Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. Cos Revise your worksheet to reflect the following transactions and updated values at the end of the accounting period, then answer the questions

image text in transcribedimage text in transcribed

. Cos Revise your worksheet to reflect the following transactions and updated values at the end of the accounting period, then answer the questions that follow. (Note: You do not need to upload your revised worksheet for Part 2) 1 Cash on hand at the company and not yet deposited at the bank. 2 PT for monthly utility si11 not yet recorded by the company 3 Note collected by the bank and not yet reourded by the company Interest collected by the bask fron note in 3 not yet recorded by the copy 5 A check vitten for insurance expense for $120 was cashed. The check was recorded on the books for 1200. Checks written by the company but not yet processed by the bask 7 Service fee charged by bank but not yet recorded by the company. Customer checks deternised by the bank to have sossufficient funds. Bank balance at the end of the period. Company balance at the end of the period. Required: 1-a. What is the revised Cash balance at the end of the period? Cash 1-b. is the bank reconciliation in balance? Yes No 2-a What is the balance in Cash if the entry to correct the insurance payment hasn't been made? Cash 1,00 3.000 2,000 3 3,30 100 2.500 21.070 13,000

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

Advanced Accounting

Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng

12th edition

1305084853, 978-1305464803, 130546480X, 978-1305799448, 978-1305084858

More Books

Students also viewed these Accounting questions

Question

Define debits and credits and explain double-entry accounting

Answered: 1 week ago

Question

Prepare and explain the use of a trial balance

Answered: 1 week ago