Calculate the adjusted bank balance

Assignment Help Cost Accounting
Reference no: EM13526576

Green Valley Bank sent Comstock Industries their end of month bank statement for July. The end of month balance by the bank is $11,237.00. The statement shows that a deposit for $4,250 is in transit at the end of the statement period.

The statement also revealed that checks for $87.00, $105.00, and $95.00 are outstanding. Green Valley collected a 90 day, 12% interest $4,000.00 note receivable, charging $20 for the service. No interest has been accrued on the note. The bank charges a monthly account fee of $35.00.

The end of month balance per company books is $11,135.00.

Calculate the adjusted bank balance, and complete the journal entries for the reconciliation.

Adjusted bank balance = $

Jul 31 -Select-Notes ReceivableInterest RevenueCashInterest ExpensePetty CashItem 2 $

-Select-Notes ReceivableInterest ExpensePetty CashCash Short and OverBank Service Charge ExpenseItem 4 $

-Select-Notes ReceivableNotes PayablePetty CashCash Short and OverBank Service Charge ExpenseItem 6
$

-Select-Interest PayablePetty CashInterest RevenueCash Short and OverBank Service Charge ExpenseItem 8
$

 

Jul 31 -Select-CashSalesCash Short and OverPetty CashBank Service Charge ExpenseItem 10 $

-Select-CashSalesCash Short and OverAccounts PayableBank Service Charge ExpenseItem 12
$

Reference no: EM13526576

Questions Cloud

Explain two silver-silver chloride electrodes : A voltaic cell is constructed with two silver-silver chloride electrodes, where the half-reaction is AgCl (s) + e-? Ag (s) + Cl- (aq) E° = +0.222 V
Estimate how high does he go : An Olympic long jumper is capable of jumping 8.2 m. Assume that his horizontal speed is 9.1 m/s as he leaves the ground. How high does he go
Find how much time is required for the projectile : Scientists are experimenting with a kind of gun that may eventually be used to fire payloads directly into orbit. How much time is required for the projectile to come up to speed
Explain the correct formula resulting from a combination : Which one of the following is the correct formula resulting from a combination of the common ions from these elements: Li and S
Calculate the adjusted bank balance : Calculate the adjusted bank balance and complete the journal entries for the reconciliation - Green Valley Bank sent Comstock Industries their end of month bank statement for July
Explain what mass of the nuclide remains in the patient : A patient is given a 58.0-mg dose of Iodine-131 to image the thyroid. This nuclide has half life = 8.0 days. What mass of the nuclide remains in the patient after 33.0 hours, when the thyroid scan is taken
What would be your plan of action : What would be your plan of action?
What is the velocity of the passenger relative to the water : A passenger on a boat moving at 1.20 m/s on a still lake walks up a flight of stairs at a speed of 0.50 m/s. What is the velocity of the passenger relative to the water
Compute the equilibrium concentration of each ion : Lead(II) phosphate, Pb3(PO4)2 (s), is allowed to come to equilibrium with its ions in otherwise pure water. Ksp = 3.0 x 10^44. Calculate the equilibrium concentration of each ion.

Reviews

Write a Review

 

Cost Accounting Questions & Answers

  Implement to control unallocated costs

what other potential measures will we implement to control those unallocated costs and regarding customer profitability profiles, what could be done when customers have unfavorable profiles?

  Aytenew plc manufactures and sales sports shoe it had also

aytenew plc manufactures and sales sports shoe. it had also decided to import genuine leather shoes to meet the needs

  Record all adjusting entries required

Physical count of items showed $14,200 of supplies were on hand

  1under variable costing which of the following costs would

1.under variable costing which of the following costs would be included in finished goods inventory?a.advertising

  What is maximum amount nate and nan can contribute to ira

Nate and Nan Munson (ages 58 and 49, respectively) each have a traditional IRA. Nate retired last year and has no earned income. Nan works full-time. Her 2013 wages were $36,000. What is the maximum amount Nate and Nan can contribute to their resp..

  Evaluate payback period for each project

Evaluate the payback period for each project and evaluate the net present value for each project

  Explain and calculate fbt liability

Explain and calculate FBT liability. What is the after - tax cost to the employer of providing the benefits and decide which amount of CGT Tax payable will be considered as a CGT tax liability for the tax payer.

  Question1 sarah purchased a new car at the starting of the

question1 sarah purchased a new car at the starting of the year. she makes an adequate accounting to her employer and

  How to transact with debit and credit card

Second is. Made two months van lease payment in advance $2400. Third is. Billed customers for cleaning upholstery $2680. Forth is. Received $1200 from the customers billed on august 21. Please tell me with debit and credit.

  Review one financial statement of a company

Potential investor and could only review one financial statement of a company in which you would like to buy stock, which financial statement would you choose and why? Be specific with your answer and provide about 250 words.

  Prepare the adjusting entry under each basis

The total estimated uncollectibles under the percentage-of-receivables basis is $5,800. Prepare the adjusting entry under each basis.

  What is shun unit product cost under absorption costing

A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd