Required information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31 . The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Required: 1. Prepare a bank reconciliation for May. Required information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31 . The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. 2. Prepare any journal entries required as a result of the bank reconciliation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the interest of $180 receipt from the bank. Note: Enter debits before credits. Journal entry worksheet Record the return of the customer check of $340 due to insufficient funds. Note: Enter debits before credits. Journal entry worksheet Record the service charges of $90 deducted by the bank. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31 . The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? Required information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. If the company also has $80 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May? Required information [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: There were no deposits in transit or outstanding checks at November 30 . Required: 1. Identify and list the deposits in transit at the end of December. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) ?$28,000?$36,000?$19,000?$13,000 2. Identify and list the outstanding checks at the end of December. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) ? $7,630 ? $560 ? $14,400 ? $160 (7$19,900 ? $4,650 Required information [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: There were no deposits in transit or outstanding checks at November 30 . 3. Prepare a bank reconciliation for December. Required information [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: There were no deposits in transit or outstanding checks at November 30 . 4. Prepare any journal entries that the company should make as a result of the bank reconciliation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) ivote: criter uedits deiore creuiss. Journal entry worksheet Record the service charges of $160 deducted by the bank. Note: Enter debits before credits. Journal entry worksheet Record the return of the J. Left check of $310 due to insufficient funds. Note: Enter debits before credits. Journal entry worksheet Record the checks outstanding at the end of the month. Note: Enter debits before credits. Journal entry worksheet Record the deposits in transit at the end of the month. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: There were no deposits in transit or outstanding checks at November 30 . After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $310 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet? Required information [The following information applies to the questions displayed below.] Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne Crosby, describes the events that occurred during the last two months: a. I established the fund by cashing a check from HHC for $305 made payable to me. b. Tom Canuck provided a $89 receipt for repairs to the club's computer, so I paid $89 cash to him. c. Kim Harra provided a receipt for $69 for various supplies she planned to use to decorate the arena later this year. I paid $69 cash to her. d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $99. e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a check from HHC for $257, placing the cash into a locked cash box. f. Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $144 cash to her. g. Destiny Hook provided a phone bill showing she had paid $49 for telephone calls made to contact referees for the annual tournament. I paid her $49 cash. h. Gutty McTavish submitted a receipt for $54 for a haircut he received. I did not pay him. i. On the last day of the month, I received and cashed a check from HHC for $193, placing the cash into the locked cash box. Required: 1. Prepare journal entries where required. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet I established the fund by cashing a check from HHC for $305 made payable to me. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Tom Canuck provided a $89 receipt for repairs to the club's computer, so I paid $89 cash to him. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 1 9 Kim Harra provided a receipt for $69 for various supplies she planned to use to decorate the arena later this year. I paid $69 cash to her. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 1 Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $99. Record the transaction. Note: Enter debits before credits. Journal entry worksheet On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a check from HHC for $257, placing the cash into a locked cash box. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $144 cash to her. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Destiny Hook provided a phone bill showing she had paid $49 for telephone calls made to contact referees for the annual tournament. I paid her $49 cash. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 2 Gutty McTavish submitted a receipt for $54 for a haircut he received. I did not pay him. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 1 On the last day of the month, I received and cashed a check from HHC for $193, placing the cash into the locked cash box. Record the transaction. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne Crosby, describes the events that occurred during the last two months: a. I established the fund by cashing a check from HHC for $305 made payable to me. b. Tom Canuck provided a $89 receipt for repairs to the club's computer, so I paid $89 cash to him. c. Kim Harra provided a receipt for $69 for various supplies she planned to use to decorate the arena later this year. I paid $69 cash to her. d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $99. e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a check from HHC for \$257, placing the cash into a locked cash box. f. Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $144 cash to her. g. Destiny Hook provided a phone bill showing she had paid $49 for telephone calls made to contact referees for the annual tournament. I paid her $49 cash. h. Gutty McTavish submitted a receipt for $54 for a haircut he received. I did not pay him. i. On the last day of the month, I received and cashed a check from HHC for $193, placing the cash into the locked cash box. 2. If HHC has $1,950 cash, $400 of government Treasury bills purchased four months ago, $940 of cash set aside for its workers' compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? On January 1, Pulse Recording Studio (PRS) had the following account balances. The following transactions occurred during January. a. Received $2,490 cash on 1/1 from customers on account for recording services completed in December. b. Wrote checks on 1/2 totaling $4,380 for amounts owed on account at the end of December. c. Purchased and received supplies on account on 1/3, at a total cost of $200. d. Completed $3,900 of recording sessions on 1/4 that customers had paid for in advance in December. e. Received $4,750 cash on 1/5 from customers for recording sessions started and completed in January. f. Wrote a check on 1/6 for $4,080 for an amount owed on account. g. Converted $1,030 of cash equivalents into cash on 1/7. h. On 1/15, completed EFTs for $1,420 for employees' salaries and wages for the first half of January. i. Received $2,880 cash on 1/31 from customers for recording sessions to start in February. Required: 1. Prepare journal entries for the January transactions. Review the 'General Ledger' and the unadjusted 'Trial Balance' Tabs to see the effect of the transactions on the account balances. 