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If you could answer all 3 that would be greatly appreciated, thanks 1. In the process of reconciling its bank statement for April, Donahue Enterprises'

If you could answer all 3 that would be greatly appreciated, thanks

1.

In the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information:

Cash balance per company books on April 30 $ 6,210
Deposits in transit at month-end $ 1,430
Outstanding checks at month-end $ 750
Bank charge for printing new checks $ 110
Note receivable and interest collected by bank on Donahues behalf $ 640
A check paid to Donahue during the month by a customer is returned by the bank as NSF $ 610

The adjusted cash balance per the books on April 30 is:

  • $6,740

  • $6,130

  • $3,950

  • $5,710

  • $8,030

2.

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.

Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 250 units @ $10
5 Purchase 270 units @ $12
10 Sales 190 units @ $20
15 Purchase 150 units @ $13
24 Sales 140 units @ $21

  • $4,100

  • $3,460

  • $3,590

  • $3,860

  • $4,230

3.

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts:

Accounts receivable $ 348,000 debit
Allowance for uncollectible accounts 670 debit
Net Sales 793,000 credit

All sales are made on credit. Based on past experience, the company estimates 0.5% of net credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?

  • Debit Bad Debts Expense $3,295; credit Allowance for Doubtful Accounts $3,295.

  • Debit Bad Debts Expense $4,635; credit Allowance for Doubtful Accounts $4,635.

  • Debit Bad Debts Expense $2,410; credit Allowance for Doubtful Accounts $2,410.

  • Debit Bad Debts Expense $1,740; credit Allowance for Doubtful Accounts $1,740.

  • Debit Bad Debts Expense $3,965; credit Allowance for Doubtful Accounts $3,965.

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