a) The following bank statement was received. Prepare a bank reconciliation for December: Bank Statement To:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
a) The following bank statement was received. Prepare a bank reconciliation for December: Bank Statement To: Velor Inc. December 31, 2024 Cheques/Charges/Debits Deposits/Credits Balance 913,056 01/Dec 38,200 951,256 NSF Cheque #3849 04/Dec 05/Dec 56,504 894,752 460,500 434,252 06/Dec 384,552 818,804 #3850 #3851 12/Dec 553,000 15/Dec 51,000 265,804 15/Dec 20/Dec 23/Dec 160,230 812 215,616 20,250 235,866 396,096 #3853 #3854 24/Dec 31,900 25/Dec 627,200 364,196 -263,004 #3855 31/Dec 13,500 -276,504 #3856 31/Dec Service Charge 31/Dec 51,000 1,400 -327,504 -328,904 Additional Information: The NSF cheque was received in November from Southgate Inc. for a sale dated November 15. Bank statement balance... Add: Velor Inc. Bank Reconciliation December 31, 2024 Book balance. Add: Deduct: Outstanding cheques: Adjusted bank balance.... Deduct: Adjusted book balance.. bl Dropose the appropriate adiucting entries on December 21 2001 Wint Some additional information is provided below. hut where also might vou look to find b) Prepare the appropriate adjusting entries on December 31, 2024. Hint: Some additional information is provided below but where else might you look to find details relevant to preparing the adjusting entries? It is estimated that utilities used during December totalled $10,800. Actual count of ending merchandise inventory on December 31, 2024 was $1,908,824. Management estimates uncollectible accounts receivable based on the following rates of uncollectibility applied to outstanding accounts: Not yet due (2%), 1-30 days past due (9%), 31-60 days past due (18%), Greater than 61 days past due (60%). Since this is an estimate please round your final answer to the nearest whole dollar. Income taxes are estimated to be $250,700. Date + + = + = + + - General Journal Account/Explanation F Debit Page GJ1 Credit Date General Journal Account/Explanation Page GJ2 F Debit Credit c) What is the next step in the accounting cycle? O Post transactions O Prepare an adjusted trial balance Post adjusting entries Analyze and journalize transactions This is the last step O Prepare an unadjusted trial balance O Prepare financial statements O Prepare a post-closing trial balance Post closing entries O Prepare closing entries + - + + - + - a) The following bank statement was received. Prepare a bank reconciliation for December: Bank Statement To: Velor Inc. December 31, 2024 Cheques/Charges/Debits Deposits/Credits Balance 913,056 01/Dec 38,200 951,256 NSF Cheque #3849 04/Dec 05/Dec 56,504 894,752 460,500 434,252 06/Dec 384,552 818,804 #3850 #3851 12/Dec 553,000 15/Dec 51,000 265,804 15/Dec 20/Dec 23/Dec 160,230 812 215,616 20,250 235,866 396,096 #3853 #3854 24/Dec 31,900 25/Dec 627,200 364,196 -263,004 #3855 31/Dec 13,500 -276,504 #3856 31/Dec Service Charge 31/Dec 51,000 1,400 -327,504 -328,904 Additional Information: The NSF cheque was received in November from Southgate Inc. for a sale dated November 15. Bank statement balance... Add: Velor Inc. Bank Reconciliation December 31, 2024 Book balance. Add: Deduct: Outstanding cheques: Adjusted bank balance.... Deduct: Adjusted book balance.. bl Dropose the appropriate adiucting entries on December 21 2001 Wint Some additional information is provided below. hut where also might vou look to find b) Prepare the appropriate adjusting entries on December 31, 2024. Hint: Some additional information is provided below but where else might you look to find details relevant to preparing the adjusting entries? It is estimated that utilities used during December totalled $10,800. Actual count of ending merchandise inventory on December 31, 2024 was $1,908,824. Management estimates uncollectible accounts receivable based on the following rates of uncollectibility applied to outstanding accounts: Not yet due (2%), 1-30 days past due (9%), 31-60 days past due (18%), Greater than 61 days past due (60%). Since this is an estimate please round your final answer to the nearest whole dollar. Income taxes are estimated to be $250,700. Date + + = + = + + - General Journal Account/Explanation F Debit Page GJ1 Credit Date General Journal Account/Explanation Page GJ2 F Debit Credit c) What is the next step in the accounting cycle? O Post transactions O Prepare an adjusted trial balance Post adjusting entries Analyze and journalize transactions This is the last step O Prepare an unadjusted trial balance O Prepare financial statements O Prepare a post-closing trial balance Post closing entries O Prepare closing entries + - + + - + -
Expert Answer:
Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
Posted Date:
Students also viewed these accounting questions
-
Use the attached "words.txt" file to store the words along with their ranks in an AVL tree. Then provide the user the option to search for any word. If the word exists the program displays the rank...
