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 (Excel templates for this Continuing Problem are available in MyAccountingLab.)
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.
2019 Oct.
1 Paid cleaning contract for October, November, and December, $900, cheque No. 252.
4 Established a petty cash fund for $100, cheque No. 253.
4 Collected $3,600 from a cash customer for building three systems. 4 Invoiced (invoice No. 12684) and received $1,600 from Anthony Pitale.
8 Purchased $25 worth of stamps, using petty cash voucher No. 101.
8 Withdrew $2,000 (cheque No. 254) for personal use.
9 Purchased $22 worth of supplies, using petty cash voucher No. 102.
11 Paid the newspaper carrier $10, using petty cash voucher No. 103.
15 Paid the amount due for October phone bill to West Bell Canada, $65, cheque No. 255.
15 Paid the amount due for the October electric bill to City Electric, $95, cheque No. 256.
22 Performed computer services for Taylor Golf; billed the client $4,200, invoice No. 12685.
25 Paid $20 for computer paper, using petty cash voucher No. 104.
28 Took $15 out of petty cash for lunch, voucher No. 105.
29 Replenished the petty cash, cheque No. 257. Coin and currency in drawer $8.
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 388 and 389 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.
Assignment
Compare Precision Computer Centre’s deposits and cheques with the bank statements and complete a bank reconciliation as of July 31.
Step by Step Answer:
College Accounting A Practical Approach
ISBN: 978-0134166698
13th Canadian edition
Authors: Jeffrey Slater, Debra Good