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On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7.784. Cash receipts yet to be deposited Into the checking account total $3,178, and checks written by the academy but not yet processed by the bank total $1,265. The company's balance of cash does not reflect a bank service fee of $19 and Interest earned on the checking account of $30. These amounts are included in the balance of cash of $5,882 reported by the bank as of the end of August. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2021. (Amounts to be deducted should be Indicated with a minus sign.) THE DEAN ACTING ACADEMY Bank Reconciliation August 31, 2021 Bank's Cash Balance Company's Cash Balance Per Bank Statement Per General Ledger Bank Balance per Reconciliation Company Balance per Reconciliation 2 Record the necessary entrylles) to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the amounts that increase cash. Note: Enter debts before credits General Journal Debit Credit Date August 31, 2021 Record entry Clear entry View general journal Required information (The following information applies to the questions displayed below.] During the year. TRC Corporation has the following Inventory transactions. Number of Units Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jual.16 Purchase Oct. 6 Purchase Unit Cost $ 32 34 120 190 Total Cost $ 1,280 4,0BC 7.030 a, 800 $16, 190 100 450 For the entire year, the company sells 400 units of Inventory for $50 each. Required: Using FIFO. calculate ending Inventory, cost of goods sold, sales revenue and gross profit FIFO Cost of Goods Available for Sale Cost of # of Cost per Goods units unit Available for Sale Cost of Goods Sold Cost Cost of per Goods units unit Sold Ending Inventory Cost Ending units per Inventor unit of #of so Beginning Inventory Purchases: Apr. 7 Jul. 16 Oct.8 Total of 500 of $ 0 of of 5001 Sales revenue Gross profit I Required information [The following information applies to the questions displayed below.) During the year. TRC Corporation has the following Inventory transactions. Number of Units Unit Cost $ 82 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase 120 34 190 100 Total Cost $ 1,280 4,000 7,080 3, BOC $16, 190 For the entire year, the company sells 400 units of Inventory for $50 each. 2. Using LIFO, calculate ending Inventory.cost of goods sold, sales revenue, and gross profit. LIFO Ending Inventory Cost of Goods Available for Sale Cost of # of Cost per Goods units unit Available for Sale Cost of Goods Sold # of Cost Cost of per Goods units unit Sold # of units Cost per unit Ending Inventor Beginning Inventory Purchases: Apr 07 Jul 16 Oct 08 Total of 0 of 0 50 Sales revenue Gross profit
