Following is a list of transactions for the month of October. Petty Cash Account (1010) and Miscellaneous
Question:
Following is a list of transactions for the month of October. Petty Cash Account (1010) and Miscellaneous Expense Account (5100) have been added to the chart of accounts.
Assignment
1. Record the transactions in appropriate journals or petty cash format.
2. Post the transactions to the general ledger accounts.
3. Prepare a trial balance.
Since Tony was so busy trying to close his books, he forgot to reconcile the May, June, and July bank statements. What follows on pages 361 and 362 is a list of all deposits and cheques written for these three months (each entry is identified by chapter, transaction date, or transaction letter) and bank statements for May through July. Reconciliations for August and September are not part of this problem.
Received Statement May 28, 2013.
Received Statement June 28, 2013.
Received Statement July 28, 2013.
Assignment
Compare Precision Computer Centre's deposits and cheques with the bank statements, and complete a bank reconciliation as of July 31.
2013 Oct. Paid cleaning contract for October, November, and December, $900, cheque No. 252. Established a petty cash fund for $100, cheque No. 253. Collected $3,600 from a cash customer for building three systems Invoiced (invoice No. 12684) and received $1,600 from Anthony Pitale. Purchased $25 worth of stamps, using petty cash voucher No. 101 Withdrew $2,000 (cheque No. 254) for personal use. Purchased $22 worth of supplies, using petty cash voucher No. 102. Paid the newspaper carrier $10, using petty cash voucher No. 103. Paid the amount due for October phone bill to West Bell Canada, $65, cheque No. 255 Performed computer services for Taylor Golf; billed the client $4,200, invoice No. 12685. Paid $20 for computer paper, using petty cash voucher No. 104. Took $15 out of petty cash for lunch, voucher No. 105 Replenished the petty cash, cheque No. 257. Coin and currency in drawer $8. 4 4 4 8 8 9 11 15 22 25 28 29 Chapter Transaction Payor/Payee Amount DEPOSITS Tony Freedman Cash customer Cash customer Taylor Golf Cash customer Tonya Parker Jones Summer Lipe Jeannine Sparks Mike Hammer $4,500 250 200 1,200 900 325 220 850 140 2 July 5 July 12 July 26 3 Chapter Transaction Cheque No. Payor/Payee Amount CHEQUES 201 202 203 204 205 206 207 208 209 210 211 212 213 Multi Systems, Inc. Office Furniture, Inc. Capital Management Tony Freedman Insurance Protection, Inc. Office Depot Computer Edge Magazine City Electric Canada Post Capital Management West Bell Canada Computer Connection Multi Systems, Inc. $1,200 600 400 100 150 200 1,400 85 50 1,200 155 200 1,200 2 July 3 July 10 July 15 July 17 BANK STATEMENT Royal Bank of Canada 322 Glen Avenue, Edmonton, AB T5P 2T9 Precision Computer Centre Statement Date: May 21, 2013 Cheques Paid: Date paid N 5-5 5-7 5-14 Deposits and Credits: Date received umber 201 202 203 Amount 1,200.00 600.00 400.00 5-3 5-10 5-20 5-21 Amount 4,500.00 250.00 200.00 1,200.00 Total Deposits $6,150.00 Total 3 cheques paid for $2,200.00 Ending Balance on May 21-$3,950.00 BANK STATEMENT Royal Bank of Canada 322 Glen Avenue, Edmonton, AB T5P 2T9 Precision Computer Centre Statement Date: June 18, 2013 Cheques Paid Deposits and Credits: Date received 6-11 Date paid Number Amount 100.00 150.00 200.00 1,400.00 85.00 Amount 900.00 204 205 206 207 208 6-2 6-9 6-16 6-21 Total 5 cheques paid for $1,935.00 Beginning balance on May 21-$3,950.00 Total Deposits $900.00 Ending balance on June 18-$2,915.00 BANK STATEMENT Royal Bank of Canada 322 Glen Avenue, Edmonton, AB T5P 2T9 Precision Computer Centre Statement Date: July 23, 2013 Cheques Paid: Date paid Number Amount 7-2 7-6 7-13 Deposits and Credits: Date received 7-8 7-10 7-13 Amount 325.00 220.00 850.00 209 210 211 50.00 1,200.00 155.00 Total 3 cheques paid for $1,405.00 Total Deposits $1,395.00 Beginning balance on June 18 $2,915.00 Ending balance on July 23 $2,905.00
Step by Step Answer:
PRECISION COMPUTER CENTRE SALES JOURNAL PERCISION COMPUTER CEN...View the full answer
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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