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Kindly help me with the following 10 questions from Accounting 510 1. In the process of reconciling Marks Enterprises' bank statement for September, Mr. Marks
Kindly help me with the following 10 questions from Accounting 510
1. In the process of reconciling Marks Enterprises' bank statement for September, Mr. Marks compiles the following information: Cash balance per company books on September 30 Deposits in transit at month-end Outstanding checks at month-end Bank charge for printing new checks Note receivable and interest collected by bank on Marks' behalf A check given to Marks during the month by a customer is returned by the bank as NSF $ 6,230 $ 1,390 $ 710 $ 90 $ 680 $ 570 The adjusted cash balance per the books on September 30 is: $5,750 $6,820 $4,150 $8,070 $6,250 2. The following information is available for Holland Company at December 31: Money market fund balance Certificate of deposit maturing June 30 of next year Postdated checks from customers Cash in bank account NSF checks from customers returned by bank Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 2,920 $ 16,300 $ 1,800 $ 23,731 $ 780 $ 330 $ 31 $ 11,300 Based on this information, Holland Company should report Cash and Cash Equivalents on December 31 of: $38,281 $54,581 $40,861 $43,312 $39,301 3. The following information is taken from Hogan Company's December 31 balance sheet: Cash and cash equivalents $ 9,919 Accounts receivable 77,922 Merchandise inventories 67,862 Prepaid expenses 5,600 Accounts payable $ 16,450 Notes payable 94,138 Other current liabilities 11,000 If net credit sales and cost of goods sold for the current year were $604,000 and $359,700, respectively, the firm's days' sales uncollected for the year is (Use 365 days a year and round your final answer to one decimal place): 41.0 days 47.1 days 159.1 days 68.9 days 79.1 days 4. The following information is available for Johnson Manufacturing Company at June 30: Cash in bank account $ 7,955 Inventory of postage stamps Money market fund balance Petty cash balance NSF checks from customers returned by bank Postdated checks received from customers Money orders A nine-month certificate of deposit maturing on December 31 of current year 89 13,900 500 1,017 766 1,757 9,500 Based on this information, Johnson Manufacturing Company should report Cash and Cash Equivalents on June 30 of: $19,712 $23,372 $22,355 $24,112 $23,461 5. If a check correctly written and paid by the bank for $372 is incorrectly recorded in the company's books for $327, how should this error be treated on the bank reconciliation? Subtract $45 from the bank's balance and add $45 to the book's balance. Add $45 to the bank's balance. Subtract $45 from the bank's balance. Add $45 to the book balance. Subtract $45 from the book balance. 6. On November 19, Hayes Company receives a $26,400, 60-day, 5% note from a customer as payment on his account. What adjusting entry should be made on the December 31 year-end? (Use 360 days a year. Do not round intermediate calculations.) Debit Interest Receivable $66; credit Interest Revenue $66. Debit Interest Receivable $154; credit Interest Revenue $154. Debit Interest Revenue $154; credit Interest Receivable $154. Debit Interest Receivable $220; credit Interest Revenue $220. Debit Interest Revenue $220; credit Interest Receivable $220. 7. MixRecording Studios purchased $8,000 in electronic components from TechCom. MixRecording Studios signed a 90-day, 8% promissory note for $8,000. If the note is dishonored, what is the amount due on the MixRecording Studios? (Use 360 days a year. Do not round intermediate calculations.) $8,330 $8,160 $8,250 $160 $8,000 8. The amount due on the maturity date of a $8,000, 90-day 8%, note receivable is (Use 360 days a year. Do not round intermediate calculations): $7,360. $8,000. $8,640. $8,160. $7,840. 9. A company factored $55,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this transaction would include a: Debit to Cash of $55,000, a credit to Factoring Fee Expense of $1,100, and credit to Accounts Receivable of $53,900. Debit to Cash of $56,100 and a credit to Accounts Receivable of $56,100. Debit to Cash of $55,000 and a credit to Notes Payable of $55,000. Debit to Cash of $55,000 and a credit to Accounts Receivable of $55,000. Debit to Cash of $53,900, a debit to Factoring Fee Expense of $1,100, and a credit to Accounts Receivable of $55,000. 10. Teller purchased merchandise from TechCom on October 17 of the current year and TechCom accepted Teller's $8,400, 90-day, 8% note. What entry should TechCom make on January 15 of the next year when the note is paid? (Use 360 days a year. Do not round intermediate calculations.) Debit Cash $8,568; credit Notes Receivable $8,568. Debit Cash $8,568; credit Interest Revenue $28; credit Interest Receivable $140; credit Notes Receivable $8,400. Debit Cash $4,920; credit Interest Revenue $100; credit Interest Receivable $20; credit Notes Receivable $4,800. Debit Notes Receivable $8,400; debit Interest Receivable $168; credit Sales $8,568. Debit Cash $8,568; credit Interest Revenue $168; credit Notes Receivable $8,400Step by Step Solution
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