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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

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Answer:

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Explanation:

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Since $5 x 15000 residents = $75, 000.

Therefore it is still beneficial to hire a new firefighter if the cost is less than $75, 000

5 0
3 years ago
Suppose Charlene Brewster has timesâ (in seconds) of 8.5â, 8.5â, 8.3â, 8.6â, 8.7â, 8.4 and a performance rating of 85â%.
professor190 [17]

Answer:

1. 10s

2. Slower than normal

Explanation:

1. To calculate the normal time, we first take the average of Charlene's observed times:

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Her normal time is therefore: \frac{Average of Charlene's observed time}{performance rating} = \frac{8.5}{0.85} = 10s

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7 0
3 years ago
The following are the transactions of Spotlighter, Inc., for the month of January:
coldgirl [10]

Answer:

Spotlighter, Inc.

Cash

Account Titles     Debit    Credit

Beginning balance $0

Notes Payable   $4,740

Common stock $5,430

Equipment                      $1,000

Supplies                          $1,100

Ending balance             $8,070

Notes Payable

Account Titles     Debit    Credit

Beginning balance $0

Cash                               $4,740

Equipment                        1,600

Ending balance  $6,340

Common stock

Account Titles     Debit    Credit

Beginning balance               $0

Cash                              $5,430

Equipment

Account Titles     Debit    Credit

Beginning balance $0

Cash                 $1,000

Notes Payable $1,600

Ending balance            $2,600

Supplies

Account Titles         Debit    Credit

Beginning balance $0

Cash                       $1,100

Accounts Payable $1,500

Ending balance                   $2,600

Accounts Payable

Account Titles     Debit    Credit

Beginning balance              $0

Supplies                        $1,500

Ending Balance $1,500

Explanation:

1) Data and Transaction Analysis:

a. Cash $4,740 Notes Payable $4,740

b. Cash $5,430 Common stock $5,430

c. Equipment $2,600 Cash $1,000 Notes Payable $1,600

d. Supplies $1,100 Cash $1,100

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6 0
3 years ago
Following are the average accounts receivable and net sales reported recently by two large bever age companies (dollar amounts a
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Answer:

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Net sales                                                 $8320     $17400

Average Accounts Receivable                 $720      $900

Accounts Receivable Turnover rate            11.5                19.3

B)  

Day's sale outstanding  = Accounts receivable / Total credit sales  × 365

The following table shows the days sale outstanding of MCB and ABI:

Particulars                                                    MCB             ABI

Net sales                                                    $8,320           $17,400

Average Accounts Receivable                    $720            $900

Day's sale outstanding                               31.58                 18.88

Explanation:

3 0
3 years ago
Choose the term that best matches the description given.
OleMash [197]

Answer:

supply

Explanation:

it is how much of something you have to sell

3 0
3 years ago
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