Bank reconciliation questions:

1. Bank charges of Sh.4, 000 had not been entered in the cashbook.

2. Cheques drawn by Denis totaling Sh.23, 500 had not yet been presented

to the bank.

3. He had not entered receipts of Sh.27, 500 in his cashbook.

4. The bank had not credited Mr Denis with receipts of Sh.99, 500 paid into

the bank on 30 June 2001.

5. Standing order payments amounting to Sh.63, 000 had not been entered into

the cashbook.

6. In the cashbook Denis had entered a payment of Sh.75, 900 as Sh.80,

400.

7. A cheque for Sh.16, 000 from a debtor had been returned by the bank marked

"refer to drawer" but had not been written back into the cashbook.

8. Denis had brought forward the opening cash balance of Sh.330, 250 as a

debit balance instead of a credit balance.

9. An old cheque payment amounting to Sh.45, 000 had been written back in the

cashbook but the bank had already honored it.

Trial Balance: Unequal Totals X The intern has prepared the following trial balance for the month of March. KL Company Inc. UNADJUSTED TRIAL BALANCE March 31, 2017 ACCOUNT TITLE DEBIT CREDIT 1 Cash 24,275.00 2 Accounts Receivable 4,000.00 3 Supplies 1,725.00 Office Equipment 16,500.00 5 Accounts Payable 1,450.00 6 Notes Payable 16,500.00 7 Common Stock 12,500.00 8 Retained Earnings 1,425.00 9 Dividends 1,850.00 10 Fees Earned 9,950.00 11 Rent Expense 3,200.00 12 Wages Expense 3,575.00 13 Totals 48,575.00 48,375.00 Trial Balance: Correct Shaded cells have feedback. (X The trial balance prepared by the intern can be found in the Trial Balance: Unequal Totals panel. The intern is puzzled by the unequal totals. Prepare a corrected trial balance. Question not attempted. KL Company Inc. Score: 0/51 UNADJUSTED TRIAL BALANCE March 31, 2017 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Office Equipment 5 Accounts Payable Notes Payable 7 Common Stock 8 Retained Earnings Dividends 10 Fees Earned 11 Rent Expense 12 Wages Expense 13 TotalsMastery Problem: Analyzing Transactions KL Company Inc. I accounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct T accounts X X A KL Company Inc. Cash In February, Katie Long formed KL Company Inc. Transactions for the month Bal 8,000.00 3/3 2,300.00 of March have been posted to the T accounts. An intern has prepared a 3/25 7,800.00 3/27 1,300.00 trial balance from the T accounts, but there seem to be some errors. 3/28 5,000.00 3/29 3,575.00 Required: 3/30 7,900.00 3/31 1,850.00 1. In the Transactions panel, descriptions of the transactions for the month of March are provided. Each of the transactions in the Transactions panel has been posted to the T accounts. Accounts Receivable Referring to the T accounts, select the date on which each Bal. 1,950.00 transaction occurred, enter the amount of the transaction, and select the account to debit and credit 3/18 9,950.00 3/30 7,900.00 2. The trial balance prepared by the intern can be found in the Trial Balance: Unequal Totals panel. The intern is puzzled by the unequal totals. Prepare a corrected trial balance on the Supplies Trial Balance: Correct panel. Bal 225.00 3. Compare the trial balance prepared by the intern (Trial 3/7 1,500.00 Balance: Unequal Totals) to the trial balance that you prepared (Trial Balance: Correct). Use the table provided in the Errors in Trial Balance panel to select the accounts for each type of error. Office Equipment 4. The intern is puzzled and asks "Are you sure the accounting 16,500.00 equation is still in balance?" Using the corrected trial balance you prepared, prove that the accounting equation is in balance. Still puzzled, the intern asks "Why do none of the Accounts Payable amounts in the accounting equation equal the totals on the 3/27 1,300.00 Bal 1,250.00 trial balance?" Explain. 3/7 1,500.00 Notes Payable 3/2 16,500.00 Accounting Equation X The intern is puzzled and asks "Are you sure the accounting equation is still in balance?" Using the Common Stock corrected trial balance you prepared, prove that the accounting equation is in balance. Bal. 7,500.00 Assets Liabilities Stockholders' Equity. |3/28 5,000.00 Still puzzled, the intern asks "Why do none of the amounts in the accounting equation equal the totals on the Retained Earnings trial balance?" Check all that apply. Bal 1,425.00 You point out the total of the assets, liabilities and stockholders' equity is equal to the sum of the debit and credit totals in the trial balance Dividends The accounts that make up the total for stockholders' equity have a mix of debit and credit 3/31 1,850.00 balances The accounts with debit balances are not all classified in the same element of the accounting equation. For example, not all accounts with debit balances are assets Fees Earned This is because the revenue and expense accounts are part of the stockholders' equity 3/18 9,950.00 element. The accounts with debit balances should be part of the total assets. 3/25 7,800.00 The accounts with credit balances are not all classified in the same element of the accounting equation. For example, not all accounts with credit balances are liabilities. Rent Expense 3/3 2,300.00 Wages Expense 3/29 3,575.00Question 9 0.5 pts Which balance of the ledger is transferred to Trial Balance? C} Debit Balance 0 Closing Balance C} Opening Balance 0 Credit Balance Question 10 115 pts As per the opening entr'gilr if there is a difference between debit and credit balances in a way that debit balance exceeds credit balance it will be addressed as; C} Balance C} Closing Balance C} Capital C} Creditors Question 6 2 pts Which of the following will not necessarily:r end the dispute given rise to the trial or the litigation matter even if successful 0 Motion for Summary Judgement 0 Motion for Judgement 0 Motion for Directed Verdict 0 Motion of Mistrial 0 Motion for Judgment Not Withstanding Verdict 0 None of the above Which of the following statements about heart valves is true? @ breathing controls the opening and closing of valves. @ gravity controls the opening and closing of valves. O valves contracting and relaxing control the opening and closing of the valves. osmotic gradients control the opening and closing of valves. pressure gradients control the opening and closing of valves