Calculator Murdstone, Inc. You've just been hired as an accountant at Murdstone, Inc., a retailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the control of Murdstone, Inc. has asked for your assistance in filling in some missing data for the company's January accounting records. You'll also be responsible for training the company's new accounting intern Chart of Accounts CHART OF ACCOUNTS Murdstone, Inc. General Ledger th ASSETS REVENUE 410 Sales 110 Cash 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 115 Inventory EXPENSES 510 Cost of Goods Sold 116 Store Supplies 117 Office Supplies 118 Prepaid Insurance 516 Cash Short and Over 520 Salaries Expense 521 Advertising Expense 120 Land Check My Work 3 more Check My Work uses remaning. a Next 9:57 PM 9/11/202 Calculator 118 Prepaid Insurance 520 Salaries Expense 120 Land 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 123 Store Equipment 124 Accumulated Depreciation Store Equipment 125 Office Equipment 126 Accumulated Depreciation Office Equipment 131 Notes Receivable 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense LIABILITIES 535 Bank Service Charge 536 Repairs Expense 537 Selling Expenses 210 Accounts Payable 211 Salaries Payable 213 Interest Payable 215 Notes Payable 538 Store Supplies Expense 539 Miscellaneous Administrative Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Check My Work 3 more Check My Work uses remaining a * GVSU Admissions Houses is Howell, H. My Veterans United Calculator Cash Short and Over The controller has completed the T accounts for the Cash and Sales accounts as of January 30, but needs to attend an important conference in another city. She has requested that you prepare the T account for the Cash Short and Over account as of January 30 also. You are told that the balance of the account is zero as of the beginning of January, and that all the company's sales are in cash. To simplify, this problem assumes that a company has only one bank account, which is identified in the Ledger as "Cash." Review the following accounts, and then scroll down to complete the Cash Short and Over Taccount and answer the associated question that follows Cash Balance 1/1 5,500 1/2 Establish Petty Cash 500 1115 2,800 1/12 6,305 1/23 3.270 1/30 4.450 Balance 21.825 Sales Balance 1/1 0 Check My Work 3 more Check My Work uses remaining O a RI Next 9:57 PM 9/11/2020 do Sales Balance 1/1 0 1/5 2,805 1/12 6,295 1/23 3,320 1/30 4,400 Balance 16,820 Rehow the preceding accounts, and then complete the Cash Short and Over Taccount and associated question that follows it Cash Short and Over Balance 0 1/30 $10 115 55 1/12 $50 550 Balance 55 Check My Work 3 more Check My Workering o BE Next Houses is Howell, H. MyVeterans United Calculator What will happen to the ending balance in the Cash Short and Over account at the end of the accounting period? O The discrepancy must be reported on the company website. O It will be a miscellaneous expense on the income statement O The discrepancy must be reported to the Securities and Exchange Commission It will be added to the Other Income section of the income statement Petty Cash Mugstone, Inc. issued a check on January 2 to establish a retty cash fund of $500. On January 31, the amount of cash in the petty cash tund is 439. The company way like to issue a check to replenish the fund, based on the following summary of petty cash receipts: Account Amount on Receipt $32.00 Office Supplies Miscellaneous Administrative Expense $23.00 The company's policy is to record any missing funds in the Cash Short and Over account The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund Check My Work 3 more Check My Work uses remaining Next 9:59 PM 9/11/2120 do a 13 Critical Thinking Problem Calculator Petty Cash Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31, the amount of cash in the petty cash fund is $439. The company would like to issue a check to replenish the fund, based on the following summary of petty cash receipts: Amount on Receipt Account Office Supplies Miscellaneous Administrative Expense $32.00 $23.00 The company's policy is to record any missing funds in the Cash Short and Over account The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF CREDIT LIABILITIES EQUITY Jan, 31 Petty Cash DELIT 55.00 55.00 Check My Work 3 more Check My Work uses remaining Type here to search Mallory Grades and. Canvas ESPN Typing Lessons | Be... Michigan State Uni... Vet Tix GVSU Admissions Houses is Howell, Critical Thinking Problem Calculator Prepare for your discussion with the intern by journalizing the correct entry for the replenishment of the petty cash fund. Refer to the Chart of Accounts for exact wording of account titles PAGE 17 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DERIT CREDIT ASSETS LIABILITIES EQUITY Bank Reconciliation The company's accounting intern has prepared the end of January bank reconciliation from the bank statement, and is worried because the Adjusted Balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern Check My Work 3 more Check My Work uses remaining Type here to search a tical Thinking Problem Calculator Murdstone, Inc Bank Reconciliation January 31, 2017 1 Cash balance according to bank statement $23,557.98 1 Adjustments: 3 Deposit in transit on January 31 $12.125.25 Outstanding Check No. 124 (62.00) 5 Outstanding Check No. 125 (57.00) (1.250.00) Outstanding Check No.129 Total adjustments 10.756.25 Adjusted balance 554.514.23 Cash balance according to Marston, Inc $51.560.33 $15.250.75 25.475.00 (40000 Check My Work 3 more Checy Wones remaining Type here to search a Ballory Grades and. Canvas E ESPN Typing Lessons | Be... Michigan State Uni. Vet To GVSU Admissions Houses is Howell, H.. Thinking Problem Calculator 15 Check returned because of insufficient funds 14 Bank service charge (23,475.40) (400.00) (9.000.00) 15 Error in recording Check No. 123 16 Total adjustments (17.624.65) $33.936.23 11 Adjusted balance ou assist the intern to check source documents, and find that most of the dollar amounts are correct, however, two dollar amounts are incorrect. After reviewing the llowing table, scroll down for the next steps in helping the intern Item Correct in Intern's Reconciliation? If "No," Corrected Amount Yes Yes Yes No $75.00 Cash balance according to bank statement Deposit in transit on January 31 Outstanding Check No. 124 Outstanding Check No 125 Outstanding Check No 129 Cash balance according to Murdstone, Inc. Check returned because of insuficient funds Yes Yes Yes Yes Note and interest collected by bank No $40 00 Bank service charge Check My Work 3 more Check My Work uses remaining Type here to search RI a M3 Critical Thinking Problem Calculator Following table, scroll down for the next steps in helping the Intern Correct in Intern's Reconciliation? If "No," Corrected Amount Item Yes Yes Yes No $75.00 Yes Cash balance according to bank statement Deposit in transit on January 31 Outstanding Check No. 124 Outstanding Check No. 125 Outstanding Check No. 129 Cash balance according to Murdstone, Inc. Check returned because of insufficient funds Note and interest collected by bank Bank service charge Murdstone error in recording Check No 123 as $12.435 00 rather than the correct amount of 521.435.00 Yes Yes Yes No $40.00 Yes After asking the intern to search for other errors by comparing her reconciliation to prior bank reconciliations prepared by the former accountant you work together to compute the corrected Adjusted Balance Enter your answer with two decimal places Corrected Adjusted Balance amount Check My Work Check My Work utestemning Type here to search a Calculator Murdstone, Inc. You've just been hired as an accountant at Murdstone, Inc., a retailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the control of Murdstone, Inc. has asked for your assistance in filling in some missing data for the company's January accounting records. You'll also be responsible for training the company's new accounting intern Chart of Accounts CHART OF ACCOUNTS Murdstone, Inc. General Ledger th ASSETS REVENUE 410 Sales 110 Cash 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 115 Inventory EXPENSES 510 Cost of Goods Sold 116 Store Supplies 117 Office Supplies 118 Prepaid Insurance 516 Cash Short and Over 520 Salaries Expense 521 Advertising Expense 120 Land Check My Work 3 more Check My Work uses remaning. a Next 9:57 PM 9/11/202 Calculator 118 Prepaid Insurance 520 Salaries Expense 120 Land 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 123 Store Equipment 124 Accumulated Depreciation Store Equipment 125 Office Equipment 126 Accumulated Depreciation Office Equipment 131 Notes Receivable 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense LIABILITIES 535 Bank Service Charge 536 Repairs Expense 537 Selling Expenses 210 Accounts Payable 211 Salaries Payable 213 Interest Payable 215 Notes Payable 538 Store Supplies Expense 539 Miscellaneous Administrative Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Check My Work 3 more Check My Work uses remaining a * GVSU Admissions Houses is Howell, H. My Veterans United Calculator Cash Short and Over The controller has completed the T accounts for the Cash and Sales accounts as of January 30, but needs to attend an important conference in another city. She has requested that you prepare the T account for the Cash Short and Over account as of January 30 also. You are told that the balance of the account is zero as of the beginning of January, and that all the company's sales are in cash. To simplify, this problem assumes that a company has only one bank account, which is identified in the Ledger as "Cash." Review the following accounts, and then scroll down to complete the Cash Short and Over Taccount and answer the associated question that follows Cash Balance 1/1 5,500 1/2 Establish Petty Cash 500 1115 2,800 1/12 6,305 1/23 3.270 1/30 4.450 Balance 21.825 Sales Balance 1/1 0 Check My Work 3 more Check My Work uses remaining O a RI Next 9:57 PM 9/11/2020 do Sales Balance 1/1 0 1/5 2,805 1/12 6,295 1/23 3,320 1/30 4,400 Balance 16,820 Rehow the preceding accounts, and then complete the Cash Short and Over Taccount and