Q (6) Chapter 8 Homework

JUNE BANK STATEMENT:

Chrome File Edit View History Bookmarks People Tab Window Help O Fri 5:31 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero x Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O Bank reconciliation and entries ? Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal Instructions X Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of June 1 $9,317.40 CASH RECEIPTS FOR MONTH OF JUNE $9,223.76 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: Date Amount Date Amount Date Amount June 1 $1,080.50 June 10 $996.61 June 22 $897.34 854.17 15 882.95 24 947.21 840.50 17 1,606.74 30 1, 117.74 CHECKS WRITTEN: Number and amount of each check issued in June: Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading tv WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:31 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero x Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : O Chapter 8 Homework eBook Print Item ? Bank reconciliation and entries Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal X Instructions CHECKS WRITTEN: Number and amount of each check issued in June: Check No. Amount Check No. Amount Check No. Amount 740 $237.50 747 Void 754 $449.75 741 495.15 748 $450.90 755 272.75 742 501.90 749 640.13 756 113.95 743 761.30 750 276.77 757 407.95 744 506.88 751 299.37 758 259.60 745 117.25 752 537.01 759 901.50 746 298.66 753 380.95 760 486.39 Total amount of checks issued in June: $8,395.66 BANK RECONCILIATION FOR PRECEDING MONTH: Previous All work saved. Email Instructor Save and Exit Submit Assignment for Grading Assignment Score: 0.0% tv WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:31 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero x Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O Bank reconciliation and entries ? Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal Instructions X BEELER FURNITURE COMPANY Bank Reconciliation May 31, 20Y2 1 Cash balance according to bank statement $9,447.20 2 Add deposit for May 31, not recorded by bank 690.25 3 Deduct outstanding checks: No. 731 $162.15 5 No. 736 345.95 6 No. 738 251.40 No. 739 60.55 (820.05) 8 Adjusted balance $9,317.40 10 Cash balance according to company's records $9,352.50 11 Deduct bank service charges (35.10 12 Adjusted balance $9,317.40 TE T Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig astv WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:31 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero x Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O Bank reconciliation and entries ? Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal Instructions X JUNE BANK STATEMENT: Click here to view. Required: 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Be sure to complete the statement heading. Refer to the Instructions, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. To enter the Check number, please enter "No." preceeding the number. "Deduct", "Add", or colons (:) will automatically appear if required. Enter all amounts as positive numbers. Round your answers to two decimal places. 2. Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your answers to two decimal places. 3. What is the amount of Cash that should appear on the balance sheet as of June 30? 4. Assume that a canceled check for $390 has been incorrectly recorded by the bank as $930. Briefly explain how the error would be included in a bank reconciliation and how it should be corrected. Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig tv WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:31 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero x Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O Bank reconciliation and entries ? Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal Chart of Accounts X X DECICI Furniture Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Merchandise Sold 145 Office Supplies 515 Credit Card Expense 146 Store Supplies 516 Cash Short and Over 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 191 Office Equipment 532 Delivery Expense 192 Accumulated Depreciation-Office Equipment 533 Insurance Expense 193 Store Equipment 534 Office Supplies Expense 194 Accumulated Depreciation-Store Equipment 535 Rent Expense Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:31 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero x Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 8 Homework eBook Print Item O ? Chart of Accounts X X 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 191 Office Equipment 532 Delivery Expense 192 Accumulated Depreciation-Office Equipment 533 Insurance Expense 193 Store Equipment 534 Office Supplies Expense 194 Accumulated Depreciation-Store Equipment 535 Rent Expense 536 Repairs Expense LIABILITIES 537 Selling Expenses 210 Accounts Payable 538 Store Supplies Expense 221 Notes Payable 561 Depreciation Expense-Office Equipment 222 Interest Payable 562 Depreciation Expense-Store Equipment 231 Salaries Payable 590 Miscellaneous Expense 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Owner, Capital 311 Owner, Drawing Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:32 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero x Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O ? Chart of Accounts X X Office Equipment 532 Delivery Expense 192 Accumulated Depreciation-Office Equipment 533 Insurance Expense 193 Store Equipment 534 Office Supplies Expense 194 Accumulated Depreciation-Store Equipment 535 Rent Expense 536 Repairs Expense LIABILITIES 537 Selling Expenses 210 Accounts Payable 538 Store Supplies Expense 221 Notes Payable 561 Depreciation Expense-Office Equipment 222 Interest Payable 562 Depreciation Expense-Store Equipment 231 Salaries Payable 590 Miscellaneous Expense 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Owner, Capital 311 Owner, Drawing Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:32 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero x Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O Bank reconciliation and entries ? Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal Chart of Ac Labels and Amount Descriptions X Labels Cash and cash equivalents For the Year Ended June 30, 20Y2 June 30, 20Y2 Outstanding checks Amount Descriptions 110 Adjusted balance 111 Bank service charges 120 Check returned because of insufficient funds 131 Deposit of June (insert day), not recorded by bank 141 Error in recording Check No. (insert check number) 145 Error in recording June (insert day) deposit 146 Interest 15 Note and interact sallasted hu hank 181 Lana JUT AUVOTING LAPUTING 191 Office Equipment 532 Delivery Expense Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:32 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero x Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O ? Chart of Ac Labels and Amount Descriptions X Outstanding checks Amount Descriptions Adjusted balance Bank service charges Check returned because of insufficient funds Deposit of June (insert day), not recorded by bank Error in recording Check No. (insert check number) 110 Error in recording June (insert day) deposit 111 Interest 12 Note and interest collected by bank 131 Principal 141 (Check numbers are valid Amount Descriptions; 145 Please enter "No. " preceeding the Check number.) 146 15 181 Lana JUT AUVOTTOMy LAPCTIOG 191 Office Equipment 532 Delivery Expense Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:32 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero * *Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O Bank reconciliation and entries ? Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal Chart of Accounts X X CHART OF ACCOUNTS Bank Reconciliation X 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Be sure to complete the statement heading. Refer to the Instructions, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. To enter the Check number, please enter "No." preceding the number. "Deduct", "Add", or colons (:) will automatically appear if required. Enter all amounts as positive numbers. Round your answers to two decimal places. BEELER FURNITURE COMPANY Bank Reconciliation (Label) Cash balance according to bank statement 191 Office Equipment 532 Delivery Expense Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:32 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero * *Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O Bank reconciliation and entries ? Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal Chart of Accounts X X CHART OF ACCOUNTS Bank Reconciliation X (Label) Cash balance according to bank statement N 3 (Label) 6 8 10 Cash balance according to company's records 191 Office Equipment 532 Delivery Expense Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:32 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero * *Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O Bank reconciliation and entries ? Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal Chart of Accounts X X CHART OF ACCOUNTS Bank Reconciliation X 10 Cash balance according to company's records 11 12 13 14 15 16 17 191 Office Equipment 532 Delivery Expense Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:32 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero * *Course Hero X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O Bank reconciliation and entries ? Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal Chart of Accounts X X CHART OF ACCOUNTS Bank Reconciliation X Journal X 2. Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your answers to two decimal places. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 W A Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks People Tab Window Help O Fri 5:32 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Course Hero x Course Hero X + - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal 8 ? Chart of Accounts X X CHART OF ACCOUNTS Bank Reconciliation X Journal X DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 N 3 un 00 Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig W6 Chrome File Edit View History Bookmarks People Tab Window Help 5 '3 :I Fri 5:33 PM Q o . O . M Lessons[Assignments20215 x a: CengageNOWleOnline teaci X n Course Hero X I u Course Hero x I + 6 $ 0' 6 v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Chapter 8 Homework eaoak Print Item Bank reconciliation and entries -m i v HEM W 5. What is the amount of Cash that should appear on the balance sheet as of June 30? $ 4' Assume that a canceled check for $390 has been incorrectly recorded by the bank as 8930' Select how the error would be included in a bank reconciliation and how it should be corrected 9 Treatment: 0 Deduction from cash per bank statement 0 Addition to cash per company's records O Not included in a bank reconciliation O Deduction from cash per company's records 0 Addition to cash per bank statement ( Previous All work aavld. Email Instructor i Save and Exit Submit Assignment for Grading Asslgnment Score: 0.0% Chrome File Edit View History Bookmarks People Tab Window Help ~O Fri 5:33 PM ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach x Course Hero * *Course Hero X + v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused Update : Chapter 8 Homework eBook Print Item O ? Final Questions X Not included in a bank reconciliation O Deduction from cash per company's records Addition to cash per bank statement To correct: Deduct from the amount of bank service charges Journalize an entry deducting $540 from cash Journalize an entry deducting $930 from cash Request that the bank correct the error Journalize an entry adding $540 to cash Journalize a correcting entry adding $930 to cash Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig tv WChrome File Edit View History Bookmarks People Tab Window Help Fri 5:41 PM Q DE ... 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