financial accounting

Brief Exercise 4-7 (Static) Identify terms associated with a bank reconciliation (LO4-5) Select the appropriate term associated with a bank reconcilation for each of the following descriptions. Brief Exercise 4-8 (Static) Prepore o bank reconcillation (LO4-5) Indicale whetle the fom shouid add or subtract each fiem below from ta balance of cash or the bank y balarce of caspin preparing 0 bonl recocciution The fist answer 6 providect as an exarnple (Select "No entry" if an item is ner a reconciling hem.) Brief Exercise 4-11 (Algo) Record adjustments to the company's cash balance (LO4-5) Boume incorporated reports a cash balance at the end of the month of $2,570. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees (\$83), an NSF check from a customer (\$330). debit card used for the purchase of supplies (\$180), and a customer's note recelvable collected by the bank (\$1,200) plus interest eatred (\$33). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Brief Exercise 4-11 (Algo) Record adjustments to the company's cash balan Bourne Incorporated reports a cash balance at the end of the month of $2,570 A comparison of monthly bank statement reveals several additional cash transactions: bank service fees (\$83), an debit card used for the purchase of supplies (\$180), and a customer's note receivable collected earned (\$33). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a transacti Required" in the first account field.) Journal entry worksheet Brief Exercise 4-13 (Algo) Record employee purchases (LO4-6) Clooney Corporation establishes a petty cash fund for $225 and issues a credit card to its office manager By the end of the month, employees made one expenditure from the petty cash fund (entertainment $15 ) and three expenditures with the credit card (postage $55, delivery, $80, supplies expense, $45 ). Separately record employee credit card expenditures and employee petty cash expenditures. The credit card balance will be paid later (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field) Journal entry worksheet Journal entry worksheet Record employee petty cash expenditures. Note: Enter debits before credits. Exercise 4-3 (Static) Answer true-or-false questions about internal controls (LO4-2) Below are several statements about internal controls. Required: Select whether the answer to each of the statements is true or false. Exercise 4-10 (Algo) Calculate the balance of cash using a bank reconciliation (LO4-5) On August 31, 2024, the general ledger of Knifepoint Cutlery shows-a balance for cash of $7,800. Cash receipts yet to be deposited into the checking account total $3,258. The company's balance of cash does not reflect a debat card payment for the purchase of postage expense (\$86) or an electronic funds transfer for rent expense (\$1.315). The bank statement also revealed the company recorded a debit card transaction for supplies of $411, but the actual amount was $511. These amounts are included in the balance of cash of $3,041 reported by the bank as of the end of August. Required: 1. Prepare a bank reconcilation to calculate the correct ending balance of cash on August 31, 2024 2. Record the necessary entrylles) to adjust the balance for cash Complete this question by entering your answers in the tabs below. prepare a bank reconciliation to calculate the correct ending talance of cash on August 31, 2024. (Amouns to be deducted thould be indicated with a minus ilgn.) Complete this question by entering your answers in the tabs below. Record the necessary entry(les) to adjust the balance for cash. (If no entry is required for a transaction/ Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Exercise 4-12 (Algo) Record transactions for employee purchases (LO4-6) Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $311 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Required: 1. Record the establishment of the petty cash fund on September 4. 2. Record credit card expenditures during the month. The credit card balance is not yet paid. 3. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the establishment of the petty cash fund on September 4 . Halles berry tarm estadisnes a s4uU petty casn rund on sepremoer 4 to pay ror minor casr the end of each month. At the end of September, the fund contains $311 in cash. The compar authorized its office manager to make purchases. Expenditures for the month include the fol Required: 1. Record the establishment of the petty cash fund on September 4. 2. Record credit card expenditures during the month. The credit card balance is not yet paid. 3. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firs Journal entry worksheet Record credit card expenditures during the month. The credit card balance is not yet paid. Note: Enter debits before uredits Hane s berry rarm estapisnes a $4 u petty casn tuna on septemper 4 to pay ror minor casn the end of each month. At the end of September, the fund contains $311 in cash. The compar authorized its office manager to make purchases. Expenditures for the month include the foll Required: 1. Record the establishment of the petty cash fund on September 4. 2. Record credit card expenditures during the month. The credit card balance is not yet paid. 3. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firs Journal entry worksheet Record petty cash expenditures during the month. Note: Enter debits before credits. Problem 4-2A (Algo) Prepare the bank reconciliation and record cash adjustments (LO4-5) Blaine's Red Carpet Store maintains a checking account with Academy Bank. Blaine's sells carpet each day but makes bank deposits only once per week. The following provides information from the companys cash ledger for the month ending February 28.2024 Information from February's bank statement and company records reveals the following additional information: a. The ending cash balance recorded in the bank statement is $10,275 b. Cash receipts of $1,250 from 2/262/28 are outstanding. c. Checks 325 and 327 are outstanding. d. The deposit on 2/1 includes a customer's check for $450 that did not clear the bank (NSF check) c. Check 323 was witten for $2.800 for advertising in February. The bank properly recorded the check for this amount A An EFT withdrawal for Blaine's February rent was made on February 4 for $1,200 Q. Debit card transactions include $4,740 for legal fees expense and $420 for entertainment expense h. In January, one of Blaine's suppliers, Titanic Fabrics, boirowed $5,300 from Blaine. On February 24, Tanic paid $5,500;35,300 borrowed amount plus $200 interest) directly to Academy Bank in payment for January's borrowing I Academy Bank charged service fees of $165 to Blaines for the month Required: 1. Plepore a bank reconciliation for Blaine's checking account on february 28, 2024 2. Record the necessary cash adjustments Complete this question by dentering your answers in the tabs below. 2. Record the necessary cash adjustments. Complete this question by entering your answers in the tabs below. Prepare a bank reconciliation for Blaine's checking account on February 28, 2024. (Amounts to be deducted she indicated with a minus sign.) Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No account field.) Journal entry worksheet Note: Enter debits before credits. Problem 4.3A (Algo) Prepare the bank reconciliation and record cash adjustments (LO4.5) The cash records and bank statement for the month of May for Copperfield Entertainment are shown below. Description DEP Customer deposit INT interest eamed SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card a. The difference in the beginning balances in the company's records and the bank statement relates to checks number 469 and number 470 , which are outstanding as of April 30,2024 (prior month). b. The bank made the EFT on May 20 in error. The bank accidentally charged Copperfield for payment that should have been mai on another account Required: 1. Prepare a bank reconciliation for Copperfield's checking account on May 31, 2024 2. Record the necessary cash adjustments: Complete this question by entering your answers in the tabs below. Prepare a bank reconciliation for Copperfield's checking account on May 31, 2024. (Amounts to be deducted should be Indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.)