Reference no: EM132720064
The cash account for Corey's Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2020.
A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following:
1. A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared.
2. Cheques #251 for $1,200 and #260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020.
3. The bank erroneously debited a cheque drawn Corey's Construction as $16,000 instead of $1,600.
4. The company's accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,000
5. The bank credited a deposit of $200 as $2,000 to Corey's Construction account.
6. A cheque for $13,500 from a customer Ali Woods was returned for insufficient funds. The bank charged $50 for Wood's NSF cheque. The company's policy states that the bank charges associated with NSF cheques are to be recovered from the customer.
7. A note was collected by the bank of $21,000 on August 31 which included interest of $1,500.
8. A debit memo from the bank showed service charge amounting to $2,500 as at August 31, 2020.
Required:
PROBLEM 1. Prepare the necessary journal entries for Corey's Construction Company at August 31, 2020.
PROBLEM 2. Prepare Corey's Construction Company adjusted cash book for August 31st. 2020.
PROBLEM 3. Prepare Corey's Construction Company bank reconciliation statement for August 31, 2020
|
Find and solve inventory value of the units unsold in hand
: Find and Calculate the inventory value of the units unsold in the hands of the consignee at December 31, 2020. On August 15, 2020, Japan Ideas consigned 750
|
|
How conducting the gap analysis might have changed
: Explain how conducting this gap analysis might have changed the organizational structure at NASA leading up to the Columbia accident and provide two gap.
|
|
What the contribution margin per unit for product x would be
: What the contribution margin per unit for Product X would be? The selling price, variable cost, and sales mix for the products are presented
|
|
What role manager play in each stage of program development
: For this journal assignment, assess the role of the manager in program planning, design, and evaluation. What role does the manager play in each stage.
|
|
Create necessary journal entries for corey construction
: Cheques #251 for $1,200 and #260 for $1,333.25 were not presented. Prepare the necessary journal entries for Corey's Construction Company at August 31, 2020.
|
|
Discussion about the patient autonomy and patient welfare
: Consider the article The Ethics of Empowering Patients as Partners in Healthcare-Associated Infection Prevention, particularly the inclusion of patients.
|
|
What factors may influence a company weighted average cost
: What factors may influence a company's weighted average cost of capital? Why? Identify and discuss a real option that might exist for firms in that industry.
|
|
Discuss the actual practice of patient-centered care
: Based on your professional or personal experience, explain and illustrate the divide between the ideal of patient-centered care and the actual practice.
|
|
Reflect on what the joint commission defines as safety
: Reflect on what the Joint Commission defines as safety and identifies as the key elements of patient safety. Select the element you feel is most important.
|