Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare a bank reconcliation dated May 31, 2017, proceeding to a correct cash balance, and prepare the journal entries necessary to make the books correct
Prepare a bank reconcliation dated May 31, 2017, proceeding to a correct cash balance, and prepare the journal entries necessary to make the books correct and complete. (Enter answers to the account titles and enter 0 for the amounts. Credit account titfes are automatically indented when the amount is entered. Do not indent manually-) 2 decimal places e.g. 125.62. If no entry is required, select "No Entry for RIVERDED, INC May 31, 2017 No. Account Titles and Explanation Debit Credit To record the collection of the notc) To record bank service charges) Prepare the journal entries to record the transactions related to the petty cash fund for May. (Enter answers to 2 decimal places, e.g. 125.62. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Tites and Explanation Debit Credit (To establsh petty cash fund) 2. To record openditures from the fund) (b replensh petty cash fund) Problem 7-12 Bill Jovi is reviewing the cash accounting for Riverbed, Inc., a local mailing service. Jovi's review wil focus on the petty cash account and the bank reconciliation for the month ended May 31, 2017. He has collected the following information from Riverbed's boolkeoper for this task Petty Cash 1. The patty cash fund was established on May 10, 2017, in the amount of $272.50 2. Expenditures from the fund by the custodian as of May 31, 2017, were evidenced by approved receipts for the following Postage expense Mailing labels and other supplies .O.U. from employees Shipping charges (to customer) Newspaper advertising Miscellaneous expense $35.97 70.85 32.70 62.62 24.85 16.73 On May 31, 2017, the petty cash fund was replenished and increased to $327.00; currency and coin in the fund at that time totaled $28.78 BANK STATEMENT Disbursements Receipts Balance $9,558.21 Balance, May 1, 2017 Deposits Note payment direct from customer (interest of $32.70) Checks cleared during May Bank service charges Bolance, May 31, 2017 30,520.00 1,013.70 $33,953.50 29.43 7,108.98 Bolance, May 1, 2017 Deposits during May 2017 Checks written during May 2017 s 9,616.SO 33,790.0O (34,700.1s) Doposits in transit are determined to be $3,270.00, and checks outstanding at May 31 total $926.50. Cash on hand (besides petty cosh) at May 31, 2017, is $268.14 Prepare the journal entries to record the transactions related to the petty cash fund for May. (Enter answers to 2 decimal places, e.g. 125.62. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started