Prepare a bank reconciliation as of august thirty first

Assignment Help Accounting Basics

Reference no: EM133931859

Problem

On August 31, Baginski and Company receives its bank statement (shown on the next page). The company deposits its receipts in the bank and makes all payments by check. The debit memo for $95 is for an NSF check written by L. Pitts. Check no. 925 for $47, payable to Jardin Company (a creditor), was recorded in the checkbook and journal as $74. The ledger balance of cash as of August 31 is $1,563. Outstanding checks as of August 31 are no. 928, $150 and no. 929, $292. The accountant notes that the deposit of August 31 for $599 did not appear on the bank statement. Prepare a bank reconciliation as of August 31, assuming that the debit memos have not been recorded. Record the necessary journal entries. Get the instant assignment help. Complete the bank form to determine the adjusted balance of cash.

Reference no: EM133931859

Questions Cloud

Journalize the march adjusting entry required : The year end is March 31. Journalize the March 31 adjusting entry required when the amount of unexpired insurance applicable to future periods is $4,040.

Determine the net income for the events : Made cash sales of $49,000 (example). Purchased $3,000 of additional supplies on account. Determine the net income for these events.

Formulas entered in the green cells show in the orange cells : Determining fixed asset's book value DATA Balance. What is the book value of the equipment? Formulas entered in the green cells show in the orange cells.

Determine the risks of updated accounting information system : Based on the client profile, determine the risks and efficiencies of an updated computerized accounting information system.

Prepare a bank reconciliation as of august thirty first : Prepare a bank reconciliation as of August 31, assuming that the debit memos have not been recorded. Record the necessary journal entries.

What is the gross profit that would appear on multiple-step : Sales $ 250,000 Sales Discounts 1,500 Sales Returns and Allowances 2,300 Sales. What is the gross profit that would appear on a multiple-step income statement.

What are taxpayers tax consequences for rt and amt : Taxpayer pays transaction costs on disposition of $15,000. Assuming Taxpayer wants to minimize tax, what are Taxpayer's tax consequences for RT & AMT?

Compute the percentage of the allowance for doubtful account : Compute the percentage of the allowance for doubtful accounts to the accounts and notes receivable for The XYZ Corporation.

Should they itemize deductions or use standard deduction : Emily and Paula are married and will file a joint return. Should they itemize their deductions or use the standard deduction?

User Account

All Pages