Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plesse provide solution and expalanation for my guidance thank you :) Problem 3-7 (IAA) Bedlam Company provided the following data for the month of December:

plesse provide solution and expalanation for my guidance thank you :)

image text in transcribedimage text in transcribed
Problem 3-7 (IAA) Bedlam Company provided the following data for the month of December: November 30 December 31 Cash in bank account balance 2,032,000 3,160,000 Bank statement balance 1,890,000 2,900,000 Bank debits 1,080,000 Bank credits Book debits Book credits 1,440,000 Outstanding checks 180,000 592,000 Deposit in transit 80,000 498,000 Check erroneously charged by bank against entity's account and corrected in subsequent month 40,000 50,000 Bank service charge 2,000 4,000 Note recorded as cash receipt by entity when placed with bank for collection and note is actually collected by bank in subsequent month and credited by bank to entity's account in same month 200,000 300,000 Required: a. Prepare a four-column reconciliation showing adjusted balances. b. Prepare one adjusting entry only on December 31.Problem 3-8 (LAA) Jargon Company provided the following data concerning the Belance pie cash records for the months of September and October: Checks outstanding September 30 October 31 Correct bank balance Book balance 1,900,000 Total cash receipts per book 1,400,000 Total cash disbursements per book 2,400,000 Balance per book- M 2,100,000 Bank service charge Bank balance Total charges in bank statement 2,500,000 Correct book balance Total credits in bank statement 1,200,000 NSF check 60,000 40,000 June data are as Collections of accounts receivable not recorded by entity and Checks recorded corrected in subsequent month 30,000 50,000 Deposita recorded Cverstatement of check in Service charges recor payment of salaries corrected in subsequent month Note collected by ban Deposit in transit 90,000 120,000 NSF check returned recupera Outstanding checks 130,000 260,000 Belenses 270,000 30,000 Required: not.agise What is the a balances. a. Prepare a four-column reconciliation showing adjusted b. Prepare adjusting entries on October 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting

Authors: William K. Carter

14th edition

759338094, 978-0759338098

Students also viewed these Accounting questions

Question

Gay, lesbian, bisexual, and transgender issues in sport

Answered: 1 week ago