Transactions: July 12. Received notice from the bank of a dishonored check from Tiffany Hooverman, $130.00, plus $30.00 fee; total, $160.00. Memorandum No. 78. 13. Paid cash on account to Alfredson Company, $486.00, using EFT. Memorandum No. 79. 14. Purchased supplies, $70.00, using a debit card. Memorandum No. 80. Apply Your Understanding INSTRUCTIONS: Download problem instructions for Excel, QuickBooks, and Sage 50 Accounting from the textbook companion website at www.C21accounting.com. 5-1 Application Problem: Endorsing and writing checks L01, 2, 3 You are authorized to sign checks for Wash N'Dry Forms are given in the Working Papers, Instructions: 1. For each of the following situations, prepare the appropriate endorsement. a. Write a blank endorsement. b. Write a special endorsement to transfer a check to Kim Lumas. c Write a restrictive endorsement to deposit a check in the account of Wash N'Dry. 2. Record the balance brought forward on Check Stub No.410, 54,125.15. 3. Record a deposit of $1.976,60 made on August 31 of the current year on Check Stub No. 410. 4. Prepare check stubs and write the following checks Use August 31 of the current year as the date. a. Check No. 410 to Central Supplies for supplies, $649.50 b. Check No. 411 to Evening Tribune for advertising, $297.00. Check No. 412 to Barbaye Sam for rent $600.00 5-2 Application Problem: Reconciling a bank statement and recording a bank service charge 104,5 Forms are given in the Working Papers. On April 30 of the current year, Clean Carpets received a bank statement dated April 29. The following information is obtained from 1. Use the required formulas to complete the bank statement and from the records of the business. the account reconciliation 2. Make the selections to print the Bank statement balance $1,812.00 worksheet Bank service charge 25.00 Outstanding deposit , April 29 805.10 AAONLINE Outstanding checks: 1. Go to www.cengage.com/login No. 475 325.95 2. Click on AA Online to access 3. Go to the online assignment and follow No. 476 200.00 the instructions Checkbook balance on Check Stub No. 477 2,116.15 Instructions: 1. Prepare a bank statement reconciliation. Use April 30 of the current year as the date. 2. Record the service charge on Check Stub No. 477. 3. Record the service charge on journal page by use Memorandum No. 36 as the source document 5-3 Application Problem: Recording dishonored checks, electronic funds transfers, and debit card purchases 106,7,8 Instructions: Enter the following transactions on page 3 of the journal given in the Working Papers. Transactions: Feb. 25. Received notice from the bank of a dishonored check from Roland Ewing, $275.00, plus 530.00 fee total $305.00, Memorandum No. 414 26. Pald cash on account to Drew Gelst, $310.00, using EFT. Memorandum No. 415. 27. Purchased supplies. 567.00, using a debit card. Memorandum No. 416. 5.4 Application Problem: Establishing and replenishing a petty cash fund 100, 10, 11 Instructions: 1. Prepare a petty cash report for June 30 of the current year using the following information: Amount in fund $300.00 Petty cash slips supported payment of $155.00 for Postage Expense and $75.00 for Miscellaneous Expense. Actual amount of cash in the petty cash box is $66.00 2. Joumalize the following transactions related to petty cash completed during June of the current year. Use page 35 of a journal. The abbreviation for check is Transactions: June 3. Paid cash to establish a petty cash fund, $300.00. 044 30. Paid cash to replenish the petty cash fund, $234,00 C7O. 5-M Mastery Problem: Reconciling a bank statement, journalizing a bank service charge, a dishonored check, and petty cash transactions 1.04,5,6, 9, 10, 11 Lauryn Iverson owns a business called Fresh Flowers Selected general ledger accounts are given below. 110 Cash 140 Prepaid Insurance 530 Rent Expense 115 Petty Cash 320 Lauryn Iverson, Drawing 535 Repair Expense 120 Accts. Rec-Aki Suzuki 510 Cash Short and Over 540 Supplies Expense 130 Supplies 520 Miscellaneous Expense 550 Utilities Expense Instructions: 1. Journalize the following transactions completed during March of the current year. Use page 25 of the journal given in the Working Papers. Source documents are abbreviated as follows check. memorandum, M; calculator tape, T. Transactions: Mar. 21. Poid cash to establish a petty cash tund, $300.00. C220. 24. Isid cash for repairs, 5180.00, C221. 26. Paid cash for supplies. 575.00. C222 27. Received notice from the bank of a dishonored check from All Suzuki, $215.00, plus $15.00 fee: total, $250.00. M14 28. Paid cash for miscellaneous expense, 560.00. C223 31. Paid cash to owner for personal use, $500,00. C224 31. Received cash from sales 5700.00. 131 2. Prepare a petty cash report for March 31 of the current year using the following information Petty cash slips supported payment of S97.00 for Supplies and $185.00 for Miscellaneous Expense. Actualmount of cash in the petty cash box is 515.00. 3. Continue using the journal and journalize the following transaction Mar 31. Pald cash to replenish the petty cash fund, 5285.00.C225 4. On March 31 of the current year, Fresh Flowers received a bank statement dated March 20. Prepare a bank statement reconciliation Use March 31 of the current year as the date. The following information is obtained from the March 30 bank statement and from the records of the business Bank statement balance $3,658.00 Bank service charge 30.00 Outstanding deposit, March 31 700.00 Outstanding checks, Nos. 224 and 225 Checkbook balance on Check Stub No. 226 3.60300 5. Continue using the journal and Journalize the following transaction Transaction: Mat 31. Received bank statement showing March bank service charge, 530.00. MAS Sage 50 Accounting OB AAONLINE 1. Journalice and post transactions to the 1. Journal and post transactions to the 1. Go to www.conge.com/ogin general journal Journal 2 Cid on An Online 2. From the menu bar, select Task Account 2. From the menu bar select Banking 1 Go to the online and follow the Reconciliation to reconcile the bank Reconcile to complete the count ruction statement reconciliation 2. Make the selections to print the general 2. Make the selections to print the journal and journal and the account reconciliation the account recondition 5-C Challenge Problem: Reconciling a bank statement and recording a bank service charge and a dishonored check 104,5,6 Use the bank statement, canceled checks, and check stubs for Pool Clean given in the Working Papers Instructions: 1. Compare the canceled checks with the check stubs. For each canceled check place a check mark next to the appropriate checkstub number. For each deposit shown on the bank statement placea check market to the deposit amount on the appropriate checkstub. 2. Prepare a bank statement reconciliation Use July 29 of the current year as the date 3. Record the following transactions on page 14 of a journal. The abbreviation for memorandum is M. Transactions: Aug. 1. Received bank statement showing July bank service charge 510.00 M1 14 1. Received notice from the bank of a dishonored check from Daric Cohen $320.00, plus $30.00 fee, total $350.00. M115 4. Record the bank service charge and dishonored check on Check Stub A265. trecut Sage 50 Accounting loumala od post transactions to the general journal 2. From the mentale account Reconciliation to reconcile the bank statement 1. Make the elections to the general pour and the account reconciliation loumature and post transaction to the journal 2. From the mentalect Banking Reconcile to reconhe bank statement 3. Make the selections to print the journal and the account recent Chapters 151