Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello, please answer 23, 24, and 25. Please help, thank you! 23. Meng Company maintains a $375 petty cash fund. On January 31, the fund

Hello, please answer 23, 24, and 25. Please help, thank you!

23. Meng Company maintains a $375 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $95 for office supplies, $190 for merchandise inventory, and $35 for miscellaneous expenses. There is a cash shortage of $9. The journal entry to replenish the fund on January 31 is:

24. On November 19, Nicholson Company receives a $24,000, 60-day, 6% note from a customer to replace an account receivable. What adjusting entry should be made by Nicholson on the December 31 year-end? (Use 360 days a year.)

25. Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows a $26,361 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following:

Deposit in transit 3,050

Outstanding checks 1,269

Additionally, a $38 check written and recorded by the company was incorrectly recorded by the bank as a $83 deduction. The adjusted cash balance per the bank records should be

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_2

Step: 3

blur-text-image_3

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

The Principles And Practice Of Auditing

Authors: George Puttick, Sandra Van Esch

8th Edition

0702156914, 978-0702156915

More Books

Students also viewed these Accounting questions