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Request answres for questions 1 through 4 to help assist me in my homework. Thank you for the support. 1.) Use the following bank statement
Request answres for questions 1 through 4 to help assist me in my homework. Thank you for the support.
1.) Use the following bank statement and T-account to prepare any journal entries needed as a result of the May 31 bank reconciliation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Date May 1 4 12 28 30 May 31 BANK STATEMENT Checks Deposits Other #2 $ 90 #4 180 #5 100 #6 95 #8 135 Balance $ 520 $130 560 NSF Check $130 250 150 520 575 Service charge 85 355 Cash (A) May 1 May 3 520 130 May 29 May 30 520 310 May 31 685 90 90 180 100 95 105 135 May 3 #2 May 4 #3 May 8 #4 May 11 #5 May 21 #6 May 29 #7 May 30 #8 2.) Use the following bank statement and T-account to prepare the May 31 bank reconciliation. Date May 1 4 12 28 30 May 31 BANK STATEMENT Checks Deposits Other #2 $ 35 #4 125 #5 45 #6 40 #8 80 Balance $ 300 $ 75 340 NSF Check $75 140 95 300 355 Service charge 245 30 Cash (A) May 1 May 3 300 75 May 29 May 30 300 200 May 31 405 35 95 125 45 40 50 80 May 3 #2 May 4 #3 May 8 #4 May 11 #5 May 21 #6 May 29 #7 May 30 #8 3.) During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: Jan. 6 6 14 Feb. 2 28 Purchased goods for $1,100 from Green with terms 3/12, n/45. Purchased goods from Munoz for $750 with terms 2.5/12, n/45. Paid Green in full. Paid Munoz in full. Purchased goods for $250 from Reynolds with terms 2.5/12, n/45. Assume that Axe uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of inventory as of February 28. 4.) Supply the missing dollar amounts for each of the following independent casesStep by Step Solution
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