Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below are the questions you should answer and upload your files to the Test 2 Drop box Question 1 The September 30 bank statement for

image text in transcribed

image text in transcribed

Below are the questions you should answer and upload your files to the Test 2 Drop box Question 1 The September 30 bank statement for Bordeaux Corporation and the September ledger account for cash are summarized here: No outstanding cheques and no deposits in transit were noted in August. However, there are pg. 1 deposits in transit and cheques outstanding at the end of September. The NSF cheque and electronic funds transfer (EFT) involved transactions with Bordeaux Corporation's customers. Requirement 1: 15 Marks. Required: Prepare a bank reconciliation. Requirement 2: 10 Marks. 2. Prepare any journal entries that should be made as the result of the bank reconciliation. (If no entry is required for a transaction/event, write "No journal entry required") Requirement 3: 5 Marks. 3. What should the balance in the Cash account be after recording the journal entries in requirement 2? Question 2 Assume Orion Iron applies its inventory costing method perpetually at the time of each sale. At the end of the annual accounting period, December 31 , the accounting records provided the following information: Requirement 1: 20 Marks. Calculate the cost of ending inventory and the cost of goods sold using the FIFO method. Please show all your workings. Note Please type your answers in excel or word and submit your file on Moodle

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions