Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

complete bank reconcilation and adjusting entries based on information provided, Thank you! will thumbs up! b) Prepare the appropriate adjusting entries on August 31. 2024.

complete bank reconcilation and adjusting entries based on information provided, Thank you! will thumbs up! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
b) Prepare the appropriate adjusting entries on August 31. 2024. Hint: Some additional information is provided below but where else might you laok to find details relevant to preparing the adjusting entries? - It is estimated that utilities used during August totalled $18,260. - Actual count of ending merchandise inventory on August 31, 2024 was $2,099,659. - Management estimates uncollectible accounis receivable based on the following rates of uncollectibility applied to outstanding accounts: Not yet due (2\%), 1.30 days past due (9%),3160 days past due (18\%), Greater than 61 days past due (60\%). Since this is an estimate please round your final answer to the nearest whole dollar, - Income taxes are estimated to be $298,600. a) The ic wing bank statement was received. Prenare a hank ramnnniliation fon n... "st: Additional Information: The NSF cheque was received in July from Stake Technology Inc. for a sale dated July 15. a) Prepare the unadjusted trial balance at August 31, 2024. Accounts Receivable Subledaer: Accounts Payable Subledger: b) Prepare the appropriate adjusting entries on August 31. 2024. Hint: Some additional information is provided below but where else might you laok to find details relevant to preparing the adjusting entries? - It is estimated that utilities used during August totalled $18,260. - Actual count of ending merchandise inventory on August 31, 2024 was $2,099,659. - Management estimates uncollectible accounis receivable based on the following rates of uncollectibility applied to outstanding accounts: Not yet due (2\%), 1.30 days past due (9%),3160 days past due (18\%), Greater than 61 days past due (60\%). Since this is an estimate please round your final answer to the nearest whole dollar, - Income taxes are estimated to be $298,600. a) The ic wing bank statement was received. Prenare a hank ramnnniliation fon n... "st: Additional Information: The NSF cheque was received in July from Stake Technology Inc. for a sale dated July 15. a) Prepare the unadjusted trial balance at August 31, 2024. Accounts Receivable Subledaer: Accounts Payable Subledger

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

Auditing Warehouse Performance

Authors: Kenneth B. Ackerman

1st Edition

0963177680, 978-0963177681

More Books

Students also viewed these Accounting questions

Question

Critique why humans fall prey to perceptual illusions.

Answered: 1 week ago