associated question that follows it Cash Short and Over Balance 0 1/30 $10 115 55 1/12 $50 550 Balance 55 Check My Work 3 more Check My Workering o BE Next Houses is Howell, H. MyVeterans United Calculator What will happen to the ending balance in the Cash Short and Over account at the end of the accounting period? O The discrepancy must be reported on the company website. O It will be a miscellaneous expense on the income statement O The discrepancy must be reported to the Securities and Exchange Commission It will be added to the Other Income section of the income statement Petty Cash Mugstone, Inc. issued a check on January 2 to establish a retty cash fund of $500. On January 31, the amount of cash in the petty cash tund is 439. The company way like to issue a check to replenish the fund, based on the following summary of petty cash receipts: Account Amount on Receipt $32.00 Office Supplies Miscellaneous Administrative Expense $23.00 The company's policy is to record any missing funds in the Cash Short and Over account The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund Check My Work 3 more Check My Work uses remaining Next 9:59 PM 9/11/2120 do a 13 Critical Thinking Problem Calculator Petty Cash Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31, the amount of cash in the petty cash fund is $439. The company would like to issue a check to replenish the fund, based on the following summary of petty cash receipts: Amount on Receipt Account Office Supplies Miscellaneous Administrative Expense $32.00 $23.00 The company's policy is to record any missing funds in the Cash Short and Over account The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF CREDIT LIABILITIES EQUITY Jan, 31 Petty Cash DELIT 55.00 55.00 Check My Work 3 more Check My Work uses remaining Type here to search Mallory Grades and. Canvas ESPN Typing Lessons | Be... Michigan State Uni... Vet Tix GVSU Admissions Houses is Howell, Critical Thinking Problem Calculator Prepare for your discussion with the intern by journalizing the correct entry for the replenishment of the petty cash fund. Refer to the Chart of Accounts for exact wording of account titles PAGE 17 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DERIT CREDIT ASSETS LIABILITIES EQUITY Bank Reconciliation The company's accounting intern has prepared the end of January bank reconciliation from the bank statement, and is worried because the Adjusted Balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern Check My Work 3 more Check My Work uses remaining Type here to search a tical Thinking Problem Calculator Murdstone, Inc Bank Reconciliation January 31, 2017 1 Cash balance according to bank statement $23,557.98 1 Adjustments: 3 Deposit in transit on January 31 $12.125.25 Outstanding Check No. 124 (62.00) 5 Outstanding Check No. 125 (57.00) (1.250.00) Outstanding Check No.129 Total adjustments 10.756.25 Adjusted balance 554.514.23 Cash balance according to Marston, Inc $51.560.33 $15.250.75 25.475.00 (40000 Check My Work 3 more Checy Wones remaining Type here to search a Ballory Grades and. Canvas E ESPN Typing Lessons | Be... Michigan State Uni. Vet To GVSU Admissions Houses is Howell, H.. Thinking Problem Calculator 15 Check returned because of insufficient funds 14 Bank service charge (23,475.40) (400.00) (9.000.00) 15 Error in recording Check No. 123 16 Total adjustments (17.624.65) $33.936.23 11 Adjusted balance ou assist the intern to check source documents, and find that most of the dollar amounts are correct, however, two dollar amounts are incorrect. After reviewing the llowing table, scroll down for the next steps in helping the intern Item Correct in Intern's Reconciliation? If "No," Corrected Amount Yes Yes Yes No $75.00 Cash balance according to bank statement Deposit in transit on January 31 Outstanding Check No. 124 Outstanding Check No 125 Outstanding Check No 129 Cash balance according to Murdstone, Inc. Check returned because of insuficient funds Yes Yes Yes Yes Note and interest collected by bank No $40 00 Bank service charge Check My Work 3 more Check My Work uses remaining Type here to search RI a M3 Critical Thinking Problem Calculator Following table, scroll down for the next steps in helping the Intern Correct in Intern's Reconciliation? If "No," Corrected Amount Item Yes Yes Yes No $75.00 Yes Cash balance according to bank statement Deposit in transit on January 31 Outstanding Check No. 124 Outstanding Check No. 125 Outstanding Check No. 129 Cash balance according to Murdstone, Inc. Check returned because of insufficient funds Note and interest collected by bank Bank service charge Murdstone error in recording Check No 123 as $12.435 00 rather than the correct amount of 521.435.00 Yes Yes Yes No $40.00 Yes After asking the intern to search for other errors by comparing her reconciliation to prior bank reconciliations prepared by the former accountant you work together to compute the corrected Adjusted Balance Enter your answer with two decimal places Corrected Adjusted Balance amount Check My Work Check My Work utestemning Type here to search a