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jek_recluse [69]
3 years ago
15

Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the clo

se of business on June 30, 2017, its Cash account shows an $11,589 debit balance. Del Gato Clinic's June 30 bank statement shows $10,555 on deposit in the bank.
Outstanding checks as of June 30 total $1,829.

The June 30 bank statement lists a $16 service charge.

Check No. 919, listed with the canceled checks, was correctly drawn for $467 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $476.

The June 30 cash receipts of $2,856 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.

Exercise 6-10 Adjusting entries from bank reconciliation LO P3

Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Exercise 6-9 Bank reconciliation LO P3

Prepare a bank reconciliation for Del Gato Clinic using the above information:

Business
1 answer:
Sergeeva-Olga [200]3 years ago
8 0

Answer:

Explanation:

Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.  

There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.

The journal entries are shown below:

a. No journal entry required

b. Miscellaneous expense A/c Dr $16

        To Cash A/c                                      $16

(Being service charges is paid)

c.  Cash A/c Dr $9                      ($476 - $467)

           To Utilities expense A/c $9

(Being correction is recorded)

d. No journal entry required

The preparation of the  bank reconciliation statement is presented in the spreadsheet. Kindly find the attachment below:  

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Answer:

a need is something you need to live/survive its something you cant live without

Explanation:

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3 years ago
Sunshine Blender Company sold 3000 units in October at a sales price of $45 per unit. The variable cost is $25 per unit. Calcula
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Answer:

Total contribution margin= $60,000

Explanation:

Giving the following information:

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First, we will calculate the unitary contribution margin:

Unitary contribution margin= 45 - 25= $20

Now, total contribution margin:

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5 0
3 years ago
Johnston Company has budgeted production of 11,600 units and sales of 14,400 units in February. Each unit requires 15 minutes of
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Answer:

$43,500

Explanation:

Direct labor costs refer to the salaries that are paid to the employees that perform a job that is related to the production of a good. In this case, it would be the wages of the employees that work in the production of the units budgeted.

To calculate the total cost, first you have to calculate the amount of hours require to produce 11,600 units:

      1 unit        →  15 minutes

11,600 units    →          x

x=(11,600*15)/1= 174,000 minutes

1 hour →   60 minutes

    x    ←    174,000 minutes

x=(1*174,000)/60= 2,900 hours

Now, you can calculate  the total budgeted direct labor costs by multiplying the labor rate per hour for the number of hours needed to manufacture the units budgeted:

$15*2,900= $43,500

According to this, the answer is that the total budgeted direct labor costs for February is $43,500.

5 0
3 years ago
The number of compounding periods in one year is called compounding frequency. The compounding frequency affects both the presen
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Answer:

1. a. 4.081%

2. c. $23,536.36

Explanation:

1. Periodic rate=(4.4%/4) = 1.1%

EAR=(1+APR/m)^m-1

where m=compounding periods

= (1+0.044/4)^4-1

= 1.011^4 - 1

= 1.04473133864 - 1

= 0.04473133864

= 4.47%

EAR=(1+APR/m)^m-1

where m=compounding periods

=(1+0.04/365)^365-1

= (1+0.00010958904)^365 - 1

= 1.00010958904^365 - 1

= 1.04080849272 - 1

= 0.04080849272

= 4.081%

2. A=P(1+r/365)^365*n

where  A=future value, P=present value, r=rate of interest, n=time period.

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3 0
3 years ago
Schneider Inc. had salaries payable of $60,000 and $90,000 at the end of Year1 and Year2, respectively. During Year2, Schneider
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Answer:

The correct answer is option (A).

Explanation:

According to the scenario, the given data are as follows:

Salaries payable at the end of year 1 = $60,000

Salaries payable at the end of year 2 = $90,000

Salary expense in year 2 = $620,000

So, we can calculate the cash outflows for salaries in year 2 by using following formula:

Cash outflow = Salary recorded in year 2 + Salaries payable at the beginning of the year - Salaries payable at the end of year

= $620,000 + $60,000 - $90,000

= $590,000

Hence, the cash outflow for salaries in year 2 is $590,000.

3 0
3 years ago
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