Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This business, which is owned by the maccas man, has received the business Bank Statement for June 20XX. The balance in the cash at bank

This business, which is owned by the maccas man, has received the business Bank Statement for June 20XX. The balance in the cash at bank account on the 1st June was $3,800 Dr. A summary of the Business Records for cash receipts and payments is:

image text in transcribed

image text in transcribedh

Assume that ANY ERRORS are made by Jindalee Comics NOT by the bank.

The cash Payments before adjustments are: 14500 or 13300 or 13440 or 7750 or 9490

The unadjusted Cash Account Balance in the General Ledger at the end of June is: 7750 or 2950 or 3600 or 980 or 10550, and is it credit or debit

The outstanding cheques at the end of June amount to: 4550 or 2250 or 3750 or 4750 or 4500

The adjusting entry required to correct the error regarding the cash withdrawal on the 14th June (assuming the bank statement figure is correct) would be Dr: Cash at bank or Drawings maccas man or accounts receivable. AND credit: cash at bank or drawings maccas man or accounts receivable. AND amount: 550 or 500 or 50 or 70 or 100.

The adjusted Cash at Bank Balance at the end of June is a: 7750 or 3200 or 3000 or 4000 or 750 or 2950, debit balance.

June Cash Receipts Date Cash 4-Jun $ 1,000 27-Jun$ 6,300 June Cash Payments Date No. Cash 2-Jun 201 $ 3,000 5-Jun 202 $ 600 6-Jun 203 $ 650 10-Jun 204 $ 2,500 14-Jun Cash $ 550 $ 12-Jun 205 $ 650 13-Jun 206 $ 4,500 16-Jun 207 $ 600 27-Jun 208 $ 1,000 Bank Statement - Jindalee Comics Issued: 30/06/20XX Bank Statement 6 Page 1 Date Transaction Withdrawal Deposit Balance 1-Jun Balance S 3,800 CR 4-Jun Direct credit - Toowong Toys 6,100 $ 9,900 CR Rent - ABC Pty Ltd 1,000 $10,900 CR 8-Jun 201 3,000 $ 7,900 CR 10-Jun 203 650 S 7.250 CR 14-Jun Cash M.R. Happy Private A/c 500 $ 6,750 CR 15-Jun 206 4,500 S 2,250 CR 16-Jun Interest 40 2,290 CR 18-Jun INSF ret chq. 200 S 2,090 | CR 22-Jun 202 600 $ 1,490 CR 28-Jun Deposit 6,300 $ 7,790 CR 30-Jun Service charge 40 $ 7,750 CR

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And EDP Objective Questions And Explanations

Authors: Irvin N Gleim, William A. Hillison

4th Edition

0917537432, 978-0917537431

More Books

Students also viewed these Accounting questions