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Posted question but it was answered in its entirety. Journalized entry from Nov 30 on was added. And questions 2,3,4 &5 (bank reconciliation statements). Sorry

Posted question but it was answered in its entirety. Journalized entry from Nov 30 on was added. And questions 2,3,4 &5 (bank reconciliation statements). Sorry I did't express this the first time. Below includes my question, and the answer received by Chegg to help out. Thank you very much.

Comprehensive Problem 3 Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2016, were as follows:

Jan. 3 Issued a check to establish a petty cash fund of $4,500 Feb. 26 Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expenses, $570; miscellaneous administrative expenses, $880 Apr. 14 Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory. May 13 Paid the invoice of April 14 after the discount period had passed. May 17 Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240 June 2 Received a 60-day, 8% note for $180,000 on the Ryanair account. Aug. 1 Received amount owed on June 2 note, plus interest at the maturity date. Aug. 24 Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Sept. 15 Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. Sept. 15 Purchased land issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9% Oct. 17 Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17. Nov. 30 Journalized the monthly payroll for November, based on the following data: Sales salaries $135,000 and Office salaries $77,250 (totaling $212,250); Income tax withheld $39,266; Social security tax withheld $12,735; Medicare tax withheld $3,184.

Unemployment tax rates: State unemployment 5.4%; Federal unemployment 0.8%; Amount subjected to unemployment taxes: State unemployment $5,000; Federal unemployment $5,000.

Nov. 30 Journalized the employers payroll taxes on payroll. Dec. 14. Journalized the payment of the September 15 note at maturity. Dec. 31. The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee.

Instructions: 1. Journalize the selected transactions. 2. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $283,000. b. Balance according to the ledger at December 31, $245,410 c. Checks outstanding at December 31, $68,540 d. Deposit in transit, not recorded by bank $29,500 e. Bank debit memo for service charges, $750 f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. 3. Based on the bank reconciliation prepared in (2), journalized the entry or entries to be made by Kornett Company. 4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year. a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit). b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300. c. Prepaid insurance expired during the year, $22,820. d. Office supplies used during the year, $3,920. e. Depreciation is computed as follows:

Assets Cost Residual Value Acquisition Date Useful Life in Years Depreciation Method Used Buildings $900,000 0 January 2 50 Double-declining-balance Office Equip 246,000 26,000 January 3 5 Straiht-line Store Equip 112,000 12,000 Jul 1 10 Straight-line

f. A patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value of eight years. g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year. h. Vacation pay expense for December, $10,500. i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. j. Interest was accrued on the note receivable on October 17. 5. Based on the following information and the post-date closing trial balance that follows, prepare a balance sheet in report form at December 31 of the current year: The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability: $7,140 Long-term liability: $3,360

The unfunded pension liability is a long-term liability:

Notes payable: Current liability: $70,000 Long-term liability: $630,000

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After a preliminary check by using Journal Entries and a mock trial balance, i found the post-dated trial balance to be correct.

Trial Balance
Particulars Debit Credit
Petty cash $4,500
office supplies $3,920
misc selling expenses $570
misc admin expenses $880
Land $670,000
Loss on sale of assets $21,000
Notes receivables $100,000
cash $245,410
Bank $283,000
Provision for Doubtful debts $16,000
Inventory shrinkage $3,300
Insurance $22,820
Depreciation - Buildings $35,901
Depreciation - office equipment $44,000
Depreciation - store equipment $5,000
Amortization on patent $5,984
Amortization of mineral rights $30,000
vacation pay expenses $10,500
Product warranty cost $76,000
Interest income $4,249
Journal
Date Particulars Debit Credit
3-Jan Petty cash 4500
bank 4500
26-Feb office supplies 1680
misc selling expenses 570
misc admin expenses 880
petty cash 3130
26-Feb Petty cash 3130
bank 3130
14-Apr Merchandise inventory 31300
accounts payable 31300
13-May Accounts payable 31300
bank 31300
17-May cash 21200
cash - over/ short expense 40
sales 21240
17-May cost of goods sold
to merchandise inventory
2-Jun Notes receivalbe 180000
Bank 180000
1-Aug Bank 182400
Notes receivable 180000
Interest income 2400
24-Aug Bank 7600
Allowance for uncollectible debts 1400
accounts receivables 9000
15-Sep Accounts Receivables 1400
Allowance for uncollectible debts 1400
15-Sep Bank 1400
Allowance for uncollectible debts 1400
15-Sep Land 670000
Notes payable 670000
17-Oct Cash 135000
Notes receivables 100000
Loss on sale of assets 21000
Office equipments 256000

Comment

Notes pryable Current lability Long-term liablity 5 70.000 630.000 Past-Clesing Trial Balance December 31 Petty Cash... Cash Notes Receivable Accounts Receiwable. Allowance for Doubtful Accounts . Merchandise Inventory Interest Receivable Prepaid Insurance. Office Supplies Land Buildings 16.000 1,875 654925 900/000 246,000 Office Equipment Accumulated Depreciation-Office Equipment . Store Equipment ," 112000

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