Objective

JE information (section 1)

Please explain the placement of the values in the Bank & Book section!

Bank Reconciliation Information The Bank statement for Dotober 31st shows a balance of $6,761 You can determine the balance per Books based on the opening Cash balance and the adjustments to Cash made during the period in Section 1 A review of recirds and bank statement shows the following: Depotits in Transit: $3,300 Dutstanding Cheques: $2,750 A NSF Cheque from September AiR totaling $775 Bank fees of $9.00 $15 was paid in interest on the Line of Credit AnEFT inflow of $1,900 relating to amounts receivable was recorded in the bank but not in CCS's books An EFT Dutlow of $330 for utilities was recorded in the bank but not in CCS's books Colton Computer Services Ltd. Bank Reconciliation Dotober 31,2021 \begin{tabular}{l|l|l|} \multicolumn{1}{c}{ Bank } & \multicolumn{2}{c|}{ Books } \\ \cline { 1 } Balance, Dotober 31(unadjusted) & \multicolumn{2}{|c|}{ Balance, Dotober 31(unadjusted) } \\ \hline Add: & \multicolumn{2}{|c|}{ Add: } \\ \hline \multicolumn{2}{|c|}{ Total Additions } & \multicolumn{2}{|c|}{ Total Additions } \\ \hline \end{tabular} Less: Less: \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Total Deductions Total Deductions Colton Computer Services Three years ago, James Colton (JC) founded Colton Computer Services Inc. (CCS). CCS delivers IT support, computer maintenance, website design and programming services to companies and individuals in the Annapolis Valley. The company has been successful, with enough work that JC needed to hire employees to help meet demand. At the beginning of October 2021, CCS had an opening trial balance as follows: \begin{tabular}{|l|r|r|} \hline & Debit & Credit \\ \hline Cash & 8,865 & \\ \hline Accounts Receivable & 5,500 & \\ \hline Note Receivable & 3,500 & \\ \hline Supplies Inventory & 4,000 & \\ \hline Prepaid Expenses & 800 & \\ \hline Accounts Payable & & 3,350 \\ \hline Unearned Revenue & & 3,000 \\ \hline Salaries Payable & & 640 \\ \hline Line of Credit & & 2,200 \\ \hline Share Capital & & 100 \\ \hline Retained Earnings & & 13,375 \\ \hline \end{tabular} For October of 2021, CCS had transactions as follows: Oct 1 Received $500 due from a customer for work completed in the prior month 1 CCS has two employees, each of whom is paid $400 every Friday. Since September 30 th was on a Thursday, the full amount (including the Salaries Payable) is paid on Friday, October 1st. The employees do not work weekends. 1 CCS purchases insurance on a quarterly basis. They pay $1,200 for the months October to December, 2021 4 CCS gets a contract to help redesign a local restaurant's, named William's Seafood, website for $4,000. The restaurant is eager to get the work done and pays CCS all of the money upfront. 5 Downtown Gaming Caf has an issue with one of its processors and asks CCS to help. They fix the issue quickly, and the caf owner agrees to pay $300 within the next few weeks 5 CCS completes coding a program for a client that had paid $3,000 upfront for a job with a value of $5,000 total. The client pays the outstanding balance on receipt of the code 7 The sink in the office break room isn't draining properly. The company calls a plumber, who unclogs the sink and is paid \$175. 8 Employees are paid for the week's work. 11 The company pays $2,200 in cash for supplies it had purchased on account in September relating to computer repair. 13 An accounting firm that is a client of CCS has a server malfunction at 6pm, requiring after-hours emergency service. CCS personnel determine the issue and have it fixed by the next morning. The firm agrees to pay $2,500 for the emergency work at a later date. 15 Employees are paid for the week's work. In addition to their normal salary, each of the employees is given a one time bonus of $100 for their help with the emergency situation on the 13 th. 21 CCS designers show the website to the Executive Director of William's Seafood from October 8th. They are generally pleased with the site, but request further changes before the work is considered 'done' 22 Employees are paid for the week's work. 28 William's Seafood's Executive Director approves the changes CCS has made to the website design, and the job is considered completed. 29 Employees are paid for the week's work. 29 CCS pays upfront for rent. They send $800 to the landlord for the month of November 29 The accounting firm pays the outstanding $2,500 to CCS 29 JC pays himself a \$2,750 dividend At the end of the month, don't forget to make adjusting entries for rent and insurance! Other Information 1. The Bank statement for October 31 st shows a balance of $6,761 2. A review of the bank statement shows the following Depotits in Transit: $3,300 3. Outstanding Cheques: $2,750 4. A NSF Cheque from September A/R totaling $775 5. Bank fees of $9.00 6. \$15 was paid in interest on the Line of Credit 7. An EFT inflow of $1,900 relating to amounts receivable was recorded in the bank but not in CCS's books 8. An EFT Outflow of $330 for utilities was recorded in the bank but not in CCS's books 18 ND ENTFY NEEDED 21 NDENTRY NEEDED 22. Salaries Expense 1,000 Cash 1,000 28 