For each company, calculate the ratio of cash to noncash assets. (Round percentage answers to two decimal places.) Cash $4,600 3,900 Tuohy Incorporated Oher Corporation Total Assets $24,200 26,500 Total Liabilities $4,000 6,600 Ratio $ -1- $ 0.29: % Tuohy Incorporated Oher Corporation 4,600 3,900 19,600] = 22,600] = 1 $ % Bourne Incorporated reports a cash balance at the end of the month of $2,220. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($69), an NSF check from a customer ($190), a customer's note receivable collected by the bank ($1,000), and interest earned ($19). Required: Calculate the reconciled company balance for cash. (Amounts to be deducted should be indicated with a minus sign.) Company balance Service fees NSF check Note received Interest earned Reconciled company balance Damon Company receives its monthly bank statement, which reports a balance of $1,650. After comparing this to the company's cash records, Damon's accountants determine that deposits outstanding total $2,800 and checks outstanding total $3,050. Required: Calculate the reconciled bank balance for cash. (Amounts to be deducted should be indicated with a minus sign.) $ 1,650 2.800 Bank balance Deposits outstanding Checks outstanding Reconciled bank balance 1,400 Spielberg Company's general ledger shows a checking account balance of $22,890 on July 31, 2021. The July cash receipts of $1,805, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $47. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,380. The bank statement shows a balance of $22,418 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on July 31, 2021. (Amounts to be deducted should be Indicated with a minus sign.) SPIELBERG COMPANY Bank Reconciliation July 31, 2021 Bank's Cash Balance Company's Cash Balance Per Bank Statement Per General Ledger Bank Balance per Reconciliation Company Balance per Reconciliation 2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the amounts that increase cash. Note: Enter debits before credits. General Journal Debit Credit Date July 31, 2021 Record entry Clear entry View general journal On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,764. Cash receipts yet to be deposited into the checking account total $3,158, and checks written by the academy but not yet processed by the bank total $1,245. The company's balance of cash does not reflect a bank service fee of $17 and interest earned on the checking account of $28. These amounts are included in the balance of cash of $5,862 reported by the bank as of the end of August. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) THE DEAN ACTING ACADEMY Bank Reconciliation August 31, 2021 Bank's Cash Balance Company's Cash Balance Per Bank Statement $ 5,862 Per General Ledger Deposits Outstanding 3,158 Service Fees Checks Outstanding Interest Earned Bank Balance per Reconciliation Company Balance per Reconciliation 2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Vlew transaction list View Journal entry worksheet 2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 August 31, 2021 Cash Interest Revenue 2 August 31, 2021 Service Fee Expense Cash On April 25, Foreman Electric installs wiring in a new home for $1,500 on account. However, on April 27, Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $400 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1.2. & 3. Record the Journal entries for the above information. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet During 2021, install air conditioning systems on account, $179,000. 1. Record each transaction using the allowance method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet During 2021, install air conditioning systems on account, $179,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24,900 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means that BHA now will need to use the allowance method. The following transactions occur during 2021 and 2022. 1. During 2021, install air conditioning systems on account, $179,000. 2. During 2021, collect $174,000 from customers on account. 3. At the end of 2021, estimate that uncollectible accounts total 10% of ending accounts receivable. 4. In 2022, customers' accounts totaling $6,900 are written off as uncollectible. 2. Record each transaction using the direct write-off method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet During 2021, install air conditioning systems on account, $179,000. Note: Enter debits before credits. Transaction General Journal Debit Credit (The following information applies to the questions displayed below.) At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24,900 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means that BHA now will need to use the allowance method. The following transactions occur during 2021 and 2022. 1. During 2021, install air conditioning systems on account, $179,000. 2. During 2021, collect $174,000 from customers on account. 3. At the end of 2021, estimate that uncollectible accounts total 10% of ending accounts receivable. 4. In 2022, customers' accounts totaling $6,900 are written off as uncollectible. 3. Calculate bad debt expense for 2021 and 2022 under the allowance method and under the direct write-off method, prior to any adjusting entries in 2022. (Leave no cells blank.) Bad Debt Expense Allowance Method Direct Write-off Method 2021: 2022