Replenished the petty cash fund

Reference no: EM131040807

selected transactions completed by Komett Company during its first fiscal year ended December 31, 2016. were as follows:
Jan. 3. Issued a check to establish a petty cash fund of $4,500.

Feb. 26. Replenished the petty cash fund, based on the following summary of petty cash
receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscella¬neous administrative expense, $880.

Apr. 14. Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory.

May 13. Paid the invoice of April 14 after the discount period had passed.
17. Received cash from daily cash sales for 821,200. The amount indicated by the cash register was $21,240.

June 2. Received a 60-day. 8% note for $180,000 on the Ryanair account.

Aug. 1. Received amount owed on June 2 note, plus interest at the maturity date.
24. Received $7,600 on the Finley account and wrote off the remainder owed
on a $9,000 accounts receivable balance. (The allowance method is used in ac-
counting for uncolleCtible receivables.)
Sept.15. Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment.
15. Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%.

Oct. 17. Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17.

suojeet to unemplomient 41X0S:

State unemployment 55000

Federal unernployment 5.000

30. Journalized the employer's payroll taxes on the payroll. Dec. 14. Journalized the I:sty:tient of the Sepletubte 15 note at Maturity.

31. The pension cost for the year was 3190,400. of which 3139.700 was paid to the pension plan tntstee.

Instructions
1. Jountalire 11w selected transactions.
2. Based on the tbllowing data. prepare a bank reconciliation fur Decently: of the current year:
a. Balance according to the hank statement at December 31, 3283.000.
b. Balance according to the ledger at December 31, 5249,410.
c. Checks outstanding at DCiannbcr 31. 368,540
d. Deposit in transit. not reconled by hank. 329,500.
c. Bank debit memo for sen ice charges, 8750
f. A check for 312,700 in payment of an Invoke was incorrcoly recorded in the accounts as $12,000.

3. Based on the hank reconciliation prepared in (21. iountalize the entry or entni, to be made by Komett Company.

4. Based on the following selected data. journalize the adiuming coins, an M December 31 of the current year
a. Estimated uncollenible accounts at December 31. $16,000. bawd On an aging of niVeniniS rts:eivntItc. The balance <1 Allowance for Doubtful Accounts at Dismnber 31
was $2.000 (debit).
b. 'the Ordeal inventory on December 31 indicated an ilisvii10n shrinkage of $3,300.
c. prepaid insurance expired during the )i-Jr. 322.820.
d. Office supplies used during the year, 54.920.
e. Depreciation is computed as follows!
Array fluildn03 0Ince Equip Store Equip. C0tt 5900,000 246.000 112.000 gradual

Reference no: EM131040807

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