Bank Reconciliation and Adjusting Entries Kipling Company deposit all receipts and make all payments by check. The
Question:
Bank Reconciliation and Adjusting Entries Kipling Company deposit all receipts and make all payments by check. The following information is available from the cash records.
(a) Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
(b) Prepare the general journal entry or entries to correct the Cashaccount.
June 30 Bank Reconciliation Balance per bank Add: Deposits in transit Deduct: Outstanding checks $7,000 1,540 (2,000) $6.540 Balance per books Month of July Results Per Books Per Bank $8,650 $9,250 Balance July 31 July deposits July checks July note collected (not included in July deposits) July bank service charge July NSF check from a customer, retumed by the bank (recorded by bank as a charge) 4,500 4,000 1,500 5,810 3,100 15 335
Step by Step Answer:
a KIPLING COMPANY Bank Reconciliation July 31 Balance per bank statement July 31 Add ...View the full answer
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Accounting questions
-
The following information is available from the balance sheets at the ends of the two most recent years and the income statement for the most recent year of Impact Company: 2012 Sales...
-
The following information is available from the balance sheets at the ends of the two most recent years and the income statement for the most recent year of Impact Company: Other Information a....
-
The following information is available from the financial statements of Rawhide Industries Inc.: Calculate Rawhides return on total assets for 2013 and 2014. (Round answers to one decimal place.)...
-
A company is deciding whether to produce a new gadget at a plant located in a country close to consumers at a higher labor cost and shorter lead time or to outsource it to a country with a low labor...
-
You own Widgets 'R Us and are preparing your year-end financial statements. 1. What inventory system do you use and why? What are its advantages and disadvantages? 2. What activities should you...
-
Bond prices and yields Assume that the Financial Management Corporation's $1,000-par-value bond has a 5.200% coupon, matures on May 15, 2027, has a current price quote of 95.737 and a yield to...
-
True of False: If money has a time value of 8% compounded annually, you should prefer to receive a uniform series of ten \($1\),000 cash flows over the interval [1,10] to receiving a uniform series...
-
Diamond Industries, Inc., began business on January 2, 2011. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld...
-
B 1 2 Problem 9-19 3 5 6 8 K L Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula...
-
A coupon bond matures in 3 years. Its PAR is $1000 and it makes six coupon payments of $50 semi-annually and assumes that the interests are continuously compounded. Suppose the term structure of the...
-
Petty Cash The petty cash fund of Teasdale's Auto Repair Service, a sole proprietorship, contains the following. The general ledger account Petty Cash has a balance of $300. Prepare the journal entry...
-
Bank Reconciliation and Adjusting Entries Aragon Company has just received the August 31, 2010, bank statement, which is summarized below. The general ledger Cash account contained the following...
-
Find the exact value of expression. sin 20 cos 80 - cos 20 sin 80
-
If we have the following changes what is the impact on our cash position? Sales: +10,000 Rent: +2,500 Depreciation: +4,500 Accounts Receivable: +6,500 Accounts Payable: +5,500
-
Zuri had specified costs of $6,000 for the adoption of Imani, who is a U.S. citizen minor child who was in the custody of a California state public agency. All costs were directly related to the...
-
Anton wants to make 5lb of sugar syrup. How much water and how much sugar does he need to make each concentration of sugar syrup? 20% syrup
-
15. Use evaluation tree to evaluate the following expression: (45-4*5)+(7*4-8)* (12/4 -4*2)) 16. Write the truth table for logical operators AND, OR, and Not. 17. Evaluate mathematical expression...
-
Reid Fruits is one of Australia's largest cherry producers, marketing domestically and exporting to over 20 countries. Reid Fruits is currently selling Cherries and value-added products to business...
-
Howard Hayes was killed in a freak barbecuing accident at a local eatery called P.K.s Barbecue Shack on October 28, 2017, in Wilson, North Carolina. He was survived by his wife, Helen (age 56), and...
-
Prove the formula for (d/dx)(cos-1x) by the same method as for (d/dx)(sin-1x).
-
How does an encoder differ from a decoder?
-
Transfer of Receivables without Recourse SEK Corp. factors $400,000 of accounts receivable with Mays Finance Corporation on a without recourse basis on July 1, 2010. The receivables records are...
-
Note Transactions at Unrealistic Interest Rates On July 1, 2010, Rantoul Inc. made two sales. 1. It sold land having a fair market value of $900,000 in exchange for a 4-year zero-interest-bearing...
-
Notes Receivable with Unrealistic Interest Rate On December 31, 2009, Hurly Co. performed environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co. agreed to accept a...
-
Explain the principles behind NoSQL database architectures, including key-value stores, document databases, and column-family stores, and discuss their suitability for different types of...
-
Is the future promising or questionable for Dollar General? What does it need to do in the future to succeed? Why? Make recommendations based on your critical assessment about what Dollar General...
-
Complete research into what the problem with pricing strategies is in today's society. Use examples, and discuss your own findings. - Provide one paragraph discussing why current pricing strategies...
Study smarter with the SolutionInn App