Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can you please general journal the transactions. thanks in advance LO 6,7 ctice Exercises 6,7 EXERCISE 6-8 al Describe the entries that have been posted
can you please general journal the transactions.
thanks in advance
LO 6,7 ctice Exercises 6,7 EXERCISE 6-8 al Describe the entries that have been posted to the following accounts after the Change Fund was established. Cash Change Fund 150 Sales Mar. 41,472 Mar. 4 1,475 16 1,398 16 1,397 27 1.545 27 1,541 Cash Short and Over Mar. 16 1 Mar. 4 27 4 3 b. How will the balance of Cash Short and Over be reported on the income statement Problem Set A PROBLEM 6-14 Arthur's Men's Shop deposits all receipts in the bank each evening and makes all payments by check. On November 30, its ledger balance of cash is $2,375.05. The bank statement balance of cash as of November 30 is $2,784,77. Use the following information to reconcile the bank statement: a. The reconciliation for October, the previous month, showed three checks outstanding on October 31: no. 1417 for $95.00, no. 1420 for $125.87, and no. 1422 for $136,00. Check no. 1417 and no. 1422 were returned with the November bank statement; however, check no. 1420 was not returned. b. Check no. 1500 for $155.00, no. 1517 for $132.00, no. 1518 for $218.00, and no. 1519 for $128.85 were written during November and have not been returned by the bank. c. A deposit of $945 was placed in the night depository on November 30 and did not appear on the bank statement d. The canceled checks were compared with the entries in the checkbook, and it was observed that check no. 1487, for $89, was written correctly, payable to M. A. Golden, the owner, for personal use, but was recorded in the checkbook as $98. e Included in the bank statement was a bank debit memo for service charges. $29. f. A bank credit memo was also enclosed for the collection of a note signed by C.G. Tolson, $615, including $600 principal and $15 interest. Required 1. Prepare a bank reconciliation as of November 30, assuming that the debit and credit memos have not been recorded. 2. Record the necessary entries in general journal form. Check Figure Ced ledger balance cash, $2,970.05Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started