If a balance sheet is prepared for Cookie Creations at June 30, what balance will be...
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If a balance sheet is prepared for Cookie Creations at June 30, what balance will be reported as cash in the current assets section? If a balance sheet were prepared, cash at June 30th, 2020 would be $ Prepare any necessary adjusting entries at June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 30 Miscellaneous Expense Cash (To record bank charges.) June 30 Service Revenue June 30 Cash (To record error in deposit made on June 20.) Utilities Expense Cash (To record EFT charges.) June 30 Accounts Receivable i Debit 13 30 85 135 Credit 13 30 85 SUPPO Natalie decides that she cannot afford to hire John to do her accounting. One way that she can ensure that her cash account does not have any errors and is accurate and up-to-date is to prepare a bank reconciliation at the end of each month. Natalie would like you to help her. She asks you to prepare a bank reconciliation for June 2020 using the following information. GENERAL LEDGER-COOKIE CREATIONS Cash Date Explanation Ref Debit Credit Balance 2020 June 1 Balance 2,657 1 750 3,407 3 Check #600 625 2,782 3 Check # 601 95 $2.687 8 Check #602 56 2,631 9 1,050 3,681 13 Check #603 425 3,256 20 155 3,411 28 Check #1604 297 3114 1,050 3,681 13 Check #603 425 3,256 20 155 3,411 28 Check #604 297 3,114 28 110 3,224 PREMIER BANK Statement of Account-Cookie Creations June 30, 2020 Date Explanation Checks and Other Debits Deposits Balance May 31 Balance 3,256 June 1 Deposit 750 4,006 6 Check #600 625 3,381 6. Check #601 95 3,286 8 Check #602 56 3.230 9 Deposit 1,050 4,280 Date Explanation Checks and Other Debits Deposits Balance May 31 Balance 3,256 June 1 Deposit 750 4.006 6 Check #600 625 3,381 6 Check #601 95 3.286 8 Check #602 56 3,230 9 Deposit 1,050 4,280 23 28 30 222222 NSF check 100 4,180 10 NSF-fee 35 4,145 14 Check #603 452 3,693 20 Deposit 125 3,818 EFT-Telus 85 3,733 Check #599 361 3,372 Bank charges 13 3,359 Additional information: 1. On May 31, there were two outstanding checks: #595 for $238 and #599 for $361. 2. Premier Bank made a posting error to the bank statement: check #603 was issued for $425, not $452. 3. The deposit made on June 20 was for $125 that Natalie received for teaching a class. Natalie made an error in recording this transaction. 4. The electronic funds transfer (EFT) was for Natalie's utilities expense. 5. The NSF check was from Ron Black. Natalie received this check for teaching a class to Ron's children. Natalie contacted Ron, and he assured her that she will receive a check in the mail for the outstanding amount of the invoice and the NSF bank charge. The NSF fee will be charged to the customer. If a balance sheet is prepared for Cookie Creations at June 30, what balance will be reported as cash in the current assets section? If a balance sheet were prepared, cash at June 30th, 2020 would be $ Prepare any necessary adjusting entries at June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 30 Miscellaneous Expense Cash (To record bank charges.) June 30 Service Revenue June 30 Cash (To record error in deposit made on June 20.) Utilities Expense Cash (To record EFT charges.) June 30 Accounts Receivable i Debit 13 30 85 135 Credit 13 30 85 SUPPO Natalie decides that she cannot afford to hire John to do her accounting. One way that she can ensure that her cash account does not have any errors and is accurate and up-to-date is to prepare a bank reconciliation at the end of each month. Natalie would like you to help her. She asks you to prepare a bank reconciliation for June 2020 using the following information. GENERAL LEDGER-COOKIE CREATIONS Cash Date Explanation Ref Debit Credit Balance 2020 June 1 Balance 2,657 1 750 3,407 3 Check #600 625 2,782 3 Check # 601 95 $2.687 8 Check #602 56 2,631 9 1,050 3,681 13 Check #603 425 3,256 20 155 3,411 28 Check #1604 297 3114 1,050 3,681 13 Check #603 425 3,256 20 155 3,411 28 Check #604 297 3,114 28 110 3,224 PREMIER BANK Statement of Account-Cookie Creations June 30, 2020 Date Explanation Checks and Other Debits Deposits Balance May 31 Balance 3,256 June 1 Deposit 750 4,006 6 Check #600 625 3,381 6. Check #601 95 3,286 8 Check #602 56 3.230 9 Deposit 1,050 4,280 Date Explanation Checks and Other Debits Deposits Balance May 31 Balance 3,256 June 1 Deposit 750 4.006 6 Check #600 625 3,381 6 Check #601 95 3.286 8 Check #602 56 3,230 9 Deposit 1,050 4,280 23 28 30 222222 NSF check 100 4,180 10 NSF-fee 35 4,145 14 Check #603 452 3,693 20 Deposit 125 3,818 EFT-Telus 85 3,733 Check #599 361 3,372 Bank charges 13 3,359 Additional information: 1. On May 31, there were two outstanding checks: #595 for $238 and #599 for $361. 2. Premier Bank made a posting error to the bank statement: check #603 was issued for $425, not $452. 3. The deposit made on June 20 was for $125 that Natalie received for teaching a class. Natalie made an error in recording this transaction. 4. The electronic funds transfer (EFT) was for Natalie's utilities expense. 5. The NSF check was from Ron Black. Natalie received this check for teaching a class to Ron's children. Natalie contacted Ron, and he assured her that she will receive a check in the mail for the outstanding amount of the invoice and the NSF bank charge. The NSF fee will be charged to the customer.
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Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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