2. Prepare journal entries for items (j)-(n) from the bank reconciliation. j. The bank deducted $500 for an NSF check from a customer deposited on January 5. k. The check written January 6 has not cleared the bank, but the January 2 payment has cleared. I. The cash received and deposited on January 31 was not processed by the bank until February 1 . m. The bank added $3 cash to the account for interest earned in January. n. The bank deducted $3 for service charges. 3. Prepare adjusting journal entries on 1/31 in 'General Journal' Tab. (these are shown as items 15 to 21). o. Depreciation for the month is $170. p. Salaries and wages totaling $1,900 have not yet been recorded for January 16 to 31 . q. Prepaid Rent will be fully used up by March 31 . r. Supplies on hand at January 31 were $500. s. Received $200 invoice for January electricity charged on account to be paid in February but is not yet recorded. t. Interest on the promissory note of $48 for January has not yet been recorded or paid. u. Income tax of $1,200 on January income has not yet been recorded or paid. 4. Review the adjusted 'Trial Balance' as of January 31. 5. Prepare an income statement for the period ended January 31 in the 'Income Statement' Tab. 6. Prepare a bank reconciliation in the 'Bank Reconciliation' Tab. 7. Prepare a classified balance sheet as of January 31 in the 'Balance Sheet' Tab. 8. Using the information from the requirements above, complete the 'Analysis' tab. General Journal tab - Prepare the journal entries to record the transactions that occurred from January 1-31. Review the accounts as shown in the General Ledger and Trial Balance tabs. Then prepare the necessary adjusting entries at January 31 to correctly report net income for the period. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted and adjusted balances in the General Ledger. Trial Balance tab - You may view either the unadjusted and adjusted trial balance by choosing from the drop-down. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. The unadjusted and adjusted balances will appear for each account based on your selection. Statement of Retained Earnings tab - Prepare the bank reconcilation for the year ended January 31. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet. The unadjusted and adjusted balances will appear for each account, based on your selection. Analysis tab - Using the information from the requirements above, complete the 'Analysis' tab. Prepare the journal entries to record transactions (a) through (n). Then prepare the necessary adjusting entries (o) through (u) to correctly report net income for the period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Received $2,490 cash on 1/1 from customers on account for recording services completed in December. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Wrote checks on 1/2 totaling $4,380 for amounts owed on account at the end of December. Record the transaction. Note: Enter debits before credits. Purchased and received supplies on account on 1/3, at a total cost of $200. Record the transaction. Note: Enter debits before credits. Completed $3,900 of recording sessions on 1/4 that customers had paid for in advance in December. Record the transaction. Note: Enter debits before credits. Received $4,750 cash on 1/5 from customers for recording sessions started and completed in January. Record the transaction. Note: Enter debits before credits. Wrote a check on 1/6 for $4,080 for an amount owed on account. Record the transaction. Note: Enter debits before credits. Converted $1,030 of cash equivalents into cash on 1/7. Record the transaction. Note: Enter debits before credits. On 1/15, completed EFTs for $1,420 for employees' salaries and wages for the first half of January. Record the transaction. Note: Enter debits before credits. Received $2,880 cash on 1/31 from customers for recording sessions to start in February. Record the transaction. Note: Enter debits before credits. The bank deducted $500 for an NSF check from a customer deposited on January 5. Record the transaction. Note: Enter debits before credits. The check written January 6 has not cleared the bank, but the January 2 payment has cleared. Record the transaction. Note: Enter debits before credits. The cash received and deposited on January 31 was not processed by the bank until February 1. Record the transaction. Note: Enter debits before credits. The bank added $3 cash to the account for interest earned in January. Record the transaction. Note: Enter debits before credits. The bank deducted $3 for service charges. Record the transaction. Note: Enter debits before credits. Depreciation for the month $170. Record the transaction. Note: Enter debits before credits. Salaries and wages totaling $1,900 have not yet been recorded for January 16-31. Record the transaction. Note: Enter debits before credits. Prepaid Rent will be fully used up by March 31 . Record the transaction. Note: Enter debits before credits. Supplies on hand at January 31 were $500. Record the transaction. Note: Enter debits before credits. Received $200 invoice for January electricity charged on account to be paid in February but is not yet recorded. Record the transaction. Note: Enter debits before credits. Interest on the promissory note of $48 for January has not yet been recorded or paid. Record the transaction. Note: Enter debits before credits. Income tax of $1,200 on January income has not yet been recorded or paid. Record the transaction. Note: Enter debits before credits. Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, or adjusted balances. Notice the dropdown below that gives the options to select the unadjusted, or adjusted trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Unadiusted Use the January 31 balance in Cash from General Ledger tab and the information (j)(n) to prepare a bank reconciliation. PRS's bank reported a January 31 balance of $5,730. e the dropdowns to select the accounts properly included on the balance sheet. The unadjusted, or adjusted balances pear for each account, based on your selection. Using the information from the requirements above, complete the 'Analysis' tab