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Mastery Probl emal Control and Cash Murdos Inc Inc. has asked for your assistance in filing in some missing data You've just been hired as an accountant at Murstone, Inc., a retailer of polles for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murton for the company's January accounting records. You'll also be responsible for training the company's new accounting inter Cash Short and Over and The controller has completed the accounts for the cash and sales accounts as of January 30, but Baruary als u are told that the balance of the court ise of the beginning of a Ledger as "Cash to nd that important conference in another ty. She has requested that you prepare the account for the cash short and over accounts com e s are in c o m b in e s that has only one which is entified in the Review the following Twents, and then scroll down to complete the cash short and over wount and answer the associated gestion that follows Cash Balance 1/1 5.500 1/2 Establish Petty Cash 500 21.715 1/30 Balance Review the preceding Taccounts, and then complete the cash short and ower account and associated Question that follows it Cash Short and Ove What will happen to the ending balance in the cash short and over account at the end of the accounting period Petty Cash hapelyasuda 500. O uary 11, the amount of the petty cash und 4. The company wil teiswea check to relish the fund based undstoneIn d a chakan lanuary 2 to s petty cash recit: Office Supplies Miscellaneous interperse 2 The company's policy is to record any missing funds in the cash short and over account The r e has prepared a n d Description 1 Petty Cash try to record the persing of the petty cash fund: Debt Credit Cam Prepare for your discussion with the intern by Journaling the comect entry for the replenishment of the petty cash fund an amount box does not require an entry leave it blank Jan 11 Bank Reconciliation The company's accounting internas prepared the end-of-Manuarybank reconciation from the bank statement and is worried because the adjusted balance amounts do not apree. After reviewing the bank reconciliation, soroll down for the next ste in helping Decor Murdston, Inc. Bank Reconciliation January 31, 2015 12.125.25 Cash balance according to bank statement Adjustments Add: Deposit in transit on January 31 Dedust: Outstanding Check No 124 Outstanding Check No 125 Outstanding Check No 129 Total deductions Adjusted balance 9/62,00) 42.00 (1.290.09) 35.500.00 15.210.75 Cashbaccording to Hurton Adjust Adi Note and collected by Dark Deduct Check returned because of insufident funds Bank service charge Error in recording Check . 123 Totaleductions Aud Balance 23.473.43) (210.00) 19.000.00) (32.723.40 Cash bolone according to bank statement Outstanding Check No. 124 Outlading Check No. 125 Outstanding Check No 129 Casa balance according to Murtan, Inc. Check returned because of insufficient finde Note and interest colected by Dark Bank service charge Murde rin recording cock No. 123s $:2,435.00 rach then the correct amount of $21.435.00 $25.00 Merking the intento serch for other errors by comparing tereconciliation to prior bank reconditions prepared by the former accountant, you work together to compute the recessed b ound your awer to social Correctodadubalance amount Mastery Problem: Internal Control and Cash Murdstone, Inc., You've just been hired as an accountant at Murdstone, Inc., a retailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murdstone, Inc. has asked for your assistance in filling in some missing data for the company's January accounting records. You'll also be responsible for training the company's new accounting intern. Cash Short and Over The controller has completed the T accounts for the cash and sales accounts as of January 30, but needs to attend an important conference in another city. She has requested that you prepare the T account for the cash short and over account as of January 30 also. You are told that the balance of the account is zero as of the beginning of January, and that all the company's sales are in cash. To simplify, this problem assumes that a company has only one bank account, which is identified in the Ledger as "Cash." Review the following T accounts, and then scroll down to complete the cash short and over T account and answer the associated question that follows it. Balance 1/1 500 1/12 1/23 1/30 Cash 5,500 1/2 Establish Petty Cash 2,800 6,255 3,270 4.450 21,775 Balance Sales Balance 1/1 1/5 1/12 1/23 1/30 Balance 2,805 6,225 3,300 4,390 16,720 Review the preceding T accounts, and then complete the cash short and over T account and associated question that follows it. Cash Short and Over Balance 1/1 Balance What will happen to the ending balance in the cash short and over account at the end of the accounting period? Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31, the amount of cash in the petty cash fund is $437. The company would like to issue a check to replenish the fund, based on the following summary of petty cash receipts: Amount on Receipt Account Office Supplies $32 23 Miscellaneous Administrative Expense The company's policy is to record any missing funds in the cash short and over account. The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund: Date Description Debit Credit Jan. 31 Petty Cash Cash 55 Prepare for your discussion with the intern by journalizing the correct entry for the replenishment of the petty cash fund. If an amount box does not require an entry, leave it blank. Jan. 31 - Bank Reconciliation The company's accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the adjusted balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern. Murdstone, Inc. Bank Reconciliation January 31, 2015 Cash balance according to bank statement $23,557.98 Adjustments: 12,125.25 Add: Deposit in transit on January 31 Deduct: Outstanding Check No. 124 $(62.00) Outstanding Check No. 125 Outstanding Check No. 129 (42.00) (1,250.00) Total deductions (1,354.00) $34,329.23 Adjusted balance Cash balance according to Murdstone, Inc. $51,596.88 Adjustments: Add: Note and interest collected by bank 15,250.75 Deduct: Check returned because of insufficient funds Bank service charge $(23,475.40) (250.00) (9,000.00) Error in recording Check No. 123 Total deductions (32,725.40) Adjusted balance $34,122.23 You assist the intern to check source documents, and find that most of the dollar amounts are correct; however, two dollar amounts are incorrect. After reviewing the following table, scroll down for the next steps in helping the intern. Correct in If "No," Intern's Corrected Reconciliation? Amount Item Cash balance according to bank statement Deposit in transit on January 31 Outstanding Check No. 124 $24.00 Outstanding Check No. 125 Outstanding Check No. 129 Cash balance according to Murdstone, Inc. Check returned because of insufficient funds Note and interest collected by bank Bank service charge $25.00 Murdstone error in recording Check No. 123 as $12,435.00 rather than the correct amount of $21,435.00 After asking the intern to search for other errors by comparing her reconciliation to prior bank reconciliations prepared by the former accountant, you work together to compute the corrected adjusted balance. Round your answer to two decimal places. Corrected adjusted balance amount: $ Mastery Probl emal Control and Cash Murdos Inc Inc. has asked for your assistance in filing in some missing data You've just been hired as an accountant at Murstone, Inc., a retailer of polles for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murton for the company's January accounting records. You'll also be responsible for training the company's new accounting inter Cash Short and Over and The controller has completed the accounts for the cash and sales accounts as of January 30, but Baruary als u are told that the balance of the court ise of the beginning of a Ledger as "Cash to nd that important conference in another ty. She has requested that you prepare the account for the cash short and over accounts com e s are in c o m b in e s that has only one which is entified in the Review the following Twents, and then scroll down to complete the cash short and over wount and answer the associated gestion that follows Cash Balance 1/1 5.500 1/2 Establish Petty Cash 500 21.715 1/30 Balance Review the preceding Taccounts, and then complete the cash short and ower account and associated Question that follows it Cash Short and Ove What will happen to the ending balance in the cash short and over account at the end of the accounting period Petty Cash hapelyasuda 500. O uary 11, the amount of the petty cash und 4. The company wil teiswea check to relish the fund based undstoneIn d a chakan lanuary 2 to s petty cash recit: Office Supplies Miscellaneous interperse 2 The company's policy is to record any missing funds in the cash short and over account The r e has prepared a n d Description 1 Petty Cash try to record the persing of the petty cash fund: Debt Credit Cam Prepare for your discussion with the intern by Journaling the comect entry for the replenishment of the petty cash fund an amount box does not require an entry leave it blank Jan 11 Bank Reconciliation The company's accounting internas prepared the end-of-Manuarybank reconciation from the bank statement and is worried because the adjusted balance amounts do not apree. After reviewing the bank reconciliation, soroll down for the next ste in helping Decor Murdston, Inc. Bank Reconciliation January 31, 2015 12.125.25 Cash balance according to bank statement Adjustments Add: Deposit in transit on January 31 Dedust: Outstanding Check No 124 Outstanding Check No 125 Outstanding Check No 129 Total deductions Adjusted balance 9/62,00) 42.00 (1.290.09) 35.500.00 15.210.75 Cashbaccording to Hurton Adjust Adi Note and collected by Dark Deduct Check returned because of insufident funds Bank service charge Error in recording Check . 