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nikklg [1K]
3 years ago
12

The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance a

s of July 31, 2017:
a. On July 31, the company's Cash account has a $27,497 debit balance, but its July bank statement shows a $27,233 cash balance

b. Check No. 3031 for $1,482 and Check No. 3040 for $558 were outstanding on the June 30 bank reconciliation. Check eBook No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $382 and Check No. 3069 for $2,281, both written in July, are not among the canceled checks on the July 31 statement.

c. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the Print accounting records as $1,250.

d. The July bank statement shows the bank collected $8,000 cash on a noninterest-bearing note for Branch, deducted a $45 collection expense, and credited the remainder to its account. Branch had not recorded this event before receiving on the July 31 bank statement.

e. The bank statement shows an $805 charge for a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw.

f. The July statement shows a $25 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received

g. Branch's July 31 daily cash receipts of $11514 were placed in the bank's night depository on that date but do not appear the statement. Branch has not yet recorded this check as NSF.

l. Journalize entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance.
Prepare statements as of July 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
2 answers:
Sauron [17]3 years ago
5 0

Answer:

a. No journal entry required.

Explanation:

a. No journal entry required.

b. No journal entry required.

c. DR - Rent Expense -  $20

  CR - Cash - $20

d. Cash (DR) 7,955

  DR - Collection expense - $45

  CR - Notes Receivable - $8,000

e. DR - Accounts Receivable-E. Shaw - $ 805

   CR - Cash - $805

f. DR - Misc Expenses - $25

  CR - Cash - $25  

g. No journal entry required.

i. No journal entry required.

GarryVolchara [31]3 years ago
4 0

Answer:

Explanation:

                                BRANCH COMPANY  

                   Bank Reconciliation July 31, 2017

Bank statement                      $27,233         Book balance                $27,497

balance                

Add:                                            Add:    

Deposit of        $11,514      Proceeds of note    $7,955     July 31                                              less collection charge

                                           $11,514                                     $ 7,955  

                                           $38,747                                    $35,452  

Deduct:                                       Deduct:    

Check No. 3031  $1,482  NSF check including fee   $805  

Check No. 3065 $382  Service charge             $25  

Check No. 3069 $2,281  Error (Check 3056)      $20    

                                           $ 4,145                                        $850  

Adjusted  bank           $34,602 Adjusted book                 $34,602  

balance                                                        balance

                     

Transaction             General Journal                     Debit                   Credit    

a.                      No journal entry required      

b.                       No journal entry required      

c.                        Rent expense                            $20    

                                 Cash                                                             $20    

d.                            Cash                                  $7,955    

                           Collection expense                      $45      

                            Notes receivable                                                    $ 8,000    

e.                  Accounts receivable—E. Shaw $805    

                                  Cash                                                           $805    

f.               Miscellaneous expenses            $25      

                               Cash                                                           $ 25    

g.                  No journal entry required    

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The Centers for Disease Control and Prevention (CDC) defines a healthy sleep duration
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a. The point estimate of the married people that sleep well is = 0.6299. The confidence interval for the mean hours of sleep for those that have never been married but report good sleep is 0.6186, 0.6412

b. The point estimate of the number of hours for people that have never been married = 7.2257

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c. the estimated number of sleep for those that have never been married = 7.729 hours

a. The point estimate

P=\frac{Xp}{n}

Xp = successes\\n = sample size\\

Those who have never been married n = 7044

Xp = those who sleep for 7 hours at least

To get Xp, the <u>excel function </u>

Countif(range, criteria)

Countif(A:A, >=7)

This gives Xp = 4437

Point estimate =

\frac{4477}{7044}

= 0.6299

The point estimate of the married people that sleep well is = 0.6299

At 95% interval of confidence,

α = 1-0.95 = 0.05

α/2 = 0.05/2 = 0.025

Z0.025 = 1.96 ( Use the standard probability normal table)

Margin of Error

=M.E = 1.96\sqrt \frac{0.6299(1-0.6299)}{7044} \\\\= 1.96\sqrt{0.000033} \\\\1.96*0.0057

= 0.0113

The 95% confidence interval

= 0.6299 - 0.0113 , 0.6299 + 0.0113

= 0.6186, 0.6412

The confidence interval for the mean hours of sleep for those that have never been married is 0.6186, 0.6412

b. Sample mean

x = ∑x/n

x = number of sleep of the never been married

Mean is calculated using excel function

Average(range)

Average(a:a)

This gives the sample mean = 7.2257

The point estimate of the number of hours for people that have never been married = 7.2257

<u>Standard deviation</u> using excel =

Stdev(A:A) = 0.8211

Margin of error =1.96*\frac{0.8211}{\sqrt{7044} }

= 0.0192

The<u> confidence interval</u> =

= 7.2257-0.0192, 7.2257+0.0192

= 7.2065, 7.2447

95% confidence interval for the mean number of  hours of sleep for those who have never been married = 7.2065, 7.2447

c. From the available data, the mean number of sleep per day that is gotten from the 4437 people that are unmarried and sleep healthily for at least 7 hours = 34295.1

Mean = 34295.1/4437

= 7.729

the estimated number of sleep for those that have never been married = 7.729 hours

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