Wright Company's cash account shows a $28,300 debit balance and its bank statement shows $26,600 on...

 

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Wright Company's cash account shows a $28,300 debit balance and its bank statement shows $26,600 on deposit at the close of business on May 31. a. The May 31 bank statement lists $140 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,000. c. May 31 cash receipts of $6,600 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $440 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $520 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: WRIGHT COMPANY Bank Reconciliation May 31 0 0 Book balance Add: Deduct: 0 0 0 Adjusted bank balance $ 0 Adjusted book balance $ 0 Waupaca Company establishes a $430 petty cash fund on September 9. On September 30, the fund shows $182 in cash along with receipts for the following expenditures: transportation-in, $52; postage expenses, $75; and miscellaneous expenses, $117. The petty cashier could not account for a $4 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $480. View transaction list Journal entry worksheet > 1 2 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date September 09 General Journal Debit Credit View general journal Record entry Clear entry Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $59 in cash along with receipts for the following expenditures: postage, $50; transportation-in, $15; delivery expenses, $17; and miscellaneous expenses, $39. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $230. Hint. Make two entries. View transaction list Journal entry worksheet < 1 2 3 4 Record the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $15,991 debit balance and its bank statement shows $14,904 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $1,750. b. The June 30 bank statement lists a $95 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $689 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $698. d. The June 30 cash receipts of $2,751 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: 0 0 Deduct: 0 0 0 0 Adjusted bank balance $ 0 Adjusted book balance $ 0 Wright Company's cash account shows a $28,300 debit balance and its bank statement shows $26,600 on deposit at the close of business on May 31. a. The May 31 bank statement lists $140 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,000. c. May 31 cash receipts of $6,600 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $440 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $520 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: WRIGHT COMPANY Bank Reconciliation May 31 0 0 Book balance Add: Deduct: 0 0 0 Adjusted bank balance $ 0 Adjusted book balance $ 0 Waupaca Company establishes a $430 petty cash fund on September 9. On September 30, the fund shows $182 in cash along with receipts for the following expenditures: transportation-in, $52; postage expenses, $75; and miscellaneous expenses, $117. The petty cashier could not account for a $4 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $480. View transaction list Journal entry worksheet > 1 2 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date September 09 General Journal Debit Credit View general journal Record entry Clear entry Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $59 in cash along with receipts for the following expenditures: postage, $50; transportation-in, $15; delivery expenses, $17; and miscellaneous expenses, $39. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $230. Hint. Make two entries. View transaction list Journal entry worksheet < 1 2 3 4 Record the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $15,991 debit balance and its bank statement shows $14,904 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $1,750. b. The June 30 bank statement lists a $95 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $689 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $698. d. The June 30 cash receipts of $2,751 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: 0 0 Deduct: 0 0 0 0 Adjusted bank balance $ 0 Adjusted book balance $ 0