123 Totaleductions Aud Balance 23.473.43) (210.00) 19.000.00) (32.723.40 Cash bolone according to bank statement Outstanding Check No. 124 Outlading Check No. 125 Outstanding Check No 129 Casa balance according to Murtan, Inc. Check returned because of insufficient finde Note and interest colected by Dark Bank service charge Murde rin recording cock No. 123s $:2,435.00 rach then the correct amount of $21.435.00 $25.00 Merking the intento serch for other errors by comparing tereconciliation to prior bank reconditions prepared by the former accountant, you work together to compute the recessed b ound your awer to social Correctodadubalance amount Mastery Problem: Internal Control and Cash Murdstone, Inc., You've just been hired as an accountant at Murdstone, Inc., a retailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murdstone, Inc. has asked for your assistance in filling in some missing data for the company's January accounting records. You'll also be responsible for training the company's new accounting intern. Cash Short and Over The controller has completed the T accounts for the cash and sales accounts as of January 30, but needs to attend an important conference in another city. She has requested that you prepare the T account for the cash short and over account as of January 30 also. You are told that the balance of the account is zero as of the beginning of January, and that all the company's sales are in cash. To simplify, this problem assumes that a company has only one bank account, which is identified in the Ledger as "Cash." Review the following T accounts, and then scroll down to complete the cash short and over T account and answer the associated question that follows it. Balance 1/1 500 1/12 1/23 1/30 Cash 5,500 1/2 Establish Petty Cash 2,800 6,255 3,270 4.450 21,775 Balance Sales Balance 1/1 1/5 1/12 1/23 1/30 Balance 2,805 6,225 3,300 4,390 16,720 Review the preceding T accounts, and then complete the cash short and over T account and associated question that follows it. Cash Short and Over Balance 1/1 Balance What will happen to the ending balance in the cash short and over account at the end of the accounting period? Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31, the amount of cash in the petty cash fund is $437. The company would like to issue a check to replenish the fund, based on the following summary of petty cash receipts: Amount on Receipt Account Office Supplies $32 23 Miscellaneous Administrative Expense The company's policy is to record any missing funds in the cash short and over account. The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund: Date Description Debit Credit Jan. 31 Petty Cash Cash 55 Prepare for your discussion with the intern by journalizing the correct entry for the replenishment of the petty cash fund. If an amount box does not require an entry, leave it blank. Jan. 31 - Bank Reconciliation The company's accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the adjusted balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern. Murdstone, Inc. Bank Reconciliation January 31, 2015 Cash balance according to bank statement $23,557.98 Adjustments: 12,125.25 Add: Deposit in transit on January 31 Deduct: Outstanding Check No. 124 $(62.00) Outstanding Check No. 125 Outstanding Check No. 129 (42.00) (1,250.00) Total deductions (1,354.00) $34,329.23 Adjusted balance Cash balance according to Murdstone, Inc. $51,596.88 Adjustments: Add: Note and interest collected by bank 15,250.75 Deduct: Check returned because of insufficient funds Bank service charge $(23,475.40) (250.00) (9,000.00) Error in recording Check No. 123 Total deductions (32,725.40) Adjusted balance $34,122.23 You assist the intern to check source documents, and find that most of the dollar amounts are correct; however, two dollar amounts are incorrect. After reviewing the following table, scroll down for the next steps in helping the intern. Correct in If "No," Intern's Corrected Reconciliation? Amount Item Cash balance according to bank statement Deposit in transit on January 31 Outstanding Check No. 124 $24.00 Outstanding Check No. 125 Outstanding Check No. 129 Cash balance according to Murdstone, Inc. Check returned because of insufficient funds Note and interest collected by bank Bank service charge $25.00 Murdstone error in recording Check No. 123 as $12,435.00 rather than the correct amount of $21,435.00 After asking the intern to search for other errors by comparing her reconciliation to prior bank reconciliations prepared by the former accountant, you work together to compute the corrected adjusted balance. Round your answer to two decimal places. Corrected adjusted balance amount: $