1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
dem82 [27]
2 years ago
11

Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $9,381.58. On that date, the bank state

ment indicated a balance of $11,828.12. A comparison of returned checks and bank advices revealed the following: Deposits in transit July 31 amounted to $4,650.03. Outstanding checks July 31 totaled $1,908.27. The bank erroneously charged a $422.50 check of Solomon Company against the Sullivan bank account. A bank service charge has not yet been recorded by Sullivan Company of $32.50. Sullivan neglected to record $5,200.00 borrowed from the bank on a ten percent six-month note. The bank statement shows the $5,200.00 as a deposit. Included with the returned checks is a memo indicating that J. Martin's check for $832.00 had been returned NSF. Martin, a customer, had sent the check to pay an account of $858.00 less a $26 discount. Sullivan Company recorded a $141.70 payment for repairs as $1,417.00 Required a. Prepare a bank reconciliation for Sullivan Company at July 31. b. Prepare the journal entry (or entries) necessary to bring the Cash in Bank account into agreement with the reconciled cash balance on the bank reconciliation. Note: Do not round answers - enter using two decimal places, when needed.
Business
1 answer:
Fantom [35]2 years ago
7 0

Solution :

                                             Sullivan's Company

                                 Bank Reconciliation Statement, July 31

       BANK                                                                 BOOK

Ending balance from        $11,828.12      Balance from the ledger   $9,381.58

bank statement.

Add :                                                         Add :

Deposit in transit              $4,650.03    Note payable borrowed       $5,200

                                                                from bank

Error by bank                    $422.50      Error in recording payment    $1275.3

                                       $ 16,900.65                                                $15,856.88

Less:                                                          Less :

Outstanding checks       $1,908.27        Service charge                $32.50

                                                                NSF Check                       $832

Reconciled cash balance $ 14992.38   Reconciled cash balance  $14992.38  

b).

Date               Accounts titles and explanations      Debit($)                Credit($)

July 31             Cash                                                   5,200.00

                        Notes payable                                                            5,200.00

July 31             Cash                                                   1275.3

                         Repair expenses                                                        1275.3

July 31              bank charges                                   32.50

                         Cash                                                                              32.50

July 31              Accounts receivable                         832    

                        cash                                                                                832

You might be interested in
True or false: Sometimes if a buyer does not want to develop its own supplier certification program, it will accept standard ind
shepuryov [24]

Answer:

True

Explanation:

The ISO 9000 management systems helps organize to meet buyers needs within regulation and requirements related to a service. A industry certifications can be used to hire and train workers.

5 0
2 years ago
A rightward shift of the supply of loans curve would
Minchanka [31]

C. increase in the interest rate

3 0
2 years ago
A formula that calculates the total dollar value of all goods and services produced in a nation and all the goods and services p
Lina20 [59]

Answer:

Gross National Product (GNP)

Explanation:

According to Investopedia, "the Gross National Product is the value of a nation's finished domestic goods and services during a specific time period".

*Note that the GNP should NOT be confused with the GDP (Gross Domestic Product). The GDP only accounts for the value of goods and services produced within a nation's borders, while the GNP also adds the value of services produced by that country's employees and companies in other nations.

7 0
3 years ago
The homeowner's property tax exemption will reduce an assessed valuation of $200,000 to:____.
inessss [21]

As per the rate of the tax, the valuation of $200,000 will become $193,000.

Given Data:

Valuation Price = $200,000

To Find:

After-Tax exemption Valuation= ?

Let us consider the general interest rate of the property. It would be about 3.5% which is 0.035.

According to the normal tax of about 3.5% will become $7000 which will be exempted from the total evaluation therefore it will become $193,000.

Solution:

<em>Tax Value in $ =$200,000 x 3.5% = $7000</em>

<em>here we have the $7000 which is the amount of tax paid by the homeowner.</em>

Putting the value of the tax;

<em>Tax after exemption of tax value = $200,000-$7000 </em>

<em>= $193,000</em>

So, the $193,000 is the price after the deduction of tax by the homeowner.

For more questions like Home tax evaluation open the link below:

brainly.com/question/17132518

#SPJ4

3 0
1 year ago
What can be learned about ancient greeks from this passage? check all that apply<br><br>​
olga55 [171]

Answer:

the greeks were powerful people at a time then got overpowered by athens and romans but that will change

Explanatin

5 0
3 years ago
Other questions:
  • Physical context or setting of the speech may refer to:
    9·2 answers
  • Fighting Irish Incorporated pays its employees $3,640 every two weeks ($260/day). The current two-week pay period ends on Decemb
    8·1 answer
  • Robert Cassidy wants to deposit the following into his savings account: 28 one-dollar bills, 4 five-dollar bills, 16 quarters, 1
    12·1 answer
  • Which one of these statements is fasle? A. Ownership of common stock gives the owner a voting right. B. The stockholders' equity
    13·1 answer
  • Selected information from Large Corporation's accounting records and financial statements for 2013 is as follows ($ in millions)
    14·1 answer
  • Which of the following would an economist classify as capital? Group of answer choices lawyer's computer. $50 bill. 100 shares o
    6·1 answer
  • Perry Corporation manufactures two models of office chairs, a standard and a deluxe model. The following activity and cost infor
    15·1 answer
  • If marginal product is greater than average product:
    9·1 answer
  • The alfredo pasta sells 296 units per week at $13 per plate. The eggplant parmesan sells 323 units at $10 per plate. Which has t
    9·1 answer
  • The most important tax rate for determining an individual's incentive to work is the _____ tax rate.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!