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2 years ago

The August current year bank statement for Allison Company and the August current year ledger account for cash follow:

1 answer:

4 0

The August current year bank statement for Allison Company and the August current year ledger account for cash follow is

1. Deposits in transit as on August 31 are $5,400.

2. Outstanding checks are $280 and $460 amounting to a total of $740 (280+460).

3. Bank reconciliation statement-

Particulars Amount ($) Particulars Amount ($)

Balance as per cash account* 22,475 Balance as per bank account 20,235

Add: Interest collected 2,550 Add: Deposits in transit 5,400

25,025 25,635

Less: Bank service charge (130) Less: Outstanding checks (740)

Adjusted book balance 24,895 Adjusted bank balance 24,895

*Balance as per cash account = 16,470+11,800+4,450+6,900+5,400-185-860-280-460-750-260-19,750

= 22,475

4. Journal entries-

S.No. Accounts titles and Explanation Debit ($) Credit ($)

1. Cash 2,550

Interest received 2,550

(To record the interest collected)

2. Bank service charges 130

Cash 130

(To record the bank service charges)

5. Balance sheet

Current assets

Cash and cash Equivalent 24,895

In accounting, a well-known ledger is used to fill all of an agency's transactions. inside a general ledger, transactional data is organized into assets, liabilities, sales, fees, and proprietor's equity. After each sub-ledger has been closed out, the accountant prepares the trial stability.

Ledger wallets are USB storage devices that hold more than one currency offline. It shops your non-public keys on the tool, making it tough for online hackers to get admission to your bills. If the bodily tool is stolen, customers depend upon a 24-word backup recovery word to get the right of entry to saved cryptocurrencies.

Learn more about ledger here brainly.com/question/1436327

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3 years ago

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(humility, egotism, will, discipline)

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3 years ago

Nolte Co. has 4,800,000 shares of common stock outstanding on December 31, 2012. An additional 200,000 shares are issued on Apri

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Answer:

5,110,000 and 5,170,000.

Explanation:

earnings per share EPS = (net income - preferred dividends) / weighted average of outstanding shares

4,800,000 at the beginning of the year
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diluted shares = ($6,000,000 / $1,000) x 40 x 3/12 = 60,000

diluted EPS = (net income - preferred dividends) / (weighted average of outstanding shares + diluted shares)

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3 years ago

In the early 2000’s, there were a series of well publicized events that effected the credibility of the accounting profession.Th

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Answer:

The correct answer is Public Company Accounting Oversight Board.

Explanation:

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This law, beyond the local level, also involves all companies listed on the NYSE (New York Stock Exchange), as well as its subsidiaries.

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3 years ago

On March 1, Retro Inc. reported a balance in Supplies onf $200. During March, the company purchased supplies for $950 and consum

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Answer:

stockholer's equity will be overstated by $800.

Explanation:

The adjustment required is to record $800 of supplies used as an expense, hence, by carrying out the adjustment, net income is overstated by $800 so also retained earnings and shareholders' equity.

In other words,the balance that would be left in supplies is opening balance of $200 plus purchase of supplies which is $950 minus the supplies used.

balance of supplies=$200+$950-$800=$350

Option B is wrong the balance expected is $350 and the balance without adjustment is $200,that is $150 understatement not $350

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3 years ago