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joja [24]
3 years ago
10

When Seb reconciles his accounts, what is the first step he should take? Compare his records and his statement. Examine his stat

ement to check for errors. Confirm his records are accurate and include all transactions. Check receipts to make sure all transaction amounts are correct.
Social Studies
1 answer:
AnnZ [28]3 years ago
3 0

Answer:

Among the options given below, the correct answer is option A.

Compare his records and his statement.

Explanation:Bank accounts reconciliation is the process in which the balance of an entity's bank records for a cash account is matched with the  corresponding information on a  bank statement. To certain the differences between the two, and to book changes to the accounting records as appropriate is the goal of the process.

According to the question ,if Seb wants to reconciles his accounts he need to compare his records and his statement.

Because it is required to perform a proper bank accounts reconciliation to compare the bank account statement with the general ledger cash bank account. He needs to check all the items. Because this part of reconciliation ensures the clarification of all items recorded in the general ledger has cleared the entity's bank account.

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Question

Metlock, Inc has the following balances in selected accounts on December 31, 2019

Accounts Receivable $ -0-

Accumulated Depreciation—Equipment -0-

Equipment 7,000

Interest Payable -0-

Notes Payable 9,800

Prepaid Insurance 2,820

Salaries Payable -0-

Supplies 2,450

Unearned Consulting Revenue 36,000

All the accounts have normal balances.

The information below has been gathered at December 31, 2019.

1. Metlock, Inc. borrowed $9,800 by signing a 12%, one-year note on September 1, 2019.

2. A count of supplies on December 31, 2019, indicates that supplies of $860 are on hand.

3. Depreciation on the equipment for 2019 is $1,600.

4. Metlock, Inc. paid $2,820 for 12 months of insurance coverage on June 1, 2019.

5. On December 1, 2019, Metlock, Inc. collected $36,000 for consulting services to be performed from December 1, 2019, through March 31, 2020.

6. Metlock, Inc. performed consulting services for a client in December 2019. The client will be billed $4,300.

7. Metlock, Inc. pays its employees total salaries of $7,500 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2019

Answer:

1. Metlock Inc borrowed $9,800 by signing a 12%, one-year note on September 1, 2019

Dr Cash $9,800

Cr Notes Payable $9,800

2. A count of supplies on December 31, 2019, indicates that supplies of $860 are on hand.

Dr Supplies Expense $1,590

Cr Supplies $1,590

3. Depreciation on the equipment for 2019 is $1,600.

Dr Depreciation Expense--Equipment $1,600

Cr Accumulated Depreciation--Equipment $1,600

4. Metlock Inc paid $2,820 for 12 months of insurance coverage on June 1, 2019.

$2,820 x 7/12 = $1,645

Dr Insurance Expense $1,645

Cr Prepaid Insurance $1,645

5. On December 1, 2019, Metlock Inc collected $36,000 for consulting services to be performed from December 1, 2019, through March 31, 2020.

$36,000 / 4 months = $9,000 per month

Dr Unearned Consulting Revenue $9,000

Cr Consulting Fees $9,000

6. Metlock Inc performed consulting services for a client in December 2019. The client will be billed $4,300.

Dr Accounts Receivable $4,300

Cr Consulting Fees $4,300

7. Metlock, Inc. pays its employees total salaries of $7,500 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2019

$7,500 / 5 x 3 = $12,500

Dr Salaries Expense $12,500

Cr Salaries Payable $12,500

Explanation:

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