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P5 Apply the bank reconciliation process to prepare a number of bank reconciliations. P6 Explain the process taken to reconcile control accounts and clear suspense
P5 Apply the bank reconciliation process to prepare a number of bank reconciliations. P6 Explain the process taken to reconcile control accounts and clear suspense accounts using given account examples.
2. Smart Learning and Consultation company. had the following transactions during February: 2 February - performed services to Karam LLC on account, 10,000$. 3 February - performed services to Suzanne Proprietorship on account, 11,000 7 February - received cash from Karam LLC, 3,0008 10 February - performed services to Nader Company on account, 15,000$ 12 February - received cash from Suzanne Proprietorship, 8,000$. 14 February - performed services to Suzanne Proprietorship on account, 5000$. 17 February - received cash from Nader Company, 85,00. 18 February - received cash from Karam LLC, 1,000$. 21 February - purchased supplies, 4,000s, from Saad Co. on account 22 February - purchased supplies, 3,500s, from Aslan Co.on account 25 February - paid 2,000 to Saad Co. 26 February - purchased supplies, 5,000$ from Aslan Co. on account 29 February - paid 35,00$ to Aslan Co. Requirements (2) A-Use different types of accounts that should be prepared to deal with the previous transactions and show how they are appeared in the subsidiary ledgers and connected with the control accounts in the general ledger, and explain the process taken to reconcile control accounts. B- Produce an accurate Accounts Receivable Account and show the balance of this account when Karam LLC pays 30,000 to Smart Learning and Consultation company and show how this account will be appeared in Smart Learning and Consultation company's balance sheet. 3. Happiness Hotel is a service business. You have to deal with so many suppliers and customers every day. Sometimes your assistants do not provide you with the necessary information to accurately record the day to day transactions. Here are some transactions that happened during February 3 February-received cash. 8,000$ from one of the customers, Modern Style Company. This customer has 4 or 9 outstanding invoices at a time from purchasing different services. Your assistants didn't have any information about the invoice for whom the receipt was. 4 February - you knew that the receipt was for invoice 4541#. 6 February - one of the suppliers, Perfect Maintenance Company delivered an invoice for 9,000$ of services which is payable in 30 days. Your assistants did not know which department will be charged with the invoice. 7 February - you knew that the invoice is for services delivered to purchases department. Requirements (3) - Journalize the previous transactions using suspense accounts and accurately reconcile these accounts by applying the appropriate methods, and explain the process taken to clear suspense accounts. - Explain the process taken to reconcile control accounts and clear suspense accounts. Alhuda Holding company owns the following businesses: Baylor Associates 2 Smart Learning and Consultation company 3. Happiness Hotel You had to handle the following transactions during February 2020: 1. Baylor Associates received the following bank statement on February 29, 2020: Beginning balance Total deposits Total withdrawals Service charge Ending balance 4060 4715 5630 75 3070 Transactions Dsposits Date Depresi 72 Deposit 152 EFT, collection of note 172 Deposit 142 Interest 292 Account SOO 10700 1000 1100 115 Date Charges Service charge 292 account 175 Khecks Jamount 3100 Number 101 102 103 2 1 400 1100 Other deductions EFT Ezren NSF check Date 12 Amount 200 30 The cash account of Baylor Associates at February 29, 2020, follows. Cash 400 123.100 Feb Bal 4.06 Feb 3 6 O 1.700 15 1.100 19 23 25 2.100 27 1.100 350 1050 Fch 29 Bal 3.700 Additional data: Baylor deposits all cash receipts in the bank and makes all payments by check. Alhuda Holding company owns the following businesses: Baylor Associates 2. Smart Learning and Consultation company 3. Happiness Hotel You had to handle the following transactions during February 2020: 1. Baylor Associates received the following bank statement on February 29, 2020: Beginning balance Total deposits Total withdrawals Service charge Finding balance 4060 4715 5630 75 3070 Transactions Deposits Dale Account Deposit 72 OO Deposit 15:2 10700 EFT, collection of note 172 1000 Deposit 142 1100 Interest 292 115 Date Charges Service charge 292 account 175 Checks Number 101 102 Jamount 3100 2 3 103 100 1100 Other deductions EFT Ezrent NSF check Date 12 Amount 200 $30 The cash account of Baylor Associates at February 29, 2020, follows. Cash 123.100 Feb Bal 4.0 Feb 600 1.700 15 1.100 19 23 2.100 25 1.100 350 1050 Feb 29 Bal 3.760 Additional data: Baylor deposits all cash receipts in the bank and makes all payments by check
P6 Explain the process taken to reconcile control accounts and clear suspense accounts using given account examples.
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