The Cash account in the records of Pine Golf Club shows a balance of $11,925 at...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Cash account in the records of Pine Golf Club shows a balance of $11,925 at December 31, Year 1. The December 31 bank statement shows a balance of $10,440. The only reconciling items consist of: . . . Bank service charges of $32. Deposit in transit of $1,813. Non-sufficient funds (NSF) check from customer L. Diamond in the amount of $126. Error in recording check number 970 for utilities: check was written in the amount of $834 but was recorded in Pine's accounting records as $384. Outstanding checks. Required: (A) What is the amount of the adjusted cash balance at December 31, Year 1? (B) What is the total amount of outstanding checks at December 31, Year 1? (C) Record the journal entry necessary, if any, to adjust Pine's Golf Club accounting records at December 31, Year 1. (An explanation is not required; a single compound journal entry is acceptable.) The Cash account in the records of Pine Golf Club shows a balance of $11,925 at December 31, Year 1. The December 31 bank statement shows a balance of $10,440. The only reconciling items consist of: . . . Bank service charges of $32. Deposit in transit of $1,813. Non-sufficient funds (NSF) check from customer L. Diamond in the amount of $126. Error in recording check number 970 for utilities: check was written in the amount of $834 but was recorded in Pine's accounting records as $384. Outstanding checks. Required: (A) What is the amount of the adjusted cash balance at December 31, Year 1? (B) What is the total amount of outstanding checks at December 31, Year 1? (C) Record the journal entry necessary, if any, to adjust Pine's Golf Club accounting records at December 31, Year 1. (An explanation is not required; a single compound journal entry is acceptable.)
Expert Answer:
Answer rating: 100% (QA)
A Calculation of adjusted cash balance on 31 December year 1 Cash balance as per books 11925 ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
On January 2020, Mina Company paid the national government a fee in the amount of P129,000,000 for an area of interest with removable ore estimated by geological surveys at 10,000,000 tons. Mina is...
-
Use Gauss's law to derive an expression for the electric field outside the thin spherical shell of Conceptual Example 16.8.
-
Use the Buckingham Pi theorem to derive an expression for the power developed by a motor in terms of the torque and rotational speed (i.e., Equation 5.3).
-
In 1987, British skier Graham Wilkie achieved a speed of v = 211 km/h going downhill. Assuming that he reached the maximum speed at the end of the hill and then continued on the horizontal surface,...
-
Refer to Example 8.1. In example a. Using the observed data, compute the 15 sample residuals: eij = yij yi.. b. Using the 15 residuals, verify that s2W = 1/12 Σij e2ij. c. Do the data...
-
(a) What is the most frequently occurring year of education interval for unmarried people? (b) What is the most frequently occurring year of education interval for married people? (c) How many...
-
Locate a sample memorandum of points and authorities at www.courts.ca.gov. What information did the memorandum contain? What was the motion about?
-
ESPN currently pays the NFL $1.1 billion per year for eight years for the right to exclusively televise Monday Night Football. What is the net present value of this investment if the parent Disney...
-
Hartford, Inc. manufactures a single product. Shown are projected revenues and costs based on last year's income statement (8,000 units) and practical capacity (10,000 units). The costs are either...
-
Develop a spreadsheet for computing the demand for any values of the input variables in the linear demand and nonlinear demand prediction models in Examples 1.7 and 1.8 in the chapter.
-
Amy Sze's company downsized three times in two years. As she had been a productive and dependable employee, her bosses managed to find a job for her each time. Amy was assigned three different jobs...
-
Think about a team you know well, e.g., a volunteer organization, a school club, a small group at work, or a sports team. Now think about an idea you might introduce to the team an idea that team...
-
Copy a few paragraphs from an article in a major online newspaper. In a new document, identify whether each sentence is simple, complex, or compound. Find the percentage of simple, complex, and...
-
Working in groups of three, use the tips in Figure 6, Commenting on Team Writing, to provide feedback on other students writing. If youre working as part of a team, use a writing sample for your...
-
Working in groups of four or five, plan an upcoming event. You may choose something real in your livesa club or social eventor invent something. Complete the first two steps for team writing...
-
Think about a topic you know well, for example, a stock or investment, a business, a video game, a sport or hobby, a political issue, or an academic area. Write an email to someone who is also an...
-
A 0.2 kg ball is thrown upward with and initial speed of 10 m/s. a. What is the force acting on the ball when it reaches half of its maximum height? b. What is the force on the ball when it reaches...
-
Data 9.2 on page 540 introduces the dataset Cereal, which includes information on the number of grams of fiber in a serving for 30 different breakfast cereals. The cereals come from three different...
-
A block is attached to a horizontal spring. On top of this block rests another block. The two-block system slides back and forth in simple harmonic motion on a frictionless horizontal surface. At one...
-
The space probe Deep Space 1 was launched on October 24, 1998. Its mass was 474 kg. The goal of the mission was to test a new kind of engine called an ion propulsion drive. This engine generated only...
-
A camper is trying to start a fire by focusing sunlight onto a piece of paper. The diameter of the sun is 1.39 109 m, and its mean distance from the earth is 1.50 1011 m. The camper is using a...
-
Find the area under the standard normal curve to the right of a. z = 0.47 b. z = 2.91 c. z = 2.04 d. z = 1.09
-
Find the area under the standard normal curve that lies outside the interval between a. z = 0.38 and z = 1.02 b. z = 1.42 and z = 1.78 c. z = 0.01 and z = 2.67 d. z = 2.45 and z = 0.34
-
Find the area under the standard normal curve that lies outside the interval between a. z = 1.11 and z = 3.21 b. z = 1.93 and z = 0.59 c. z = 0.46 and z = 1.75 d. z = 2.73 and z = 1.39
Study smarter with the SolutionInn App