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MrRa [10]
3 years ago
11

For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a

subtraction in a bank reconciliation and whether an adjusting journal entry is required:
Business
1 answer:
loris [4]3 years ago
4 0

Answer:

THIS IS THE COMPLETE QUESTION

For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether an adjusting journal entry is required:

a. Unrecorded deposits

b. Interest on cash balance

c. Bank service charges

d. Debit memos

e. Outstanding checks

f. Credit memos

g. NSF checks

ANSWER:

a)Unrecorded deposits:

Unrecorded deposits may be added to the bank balance , and it affects the bank side of the reconciliation ,The unrecorded deposits doesn't require an adjusting journal entry as well.

b). Interest on cash balance:

Interest on cash balance can be regarded as book addition,which required adjusting journal entry

c)Bank service charges:

Bank service charges is a subtraction in a bank reconciliation, it affects the bank side of the reconciliation, Hence it requires an adjusting journal entry .

d)Debit and credit memos:

Debit memos is a subtraction in a book reconciliation,and it requires adjusting journal entry.

e)Outstanding Checks :

Outstanding Checks a subtraction from the bank balance in the reconciliation and affects the bank side of the bank reconciliation, However it does not require adjustments or adjusting journal entries.

f)Credit memos :

Credit memos can be regarded as book addition, an addition is required to the book side in the reconciliation.it require an adjusting journal entry

NSF checks:

NSF checks affects the book side of the reconciliation, This is an substraction to the book side in the reconciliation, It requires an adjusting journal entry .

Explanation:

✓Unrecorded deposits can be described as deposits which is recorded into the books but has not been recorded by the bank.

✓Interest on cash balance can be described as a reconciling items

that banks record as credit even though it has not been recorded by book as debit

✓Debit Memos is described as a deduction in banks statement as a result of deduction in bank balance.

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3 0
3 years ago
Read 2 more answers
Titon Sports, which produces footballs, has two departments: cutting and stitching. Footballs that have undergone the cutting pr
zhenek [66]

Answer:

We find the equivalent units for both Weighted Average Method and FIFO separately for cost  calculations . These are given along as required.

Explanation:

Titon Sports

Equivalent Units

Weighted Average Method

Particulars         Units       % of Completion              Equivalent Units

                                      Materials --Conversion    Materials --Conversion

Completed and

Transferred     52,000    100%         100%               52,000     52,000

Ending work

<u>in process      21,500        0%           20%                Zero         4300        </u>

<u>Equivalent Units                                                   52,000       56,300   </u>

Particulars         Units       % of Completion              Equivalent Units

                                            Transferred In                  Transferred In

Completed and

Transferred     52,000               100%                              52,000    

Ending work

<u>in process      21,500                  100%                           21,500</u>

<u>Equivalent Units                                                             73500</u>

<u>Particulars </u>             Transferred In     Materials     Conversion    Total

                                         Costs

Beginning WIP           $ 45,360           $0                  $17,660

<u>Total costs added     $154,560         $28,080           $89,310</u>

<u>Total Costs              199920            $28,080           106970    </u> <u>$334970</u>

b. Conversion cost per equivalent unit during March

                  Total Conversion Costs/ Total Equivalent Units Conversion

               =   106970/56,300 = $1.9 per Equivalent Unit

Materials cost per equivalent unit during March

 Total Materials Costs/ Total Equivalent Units Materials

               =   28080/52000 = $ 0.54 per Equivalent Unit

Transferred In cost per equivalent unit during March

Total Transferred In Costs / Total Transferred In Units

                 = 199920 / 73500 = 2.72

C. Cost Assigned To Transferred Out Goods $ 268,320

Materials = 52,000*0.54= $ 28080

Conversion = 52,000* 1.9=  98800

Transferred in Units = 2.72 * 52000= 141440

Cost Assigned To Ending Work In Process $66650

Conversion = 4300* 1.9=  8170

Transferred in Units = 2.72 * 21500= 58,480

C. Total Costs Assigned = Transferred Out + Ending = <u>$334970</u>

d.  Conversion cost assigned to the ending work in process: $8170

Conversion = 4300* 1.9=  8170

<em>We see the difference between the weighted average and FIFO method is that the FIFO method only accounts for the current period costs not the total the costs.Where as the weighted method includes all the costs from preceeding department and also current costs.</em>

e.Titon Sports

Equivalent Units

FIFO Method

Particulars         Units       % of Completion              Equivalent Units

                                      Materials --Conversion    Materials --Conversion

Completed and

Transferred     52,000    100%         100%               52,000     52,000

Ending work

in process      21,500        0%           20%                Zero         4300  

Less

<u>Beg. WIP       17500        0%            60%              Zero           10500</u>

