Prepare bank reconciliation for new england boat company

Assignment Help Corporate Finance
Reference no: EM132221368

Question - The New England Boat Company's bank statement for the month of November showed a balance per bank of $7,000. The company's Cash account in the general ledger had a balance of $5,659 at November 30. Other information is as follows:

(1) Cash receipts for November 30 recorded on the company's books were $6,000 but this amount does not appear on the bank statement.

(2) The bank statement shows a debit memorandum for $40 for check printing charges.

(3) Check No. 119 payable to Maris Company was recorded in the cash payments journal and cleared the bank for $248. A review of the accounts payable subsidiary ledger shows a $36 credit balance in the account of Maris Company and that the payment to them should have been for $284.

(4) The total amount of checks still outstanding at November 30 amounted to $5,800.

(5) Check No. 138 was correctly written and paid by the bank for $409. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $490.

(6) The bank returned an NSF check from a customer for $560.

(7) The bank included a credit memorandum for $2,060 which represents collection of a customer's note by the bank for the company; principal amount of the note was $2,000 and interest was $60. Interest has not been accrued.

Instructions -

(a) Prepare a bank reconciliation for the New England Boat Company at November 30.

(b) Prepare any adjusting entries necessary as a result of the bank reconciliation.

Reference no: EM132221368

Questions Cloud

Identify any principles of internal control : Jim Gant has worked for Dr. Ken Flood for several years. Identify any principles of internal control that may be violated in this medical office situation
Advantages of the development outweight disadvantages : In many cases, the people being monitorised are unaware that this happening. Do you think the advantages of the development outweight the disadvantages?
How power is typically displayed and handled : On the basis of this module's readings and additional research, fill out the matrix with details on how power is typically displayed and handled.
Smoking should not be permitted in restaurant and state laws : Smoking should not be permitted in restaurant and state laws that prohibite it should be upheld. Use specific reasons and examples to support your opinion.
Prepare bank reconciliation for new england boat company : The bank statement shows a debit memorandum for $40 for check printing charges. Prepare a bank reconciliation for the New England Boat Company at November 30
Explain the types of psychosocial factors : The three-by-four matrix below illustrates two dimensions-the three types of conflict and the four types of psychosocial factors.
Descriptions of at least two important issues that coca cola : Identify and give brief descriptions of at least 2 important issues that Coca Cola needs/should address.
What is the best medium for delivering the message : Find or write an example of a poorly written business communication and revise it. Focus on improving it for clarity, word choice, sentence structure
Determine the current break-even point in units and dollars : The variable cost is $24 per unit and the fixed cost is $32,000 per year. Determine the current break-even point in units and dollars

Reviews

Write a Review

 

Corporate Finance Questions & Answers

  How should given affect the us demand for british pounds

All other things being equal, assume that US interest rates fall relative to UK interest rates. Again with all other things being equal, how should this affect the US demand for British pounds.

  Find the total annual savings

Total annual savings needed to be calculated considering time value of money - Remember to label each goal and add the required sums for each goal together to find the TOTAL ANNUAL SAVINGS required to fund their goals.

  Describe how value-at-risk -var is used

Describe how Value-at-Risk (VAR) is used as a tool to assist management with achieving its overall strategic financial goals?

  Describe the type of business you have created

Describe the type of business you have created including the product or service, and general staffing plan. Provide a rationale for your plan. The form of your business and the benefits it offers your particular business.

  Why the company doesnt use more preferred stock financing

Mullineaux Corporation has a target capital structure of 60 percent common stock, 5 percent preferred stock, and 35 percent debt. Its cost of equity is 12.5 percent, the cost of preferred stock is 5.5 percent,

  Financial accounting is fairly heavily regulated in

financial accounting is fairly heavily regulated in australia. there are numerous corporations act requirements and

  Explain and defend why you agree or disagree

Prepare a minimum 700-word analysis including following- Calculate company's weighted average cost of capital. Explain and defend why you agree or disagree.

  Table gives abbreviated balance sheets and income

table gives abbreviated balance sheets and income statements for estee lauder companies.tableend of

  Develop a quadratic trend equation that can be used

Using Excel Solver or LINGO, develop a quadratic trend equation that can be used to forecast revenue. Using the trend equation developed in part (b), forecast revenue in year 11.

  Questions based on return on equity

How much must the assets be reduced to bring the TATO to the industry average and questions based on Return on equity

  Select a country then search the internet for its balance

select a country then search the internet for its balance of payments records to answer the following questionshow will

  Describe why a company might decide to save the money

Describe why a company might decide to save the money and utilize its in-house team as opposed to one of these firms.

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