Titan Coolers makes monthly payments for its utilities To decrease errors, Titan Coolers authorizes an electronic transfer from its bank account to the utility companys bank account Which type of cash payment system is the company using Determine if each item will appear on the bank statement as a debit or credit memo Also indicate if the item will increase or decrease the balance of the companys bank account Interest earned on the bank account Monthly service charge Correction of a deposit for $410, when the bank originally recorded a deposit of $310 RPL Co s accountant is preparing the bank reconciliation for the month The following are shown on the document Will each be shown as a debit or credit memo to the account By how much will each item cause the balance of RPL Co s bank account to increase or decrease Payment to Office Supply Co for $550 Checks from customers amounting to $642 marked NSF Original payment to a supplier, EC, recorded as $620, corrected to $260 Moes Mowers received its bank statement for the month of July The bank statement included the items below Determine if each item will be a credit or debit memo and if each causes the bank account balance to increase or decrease Payments from various customers made by EFT Proceeds for the companys construction loan Service charges for the processing of the loan Tiger Honeys cash ledger shows a balance of $2,870 20, which includes a deposit in transit of $890 60 and outstanding checks totaling $500 75 Prepare a bank reconciliation for the company with the given bank statement for the month of August Record the journal entries to update the companys cash ledger to the adjusted balance All electronic transfers received should be applied to accounts receivable, while electronic transfers sent should be applied to the companys outstanding accounts payable balance with Busy Bees Charles K Bank of the Carolinas Page 1 Account number 215350 From 7 31 20Y5 to 8 31 20Y5 Balance 7 31 $2,397 72 Date Amount Balance 8 2 Deposit 320 25 2,717 97 8 5 NSFDan Snead (46 49) 2,671 48 8 8 ACH 300 15 2,971 63 8 12 Check No 545 (37 50) 2,934 13 8 15 Notes Receivable 300 00 3,234 13 8 20 ACH (312 50) 2,921 63 8 24 Check No 546 (200 12) 2,721 51 8 28 NSFJill Jackson (124 50) 2,597 01 8 31 Service Charge (15 00) 2,582 01 8 31 ACH 350 00 2,932 01 Balance 8 31 $2,932 01 On March 1, 20Y5, Tigers Honey creates a $750 petty cash fund to pay for small expenses At the end of the month, the petty cash receipts included payments for office supplies, $225 plumbing repair (record as a maintenance expense), $190 and shipping expenses, $60 The petty cash fund had $265 on hand at the end of the month Prepare the journal entries to establish the fund and replenish the fund at the end of the month, recording any shortage or overage in the account

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Posted on Jul 23, 2024

Titan Coolers makes monthly payments for its utilities. To decrease errors, Titan Coolers authorizes an electronic transfer from its bank account to the utility companys bank account. Which type of cash payment system is the company using?
Determine if each item will appear on the bank statement as a debit or credit memo. Also indicate if the item will increase or decrease the balance of the companys bank account.
1. Interest earned on the bank account
2. Monthly service charge
3. Correction of a deposit for $410, when the bank originally recorded a deposit of

$310

RPL Co.s accountant is preparing the bank reconciliation for the month. The following are shown on the document. Will each be shown as a debit or credit memo to the account? By how much will each item cause the balance of RPL Co.s bank account to increase or decrease?
1. Payment to Office Supply Co. for $550
2. Checks from customers amounting to $642 marked NSF
3. Original payment to a supplier, EC, recorded as $620, corrected to $260
Moes Mowers received its bank statement for the month of July. The bank statement included the items below. Determine if each item will be a credit or debit memo and if each causes the bank account balance to increase or decrease.
1. Payments from various customers made by EFT
2. Proceeds for the companys construction loan
3. Service charges for the processing of the loan

Tiger Honeys cash ledger shows a balance of $2,870.20, which includes a deposit in transit of $890.60 and outstanding checks totaling $500.75. Prepare a bank reconciliation for the company with the given bank statement for the month of August. Record the journal entries to update the companys cash ledger to the adjusted balance. All electronic transfers received should be applied to accounts receivable, while electronic transfers sent should be applied to the companys outstanding accounts payable balance with Busy Bees.

Charles K. Bank of the Carolinas			Page 1
			Account number 215350
			From 7/31/20Y5 to 8/31/20Y5
			Balance 7/31 $2,397.72
Date		Amount	Balance
8/2	Deposit	320.25	2,717.97
8/5	NSFDan Snead	(46.49)	2,671.48
8/8	ACH	300.15	2,971.63
8/12	Check No. 545	(37.50)	2,934.13
8/15	Notes Receivable	300.00	3,234.13
8/20	ACH	(312.50)	2,921.63
8/24	Check No. 546	(200.12)	2,721.51
8/28	NSFJill Jackson	(124.50)	2,597.01
8/31	Service Charge	(15.00)	2,582.01
8/31	ACH	350.00	2,932.01
			Balance 8/31 $2,932.01

On March 1, 20Y5, Tigers Honey creates a $750 petty cash fund to pay for small expenses. At the end of the month, the petty cash receipts included payments for: office supplies, $225; plumbing repair (record as a maintenance expense), $190; and shipping expenses, $60. The petty cash fund had $265 on hand at the end of the month. Prepare the journal entries to establish the fund and replenish the fund at the end of the month, recording any shortage or overage in the account.