BANK RECONCILIATION Information from the records and bank statement and of Matrix, Inc. as of July 31, 2010 is set forth below Cash balance per bank, July 31, 2010 Cash balance per general ledger, July 31, 2010 Outstanding checks at July 31, 2010 Check mailed to the bank for deposit that had not reached the bank by July 31, 2010 $9,610 7,430 2,417 NSF check (from a customer for a payment on account) returned by bank July interest earned per bank statement 500 281 30 Check no. 781 for supplies expense cleared the bank for $240, but was erroneously recorded in the books at $268. Deposit by Acme Company erroneously credited by the bank to our account 486 Part A Prepare the bank reconciliation for Matrix, Inc. Part B Prepare any journal entries that should be made as a result of the bank reconciliation. Date Accounts Debit Credit PURCHASE TRANSACTIONS On February 2, Hamm Manufacturing Corp. purchased $40,000 worth of inventory, on credit terms 3/10 n/30. On February 10, Hamm paid for the inventory, taking advantage of all available discounts. Prepare the required journal entries. Debit and credit the accounts affected Ensure the equation still balances and debits = credits Assets Liabilities+Stockholders' Equity Debit and credit the accounts affected Ensure the equation still balances and debits = credits Assets Liabilities + Stockholders' Equity Assignment #7 1. Bellows Corp. had $100,000 in its Cash account on January 1, 2010. On June 15, 2010, Bellows Corp. acquired 100 shares of Sonny, Inc. for $75 per share. Assuming that Bellows considers the stock as a trading security, prepare the journal entry required to record this transaction and post it to the appropriate T-accounts: June 15 2. On September 15, 2010, Bawl Corp. received dividends from Darkness of $2 per share. Prepare the journal entry required to record this transaction and update the appropriate T- accounts: Sept. 15 3. At December 31, 2010, the value of the stock was $120 per share. Prepare the journal entry required to record this transaction and update the appropriate T-accounts: Computation of amount: Dec. 31 3. At December 31, 2010, the value of the stock was $120 per share. Prepare the journal entry required to record this transaction and update the appropriate T-accounts: Computation of amount: Dec. 31 4. At February 17, 2011, Bawl sold the stock for $115 per share. Prepare the journal entry required to record this transaction and update the appropriate T-accounts: Feb. 17 ==