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Art [367]
3 years ago
13

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.
1) On July 31, the company’s Cash account has a $25,699 debit balance, but its July bank statement shows a $28,207 cash balance.
2) Check No. 3031 for $1,570, Check No. 3065 for $561, and Check No. 3069 for $2,338 are outstanding checks as of July 31. Check No. 3056 for July rent expense was correctly written and drawn for $1,260 but was erroneously entered in the accounting records as $1,250.
3) The July bank statement shows the bank collected $9,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement.
4) The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF.
5) The July statement shows a $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received.
6) Branch’s July 31 daily cash receipts of $10,132 were placed in the bank’s night depository on that date but do not appear on the July 31 bank statement.
Required:
1. Prepare the bank reconciliation for this company as of July 31, 2017.
2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity with the reconciled cash balance 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
1 answer:
Rasek [7]3 years ago
4 0

Answer:

<u>Bank Reconciliation Statement as of July 31, 2017</u>

Balance at Bank as per cash book (up to date)     $35,480

Add Unpresented Cheques :            

No. 3031                                                                      $1,570

No. 3065                                                                        $561

No. 3069                                                                     $2,338

Less Lodgements not yet credited                          ($10,132)

Balance as per Bank Statement                               $29,817

Explanation:

Step 1 Bring the Cash Book (Bank Balance ) up to date

Debit :

Balance as at July 31                                             $25,699

Note Payable                                                           $9,000

Evan Shaw                                                                   $805

Totals                                                                      $35,504

Credit:

Check No. 3056 Understated                                     $10

Bank service charge                                                     $14

Balance (Up to date)                                             $35,480

Totals                                                                      $35,504

Step 2 Prepare a  bank reconciliation for this company

<u>Bank Reconciliation Statement as of July 31, 2017</u>

Balance at Bank as per cash book (up to date)     $35,480

Add Unpresented Cheques :            

No. 3031                                                                      $1,570

No. 3065                                                                        $561

No. 3069                                                                     $2,338

Less Lodgements not yet credited                          ($10,132)

Balance as per Bank Statement                               $29,817

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5 0
3 years ago
Dora earns 50,000 a year at her johs. when she was given a raise of 5,000 her spending increased from 50,000 to 54,000 calvulate
weqwewe [10]
Given:
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ΔS = 50,000 - 54,000 = - 4,000, the change in savings.

By definition,
MPS (Marginal Propensity to Spend) is
MPS = ΔS/ΔY = -4000/5000 = -0.8

The relation between MPS and MPC (Marginal Propensity to Consume) is
MPS + MPC = 1.
Therefore
MPC - 0.8 = 1
MPC = 1.8

Answer:
MPS = 0.8
MPC = 1.8


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