| 3. Option C | |||
| Units Sold | Price | COGS | |
| Aug-10 | 11,000 | $ 10 | $ 110,000 |
| Aug-24 | 14,000 | $ 9 | $ 126,000 |
| $ 236,000 | |||
| 4. Option D | |||
| Outstanding Deposits | |||
| Sep-23 | $ 2,467 | ||
| Sep-30 | $ 250 | ||
| $ 2,717 |
QUESTION 3 The Nazia Corporation had 9,000 cages on hand at the beginning of August. Each...
Exercise 5: • Al Ain limited in August has a cash balance of $58,349 and a book balance of S60,209. Al Ain Company later earned an interest of 30 and paid 10 for all the printing checks and an error of 24 for his book balance statement. • Al Ain Company got some money, deposited 3,800 cash, and paid 1,925 for his outstanding payment to the bank. • He also paid 19 for an error in his cash account. You...
Prepare bank reconciliation and adjusting entries. P7.12A (LO 4) AP Sally's Sweet Shop's August 31 bank balance was $11,135. The company's cash balance at August 31 was $10,805. Other information follows: 1.Outstanding cheques were #421 for $165, #485 for $265, #492 for $175, and #494 for $1,165. Cheque #421 was also outstanding on July 31 and was included on July's bank reconciliation. 2.Included with the statement were EFT deposits totalling $1,735 during August in payment of accounts receivable. These deposits have not been recorded...
During August, 2018, Bramble's Supply Store generated revenues of $59800. The company's expenses were as follows: cost of goods sold of $36200 and operating expenses of $4200. The company also had rent revenue of $1000 and a gain on the sale of a delivery truck of $2000 Bramble's net income for August, 2018 is $22400. $23600 $19400 $20400 During August, 2018, Sunland's Supply Store generated revenues of $61100. The company's expenses were as follows: cost of goods sold of $36900...
The Kris Corporation had 20,000 windows on hand at the beginning of October. Each window had cost the company $50. The company purchased 40,000 windows during October at a cost of $50 each. The company's inspection of its purchases revealed 300 defective windows, which the company returned to its supplier for full credit of $50 each. The company sold 47,000 windows during October and charged its customers $90 per window. The company's October operating expenses were $900,000. The company's expected...
Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, No. 5888 for $1,083 and No. 5893 for $480. Check No. 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 16,500 10,063 11,951 18,388 CHECKS AND DEBITS DEPOSITS AND CREDITS Date...
I'm doing a correspondence course on accounting and this is a
practice problem on Bank Reconciliation if you could walk me
through how you would solve this I would much appreciate
it
Please enter journal entries for each of the following, if required. Enter the corresponding number as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie 15/Jan). 1. Outstanding deposit 2. Interest earned 3. NSF cheque 4. Bank service charge 5. Error...
Main Squeeze had the following transactions as a result of it's first summer in operation (May through September); a. Paid for $260 worth of advertisements all of which ran during the summer. b. Sold $10,920 worth of lemonade, receiving $9,600 in cash with the rest owed by customers from special catering events. c. Paid $500 for inventory ordered in May, and ordered $3,200 more inventory throughout the season of which all was paid for except $450 outstanding at the end...
Main Squeeze had the following transactions as a result of it’s first summer in operation (May through September); a. Paid for $260 worth of advertisements all of which ran during the summer. b. Sold $10,920 worth of lemonade, receiving $9,600 in cash with the rest owed by customers from special catering events. c. Paid $500 for inventory ordered in May, and ordered $3,200 more inventory throughout the season of which all was paid for except $450 outstanding at the end...
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable.) 1. NSF check from a customer is shown on the bank statement but...
1. (6 points) Kroger Corporation had the following budget information related to the unit sales: 25,000 July August September 53,000 21,000 34,000 October Of the units budgeted, the Electronics Division sells 60% at a price of $35 per unit and the remainder are sold by the Toy Division at a price of $20 per unit. INSTRUCTIONS Prepare separate sales budgets for each division and for the company in total for the third quarter of 2019. 2. (12 points) The following...