Answered step by step
Verified Expert Solution
Question
1 Approved Answer
February 16, 2018 Name Adam Tskhel BUS 152-Test-Ch. 8-9 PROBLEMS 1) The cash account for EM Industries on July 31, 2017 ndicated a balance of
February 16, 2018 Name Adam Tskhel BUS 152-Test-Ch. 8-9 PROBLEMS 1) The cash account for EM Industries on July 31, 2017 ndicated a balance of $11,135 The July bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: statement indicated an ending balance of $11,237. Comparing the bank Checks outstanding for $287 A deposit of $4,250 had been made too late to appear on the bank statement. A check for $1,350 returned with the statement had been incorrectly recorded as $1,315. The check was originally issued to pay on account. a. b. c. d. The bank collected $5,000 plus $120 interest on a note. e. Bank service charges for July amounted to $20. f A check for $1000 was returned by the bank because of insufficient funds. a) Prepare a bank reconciliation as of July 31, 2017. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume all deposits are from cash sales. All checks are written to satisfy accounts payable. b) Journalize the necessary entries. 2) Journalize the following transactions: a) The actual cash received during the week ended January 16 for cash sales was $74 and the amount indicated by the cash register total was $7,413. b) The actual cash received during the week ended January 31 for cash sales was $23,447.00 and the amount indicated by the cash register total was $23,457.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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