<u>Equivalent Units                                                   52,000       45,800 </u>

Particulars         Units       % of Completion              Equivalent Units

                                            Transferred In                  Transferred In

Completed and

Transferred     52,000               100%                              52,000    

Ending work

in process      21,500                  100%                           21,500

Less

<u>Beg. WIP       17500                  100%                             17500 </u>

<u>Equivalent Units                                                             56000</u>

<u>f. </u>Materials cost per equivalent unit during March (FIFO)

 Total Materials Costs/ Total Equivalent Units Materials

               =   28080/52000 = $ 0.54 per Equivalent Unit

g. Cost Assigned To WORK In Process (FIFO)  $ 8385

Conversion cost per equivalent unit during March

                  Total Conversion Costs/ Total Equivalent Units Conversion

               =  89310/ 45,800 = $1.95 per Equivalent Unit

Conversion = 4300* 1.95=  $ 8385

h. Cost Assigned To Transferred Out Goods $ 273,000

Materials = 52,000*0.54= $ 28080

Conversion = 52,000* 1.95=  101,400

Transferred In cost per equivalent unit during March

Total Transferred In Costs / Total Transferred In Units

= 154560 / 56,000 = 2.76

Transferred in Units Costs = 2.76 * 52000= 143520

8 0
3 years ago
Journalize the following transactions for Cullumber Company.
Thepotemich [5.8K]

Answer and Explanation:

The journal entries are shown below

On Sept 1

Supplies Dr $1,020

    To Cash $1,020

(being supplies purchased in cash)

On Sept 5

Dividend Dr $410

   To cash $410

(being cash dividend is paid)

On Sept 7

cash Dr 5,500

   To Unearned service revenue  $5,500

(being cash collection is recorded)

On Sept 16

Cash Dr $770

  To Account receivable $770

(being cash collection is recorded)

On Sept 22

Equipment Dr $3,000

         To cash $1,100

         To Note payable $1,900

(being equipment purchased is recorded)

3 0
3 years ago
Explain why non-governmental organizations (NGOs) like the cooperatives described in the Fair Trade material play an important r
liubo4ka [24]

Answer:

Non-Governmental Organizations or NGOs have become an extensively discussed theme in the third world countries as well vastly in social business world. The NGOs have appeared as the savior of countless number of people without food, cloth, education and basic health facilities. NGOs can continue playing the role of catalyst in the attainment of sustainable economic growth and development provided, an endurable, warm and dependable relationship is there between the government and NGOs where both are working for the benefit of the people with numerable activities. Their main tasks are to organize these people, create awareness in them and make them development oriented. These organizations are working based on the assessed need and demand of the grass root level farmers and women. By involving the beneficiaries of overall national planning for development.

Non-governmental Organizations (NGOs) play an important role in the economic development of developing countries. They provide services to society through welfare works for community development, assistance in national disasters, sustainable system development, and popular movements. They take numerable for actions developing our society. Although agriculture sector is the main source of income for this rural-agro based country, unfortunately this sector has completely failed to create rewarding employment opportunity for the landless. Considering these overall situations, the NGOs are working on poverty eradication by directly involving the poverty stricken population. Their main tasks are to organize these people, create awareness in them and make them development oriented. These organizations are working based on the assessed need and demand of the grass root level farmers and women. By involving the beneficiaries directly, they are working within the context of overall national planning for development.

Explanation:

4 0
3 years ago
John developed a food additive that replaces processed sugars. He granted the right to use this additive to a major cereal manuf
LiRa [457]

Answer: Licensing

Explanation:

John's ingredient is his intellectual property. By giving the right regarding the usage of the ingredient to another business entity and by receiving a sales volume related <em>royalty payment</em> for each box sold, John is involved in a <em>licensing agreement</em>.

Two parties are involved in each licensing agreement: the licencor and the licencee. In this example, John is the licencor and the cereal manufacturer is the licencee.  Both of the parties sign the licensing agreement, which is active over a specified amount of time.

Licensing is not to be confused with <em>franchising</em>. It refers to a specific business model when the franchisee operates under the brand (logo and trademark) of the franchiser, but essentially keeps its independence branch-wise. Best examples are McDonald's and KFC.

6 0
3 years ago
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