Journal entries to correct the cash account

Assignment Help Accounting Basics
Reference no: EM13663063

Cash in the bank is reported on the balance sheet dated December 31,2012 is composed of:

Checking account: $324,935
Money market savings account that does not have checking privileges: $100,000
Certificate of deposit, 2% maturing on May 1st 2013=$25,000
Certificate of deposit, 1.5% maturing on January 15th, 2013=$50,000
Cash held as compensating balance, to be held until January 1st, 2015=$10,000

Required: Make necessary journal entries to correct the cash account

Reference no: EM13663063

Questions Cloud

Share of stock after the stock split : On February 15, Company A declares a 1 for 4 reverse stock split effective on March 1. The stock price on February 15 is $50 and the stock price on March 1 is $20. What is the amount of the each share of stock after the stock split?
Which condition results in the most interest expense : Which condition results in the most interest expense?
Determine the initial values of the land : Determine the initial values of the land
Angela howard operates her own catering service : Angela Howard operates her own catering service
Journal entries to correct the cash account : Journal entries to correct the cash account
Qualitative and quantitative methods : You may not choose both qualitative and quantitative methods but you must discuss the advantages and disadvantages of both even if you do not use them.
Calculate its sustainable growth rate : A firm has an equity ratio of 40%, a net profit margin of 4%, and total asset turnover of 3. If the firm estimates a plowback ratio of 40%, calculate its sustainable growth rate.
Interview notes : Interview Notes
Journalizing in the cash disbursements journal : Accounts Payable is money you pay to customers and vendor default information needs to be setup to establish the criteria used when computing vendor discounts.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Effect on fund balance unreserved

The City of Southern Pines reported the following at year-end, prior to closing entries: Revenues, $11,000,000; Expenditures, $10,100,000; Other Financing Uses, $500,000;

  The process of selling dairy to alice

Dell, in the process of selling his dairy to Alice, tells her it has been operating profitably for the last year and presents her with appropriate records to review. Alice reviews the records,

  Welch issues bonds dated january 1 2011 with a par value of

welch issues bonds dated january 1 2011 with a par value of 250000. the bonds annual contract rate is 9 and interest is

  Determining opportunity cost of purchase of land

A business is considering a cash outlay of $500,000 for the purchase of land, which it could lease for $40,000 per year. If alternative investments are available which yield a 21% return, the opportunity cost of the purchase of the land is:

  Prepare a reconciliation from net income to cash

the accounting records of jefferson industries provided the data below.net income78000depreciation21000decrease in

  Alpha company had an increase in inventory of 20000 the

alpha company had an increase in inventory of 20000. the cost of goods sold was 40000. there was a 10000 increase in

  Brorsen inc has just designed a new product with a target

brorsen inc. has just designed a new product with a target cost of 64. brorsen requires new product to have a profit of

  Submit a 1000 - 1250 word paper that identifies and

submit a 1000 - 1250 word paper that identifies and discusses the legal ethical and technological concerns of the

  What amount would silverton show for income from continuing

the following amounts are from silverton co.s 2014 income statementsales

  What types of reports are used to document to the government

An employee's net pay consists of gross pay less mandatory and voluntary payroll deductions. Identify the mandatory payroll deductions and give two or three examples of common voluntary deductions. Are these deductions recognized as payroll expenses ..

  You have to pay 16000 a year in school fees at the end of

you have to pay 16000 a year in school fees at the end of each of the next ten years. if the interest rate is 12 how

  Accounts receivable balances

Parr Hardware Store had net credit sales of $5,200,000 and cost of goods sold of $4,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $600,000 and $700,000, respectively. The receivables turnover was ..

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