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Problem 1: From the following data, prepare a bank reconciliation and determine the correct available cash balance for Reed Company as of 2010 October 31.
Balance per bank statement, 2010 October 31
$13,974
Ledger account balance. 2010 October 31
8,088
Proceeds of a note collected by bank not yet entered in ledger (includes $500 of interest)
6,000
Bank service charges not yet entered by Reed Company
18
Deposit in transit
1,680
Outstanding checks:
No. 327
654
No. 328
288
No. 329
390
No. 331
252
Problem 2: Dunwoody Discount Toys, Inc., sells merchandise in a state that has a 5 percent sales tax. Rather than record sales taxes collected in a separate account, the company records both the sales revenue and the sales taxes in the Sales account. At the end of the first quarter of operations, when it is time to remit the sales taxes to the state taxing agency, the company has USD 420,000 in the Sales account. Determine the correct amount of sales revenue and the amount of sales tax payable.
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