-
The information provided in this test allows you to set up all ledgers for an Ontario company named DERMAL DECOR. Dermal Decor specializes in high quality aesthetic body art with sterile equipment....
-
Name each of the following compounds using R,S and E,Z (Section 3.5) designations where necessary: a. b. c. d. e. f. g. h. CH2CH3 H- CH3 H2CH C-C C-C CI Br CH,CH CH-CH,CH,CH, - H3C CH2CH2l CH2CH...
-
What are the major differences between a compilation engagement and a preparation engagement?
-
Show how to modify the Prim-Jarnk algorithm to run in O(n 2 ) time.
-
Shiloh supplies equipment to the automotive and commercial vehicle markets and other industrial customers. It specializes in materials and designs that reduce vehicle weight and increase fuel...
-
A 10.0-m3 tank contains steam at 275C and 15.0bar. The tank and its contents are cooled until the pressure drops to 1.2bar. Some of the steam condenses in the process. (a) How much heat was...
-
Solve for the unknown sinusoid in the following equation: cos(1.5-5/4)+ A cos(cof+) = 2 cos(1.5(f+5))+3 cos(1.5(-6)) Express your answer in the form x(t) = A cos(at +) by finding the numerical values...
-
Bally Limited is an investment company that purchases buildings and holds them for a number of purposes such as resale leasing and its own use. On 1 January 2020, Bally purchased an old building, The...
-
In Ron Howard's Ted Talk, How I discovered the black art of cult branding, he lists Six major cult brand tactics that matter most when building brands and targeting customers. How I discovered the...
-
What are the key principles underlying the O(1) scheduler in the Linux kernel, and how does it achieve constant-time scheduling decisions regardless of the number of processes in the system?
-
Suppose one Euro can purchase 1.25 U.S. dollars today in the foreign exchange market, and currency forecasters predict that the U.S. dollar will appreciate by 25% against the Euro over the next 60...
-
At what point should we stop a Fishbone Diagram during its analysis? What problems can be foreseen in an NGT way of attaining a decision? Can Delphi technique be used to help with NGT? Can Project...
-
You learned that both the state and federal governments have policies in place to encourage marriage. Despite this, the states have put various requirements and restrictions on getting married. Some...
-
1. Compare and contrast the top-down and bottom up approaches to the study of physiology. 2. Discuss the functional differences between ionotropic and metabotropic receptors. 3. What are the relative...
-
Nitrogen monoxide reacts with hydrogen as follows: 2NO(g)+ H2(g) N2O(g) + H2O(g) The rate law is [H2]/ t = k[NO]2[H2], where k is 1.10 107 L2/(mol2s) at 826oC. A vessel contains NO and H2 at...
-
Write a paragraph to explain why unearned revenues are liabilities instead of revenues. In your explanation, use the following actual example: The World Star, a national newspaper, collects cash from...
-
Wave Water Company reported the following items on its statement of shareholders equity for the year ended December 31, 2012: Requirements 1. Determine the December 31, 2012, balances in Wave Waters...
-
Paloma Horse Farm, Inc., began 2012 with cash of $100,000. During the year, Paloma earned service revenue of $594,000 and collected $580,000 from customers. Expenses for the year totaled $410,000,...
-
The financial records of Dunbar Inc. were destroyed by fire at the end of 2015. Fortunately, the controller had kept the following statistical data related to the income statement. 1. The beginning...
-
Maher Inc. reported income before income tax during 2015 of 790,000. Additional transactions occurring in 2015 but not considered in the 790,000 are as follows. 1. The corporation experienced an...
-
Presented below is the trial balance of Thompson Corporation at December 31, 2015. Instructions Prepare an income statement and a retained earnings statement. Assume that the only changes in retained...
Study smarter with the SolutionInn App