Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a...
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Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2010, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July Date Amount Date July 2 5 9 $569.50 701.00 July 12 16 19 Check My Work CHECKS WRITTEN Number and amount of each check issued in July Check No. Amount Check No 614 615 616 617 $243.50 350.10 279.90 395.50 618 435.40 619 320.10 620 238.87 Total amount of checks issued in July bove commune T 621 622 623 Amount $580.70 600.10 701.26 624 625 626 627 Amount $309.50 Void Void 707.01 158.63 550.03 381.73 Date July 23 26 31 Check No. 628 630 631 632 633 634 $9,579,00 6,467.42 Amount $715.45 601.50 1.177.87 Amount $037.70 329.90 882.80 1,001.56 325,40 310.00 241.71 $8.379.42 Dravin Sunshine Interiors Bank Reconciliation June 30, 20Y0 Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Adjusted balance Cash balance according to company's records Deduct: Bank service charges Adjusted balance DULY BANK STATEMENT: MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 No. 580 ($310.10) (85.50) (92.50) (137.40) SUNSHINE INTERIORS CHECKS AND OTHER DEBITS 310.10 No. 612 92.50 $9,423.70 $780.80 (625.50) $9,579.00 $9.606.70 (27.70) $9,579.00 ACCOUNT NUMBER FROM 7/01/20YO BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE PAGE 1 TO 7/31/20Y0 9,423.70 6,106.35 7,656.74 3,754.00CR 11.627.31 DEPOSITS DATE BALANCE 780.80 07/01 9,801.90 Book DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS CHECKS AND OTHER DEBITS No. 380 310.10 No. 612 92.50 No. 602 85.50 No. 614 243.50 No. 615 330.10 No. 616 279.90 No. 617 No. 618 435.40 No. 620 230.07 No. 619 No. 621 No. 625 295.50 320.10 309.50 156.63 318.73 No. 624 707.01 550.00 No. 627 329.90 No. 630 882.00 No. 631 1.001.56 241.71 No. 632 325,40 No. 634 No. 626 No. 629 EC-ERROR CORRECTION Required: SC MS-MISCELLANEOUS NSF NOT SUFFICIENT FUNDS 26.00 FROM 7/01/2010 NSF 370.00 BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE TO 7/31/20YO 9,423.70 6.106.35 7,656.74 3,754.00CR 11,627.31 DATE BALANCE DEPOSITS 780.80 07/01 569.50 07/03 701.80 07/06 819.24 07/11 380.70 07/13 MS 4.000.00 07/14 MS 160.00 07/14 600.10 07/17 07/20 701.26 07/21 751.45 07/24 601.50 07/20 07/31 OD-OVERDRAFT PS- PAYMENT STOPPED SC-SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY 9.801.90 10,042.40 10.114.20 10.102.54 10,124.27 13.107.76 12.559.10 12.510.57 10.176.21 10.310.36 11.061.81 11.663.31 11,627.31 1. Prepare a bank reconciliation as of July 31, 2010. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents. Cash balance according to bank statement Add: Deposit in transit on July 31 ✔ Deduct: Outstanding Check no. 613 ✔ Deduct: Outstanding Check No. 628 ✔ Deduct: Outstanding Check No. 633 ✔ Total deductions Adjusted balance Cash balance according to company's records Add: Note collected by bank, including $160.00 interest ✓ Add: Error in recording July 23 deposit ✔ Add: Error in recording Check No. 627 ✔ Sunshine Interiors Bank Reconciliation July 31, 2010 Total additions Dedoct: Check returned because of insufficient funds ✔ Deduct: Bank service charges ✔ Total deductions Adjusted balance Facet 137.40 837.70 310.00 4.160.00 ✓ 27.70 X 72.00 X 375.00 36.00 ✓ 1162731 ✔ 1177.87 ✔ 1.285.18 ✔ 11.520 ✔ 7667✔ 4.259.00✔ 411.00 X $ 11,504.00 X 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. a. 2010 July 31 Cash ✔ b. July 31 Notes Receivable ✔ Interest Revenue Sales ✔ Accounts Payable ✓ Accounts Receivable ✔ Hiscellaneous Expense ✔ Cash ✔ 4.259.00✔ 1.177.87 X 36.00 4.000.00 160.00 27.00 X 72.00 X 41100 X 3. What is the amount of cash that should appear on the balance sheet as of July 31, 2007 $ 11,404 X 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error V
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Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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