NDENTFYNEEDED 28 ND ENTFY NEEDED OMonetary Transaction Bank Reconciliation Information The Bank statement for Dotober 31st shows a balance of $6,761 You can determine the balance per Books based on the opening Cash balance and the adjustments to Cash made during the period in Section 1 A review of recirds and bank statement shows the following: Depotits in Transit: $3,300 Dutstanding Cheques: $2,750 A NSF Cheque from September AiR totaling $775 Bank fees of $9.00 $15 was paid in interest on the Line of Credit AnEFT inflow of $1,900 relating to amounts receivable was recorded in the bank but not in CCS's books An EFT Dutlow of $330 for utilities was recorded in the bank but not in CCS's books Colton Computer Services Ltd. Bank Reconciliation Dotober 31,2021 \begin{tabular}{l|l|l|} \multicolumn{1}{c}{ Bank } & \multicolumn{2}{c|}{ Books } \\ \cline { 1 } Balance, Dotober 31(unadjusted) & \multicolumn{2}{|c|}{ Balance, Dotober 31(unadjusted) } \\ \hline Add: & \multicolumn{2}{|c|}{ Add: } \\ \hline \multicolumn{2}{|c|}{ Total Additions } & \multicolumn{2}{|c|}{ Total Additions } \\ \hline \end{tabular} Less: Less: \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Total Deductions Total Deductions Colton Computer Services Three years ago, James Colton (JC) founded Colton Computer Services Inc. (CCS). CCS delivers IT support, computer maintenance, website design and programming services to companies and individuals in the Annapolis Valley. The company has been successful, with enough work that JC needed to hire employees to help meet demand. At the beginning of October 2021, CCS had an opening trial balance as follows: \begin{tabular}{|l|r|r|} \hline & Debit & Credit \\ \hline Cash & 8,865 & \\ \hline Accounts Receivable & 5,500 & \\ \hline Note Receivable & 3,500 & \\ \hline Supplies Inventory & 4,000 & \\ \hline Prepaid Expenses & 800 & \\ \hline Accounts Payable & & 3,350 \\ \hline Unearned Revenue & & 3,000 \\ \hline Salaries Payable & & 640 \\ \hline Line of Credit & & 2,200 \\ \hline Share Capital & & 100 \\ \hline Retained Earnings & & 13,375 \\ \hline \end{tabular} For October of 2021, CCS had transactions as follows: Oct 1 Received $500 due from a customer for work completed in the prior month 1 CCS has two employees, each of whom is paid $400 every Friday. Since September 30 th was on a Thursday, the full amount (including the Salaries Payable) is paid on Friday, October 1st. The employees do not work weekends. 1 CCS purchases insurance on a quarterly basis. They pay $1,200 for the months October to December, 2021 4 CCS gets a contract to help redesign a local restaurant's, named William's Seafood, website for $4,000. The restaurant is eager to get the work done and pays CCS all of the money upfront. 5 Downtown Gaming Caf has an issue with one of its processors and asks CCS to help. They fix the issue quickly, and the caf owner agrees to pay $300 within the next few weeks 5 CCS completes coding a program for a client that had paid $3,000 upfront for a job with a value of $5,000 total. The client pays the outstanding balance on receipt of the code 7 The sink in the office break room isn't draining properly. The company calls a plumber, who unclogs the sink and is paid \$175. 8 Employees are paid for the week's work. 11 The company pays $2,200 in cash for supplies it had purchased on account in September relating to computer repair. 13 An accounting firm that is a client of CCS has a server malfunction at 6pm, requiring after-hours emergency service. CCS personnel determine the issue and have it fixed by the next morning. The firm agrees to pay $2,500 for the emergency work at a later date. 15 Employees are paid for the week's work. In addition to their normal salary, each of the employees is given a one time bonus of $100 for their help with the emergency situation on the 13 th. 21 CCS designers show the website to the Executive Director of William's Seafood from October 8th. They are generally pleased with the site, but request further changes before the work is considered 'done' 22 Employees are paid for the week's work. 28 William's Seafood's Executive Director approves the changes CCS has made to the website design, and the job is considered completed. 29 Employees are paid for the week's work. 29 CCS pays upfront for rent. They send $800 to the landlord for the month of November 29 The accounting firm pays the outstanding $2,500 to CCS 29 JC pays himself a \$2,750 dividend At the end of the month, don't forget to make adjusting entries for rent and insurance! Other Information 1. The Bank statement for October 31 st shows a balance of $6,761 2. A review of the bank statement shows the following Depotits in Transit: $3,300 3. Outstanding Cheques: $2,750 4. A NSF Cheque from September A/R totaling $775 5. Bank fees of $9.00 6. \$15 was paid in interest on the Line of Credit 7. An EFT inflow of $1,900 relating to amounts receivable was recorded in the bank but not in CCS's books 8. An EFT Outflow of $330 for utilities was recorded in the bank but not in CCS's books 18 ND ENTFY NEEDED 21 NDENTRY NEEDED 22. Salaries Expense 1,000 Cash 1,000 28 NDENTFYNEEDED 28 ND ENTFY NEEDED OMonetary Transaction