correct the wrong answers and explain your reasoning for the new answer

Return to que: At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed. 2 0.2 points First you collect the data from June 30t reconciliation as follows: Balance per Bank $10,000 add: Deposits in Transit $ 6,300 deduct: Outstanding Cheques $(5,000) Balance per Books $ 9,600 Second you close your update your Cash and bank account with all transactions recorded before AJE and you have: Balance July 31 $11,000 Deposits $ 8,500 Cheques $ 6,500 Third you look at the bank statement provided by your bank and you see the following: Balance July 31 $10,280 Deposits $13,000 Cheques $10,000 Note collected $ 700 Bank service charge $ 50 NSF cheque $ 1,000 Interest received $ 180 Autowithdrawals $ 250 What is the amount of deposits made in July? \f3 05 points AB Ltd. established a petty cash fund for $2,810. It replenishes the fund at the end of each month when financials are prepared or sooner if required. The company finds that it is replenishing the fund more than once a month so it decides to increase the fund size by 50%. At the time of this decision there are $1,315 in expense vouchers in the firm, so the firm replenishes and increases the fund size in the same journal entry. Required: How much is the cheque written to complete this transaction? $|2405| @ Return 4 Chocolate Corner Company had the following transactions during the current year: 0.2 Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account. points May 24. Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150 June 22. Received payment of Lance Armstrong's note in full. Sept. 10. Gave a $5,600, 90-day, 9% note to Herbert Anson in payment of account. Sept.18. Received payment of Joe Nutella's account, written off May 24. Dec 9. Paid principal and interest due on note to Herbert Anson. Please Note: a 360-day year is standard for many such interest computations - for this course interest is to the nearest month rather than precisely to the day. Round interest to the nearest dollar (no cents). If needed record the above transactions in general journal form. On Dec 9th cash is paid in the amount of:\f6 Gandolph Company is a small business with a bookkeeper that uses the direct write off method for handling bad debts during the year. It only produces annual financial statements and hires an accounting firm at year end to come in and make the necessary accrual entries required to produce GAAP financials to satisfy its bank loan covenants. 0.5 Before adjustments the ending balance of Accounts Receivables is $19,407. During the year it wrote off three accounts for $355, $875 points and $505 that were due for more than 600 days. At year end the professional accountants decided that additional receivables of $423 will become uncollectible. Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported in the annual Income Statement? $ 2158 @ Required 2: Assuming no other transaction happened, what is the adjusted balance of Accounts Receivables at year end? $ (17672 | @ Required 3: Assuming no other transaction happened, by how much was last year Net Income overstated because the Allowance method was not used? $ | 1735| @ 3 0.5 points Liebstraum Company uses the periodic inventory system and has the following information in its accounting records for the month of October: Inventory October 1 $44,000 Inventory Purchase #1 October 10 (invoice # 732) $21,000 Inventory Purchase #2 October 15 (invoice # 5555) $33,000 Purchase Returns (related to invoice#555) $7,000 Sales $98,380 Freight paid on purchases $2,444 Sales returns from October sales $1,000 Sales Discounts Granted $300 Liebstraum has negotiated terms of 2/10 net 30 with its suppliers. It paid invoice # 732 on October 16. Invoice # 5555 was unpaid at month end. Required 1: What is the \"Cost of Merchandise Available for Sale\" in Liebstraum's October Income Statement? $ 93024 | @ Required 2: What is the net cost of purchases that will be used to calculate Liebstraum's October Income Statement? $ [46580 | @ Required 3: What is the amount of net sales that will be used to calculate Liebstraum's October Income Statement? $ |97080| @ Required 4: If the ending inventory is $12,000, what is the Cost of Goods Sold that will be used to calculate Liebstraum's October Income Statement? $ 181024 @ Required 5: If ending inventry is $12,000, what is the Gross Profit that will be reported in Liebstraum's October Income Statement? $ 16056 @