How do we know what accounts we are to use and how do we find the values needed to complete the boxes?

E7-8 Prepare bank reconciliation and adjusting entries The following information pertains to Joyce Company. 1. Cash balance per bank, July 31, $7,328. 2. July bank service charge not recorded by the depositor $38. 3. Cash balance per books, July 31, $7,364. 4. Deposits in transit, July 31, $2,700. 5. Note for $2,000 collected for Joyce Company in July by the bank, plus interest $36 less fee $20. The collection has not been recorded by Joyce Company, and no interest has been accrued. 6. Outstanding checks, July 31, $686. Instructions (a) Prepare a bank reconciliation at July 31, 2014. (b) Journalize the adjusting entries at July 31 on the books of Joyce Company. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) JOYCE COMPANY Bank Reconciliation July 31, 2014 Cash balance per bank statement Add: Deposits in transit Less: Outstanding checks Adjusted cash balance per bank Cash balance per books Add: Collection of note receivable Less: Bank service charge Adjusted cash balance per books (b) July 31 Account Account Value Value ? Value ? Value Value ? Value ? Value Value Account Account July 31 Account Value Value Value Account Value ells with a "?" . E7-9 Prepare bank reconciliation and adjusting entries This information relates to the Cash account in the ledger of Treanor Company. Balance September 1 - $16,400; Cash deposited - $64,000 Balance September 30 - $17,600; Checks written - $62,800 The September bank statement shows a balance of $16,500 at September 30 and the following memoranda. Credits Collection of $1,800 note plus interest $30 Interest earned on checking account Debits $1,830 NSF checks: H. Kane 45 Safety deposit box rent $560 60 At September 30, deposits in transit were $4,738 and outstanding checks totaled $2,383. Instructions (a) Prepare the bank reconciliation at September 30, 2014. (b) Prepare the adjusting entries at September 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) TREANOR COMPANY Bank Reconciliation September 30, 2014 Cash balance per bank statement Add: Deposits in transit Value Value ? Value ? Less: Outstanding checks Adjusted cash balance per bank Cash balance per books Add: Collection of note receivable Interest earned Less: NSF check Safety deposit box rent Adjusted cash balance per books (b) Sept. 30 Account Value Value Value Value Value ? ? ? Value Account Account Value Value 30 Account Value Account 30 Account Value Value Account 30 Account Value Value Account Value a in cells with a "?" . E7-14 Prepare a cash budget for two months Enright company expects to have a cash balance of $46,000 on January 1, 2014. These are the relevant monthly budget data for the first two months of 2014. 1. Collection from customers: January $71,000, February $146,000. 2. Payments to suppliers: January $40,000, February $75,000. 3. Wages: January $30,000, February $40,000. Wages are paid in the month they are incurred. 4. Administrative expenses: January $21,000, February $24,000. These costs include depreciation of $1,000 per month. All other costs are paid as incurred. 5. Selling expenses: January $15,000, February $20,000. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of short-term investments in January are expected to realize $12,000 in cash. Enright has a line of credit at a local bank that enables it to borrow up to $25,000. The company want to maintain a minimum monthly cash balance of $20,000. Instructions Prepare a cash budget for January and February. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . ENRIGHT COMPANY Cash Budget For the Two Months Ending February 28, 2014 January Value Beginning cash balance Add: Cash receipts Collections from customers Sale of short-term investments Total receipts Total available cash Less: Cash disbursements Payments to suppliers Wages Administrative expenses Selling expenses Total disbursements Excess (deficiency) of available cash over disbursements Financing Add: Borrowings Less: Repayments Ending cash balance February Value Value Value ? ? Value Value ? ? Value Value Value Value ? ? Value Value Value Value ? ? Value Value ? Value Value ? cells with a "?"