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QS 6-14 The Organic Food Co.'s Cash account shows a $5.500 debit balance and its bank statement shows 55,160 on deposit at the close of

QS 6-14 image text in transcribed
The Organic Food Co.'s Cash account shows a $5.500 debit balance and its bank statement shows 55,160 on deposit at the close of business on August 31. Prepare a bank reconciliation using the following information. a. August 31 cash receipts of $1.240 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. QS 6-12 Bank reconciliation P3 NSF check b. The bank statement shows a $120 NSF check from a customer, the company has not yet recorded this c. Outstanding checks as of August 31 total $1,120. d. In reviewing the bank statement, an S80 cheek written by Organic Fruits was mistakenly drawn against The August 31 bank statement lists $20 in bank service charges, the company has not yet recorded the Organic Food's account. cost of these services. Using the information in QS 6-12, prepare the adjusting journal entries that Organic Food Co. must record as a result of preparing the bank reconciliation. QS 6-13 Adjusting entries from bank reconciliation P3 The following annual account balances are from Armour Sports at December 31. QS 6-14 Days' sales uncollected A1 Year 2 Year 1 Accounts receivable. Net sales $ 100,000 2,500,000 $ 85,000 2,000,000 a. What is the change in the number of days' sales uncollected between Year I and Year 29 b. From the analysis in part a, is the company's collection of receivables improving? QS 6-15 Documents in a voucher Management uses a voucher system to help control and monitor cash payments. Which one or more of the four documents listed below are prepared as part of a voucher system of control? system P4 a. Purchase order c. Invoice d. Voucher b. Outstanding check

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