User Account

All Pages

Prepare the bank reconciliation at may

Assignment Help Financial Accounting
Reference no: EM132535084

Following information was available for Romney Supply Company for the month ended May 31, 2015

(a) On May 31, 2015 the Cash account of Romney Supply Company had a balance of $35,850.

(b) On May 31, 2015 the bank statement indicated a balance of $54,580

(c) The bank reported the collection of a note receivable for Romney of S7,300 including $500 interest.

(d) It was observed that the bank statement did not include a deposit of S4,700 made by Romney on May 31 and that cheques totalling $14,930 issued by Romney had not cleared the bank. e Romney recorded an insurance expense payment of S150 as S1,500. (0 Service charges of $1.50 were charged for cheque printing.

Question 1: Prepare the bank reconciliation at May 31, 2015

Reference no: EM132535084

Questions Cloud

Would wider adi management agree : You are a securities portfolio manager for a large bank. The economy has been contracting and growth has slowed markedly,
What is the maximum capital cost allowance : What is the maximum capital cost allowance (CCA) that Sleepy can claim for the current year? Sleepy Pillow Co. (Sleepy) commenced business on January 1
How much will she gain or lose : How much will she gain or lose in today's dollars if she does? Annual interest rates are still 8%.
Find the discounted payback and convert : Find the discounted payback and convert this into a percentage.
Prepare the bank reconciliation at may : Prepare the bank reconciliation at May 31, 2015. The bank reported the collection of a note receivable for Romney of S7,300 including $500 interest.
Risky security than by buying a risk-free asset : Assume that you have invested half of your wealth in a risk-free asset and half in a risky portfolio P. Is it theoretically possible to lower your portfolio
Risky security than by buying a risk-free asset : Assume that you have invested half of your wealth in a risk-free asset and half in a risky portfolio P. Is it theoretically possible to lower your portfolio
What would be the presentation currency of magnolia ltd : Magnolia is a multinational Australian company,Identify the functional currency of Magnolia Ltd. What would be the presentation currency of Magnolia Ltd?
How to determine the fair value of the debentures : Determine if the debenture is issued premium or discount?discuss the disclosure requirement for these kinds of events in future.

Reviews

Write a Review

Financial Accounting Questions & Answers

  An interdisciplinary body of knowledge with strong

1) Organizational behavior is an interdisciplinary body of knowledge with strong ties to several academic disciplines. Please identify three of the four primary areas.2) What is groupthink? Why can groupthink be detrimental to effective group functio..

  Compute the forgone tax benefits of the old equipment

Dungan Corporation is evaluating a proposal to purchase a new drill press to replace a less efficient machine presently in use.

  Do think the materiality guidelines should be quantified

Do think the materiality guidelines should be quantified? Why or why not? Explain how "materiality" is defined by both FASB and IASB.

  What amount of interest will sanders pay in year

What amount of interest will Sanders pay in Year1 under option 1 and under option 2? (Round your final answers to the nearest dollar amount.)

  Calculate operating income-dividends paid

Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2012. Cost of Goods sold ($117,000) General and administrative expenses (48,000) Net Cash provided by financing activities (69,..

  Prepare journal entry allie will record for bond interest

Compute and specify the consolidated gain or loss on a consolidated income statement for at the end of 2020,Prepare consolidation entry B on 12/31/2020

  International accounting harmonization

What are some of the advantages and disadvantages of international accounting harmonization?

  Affect pre-tax profits

Calculation of no. of days in conversion cycle - how much cash would be freed up, and how would that affect pre-tax profits

  What is the implication for cross-boarder trades

What is the implication for cross-boarder trades if it can be shown that interest rate parity is maintained consistently across different markets

  Determine if these 2 products product y and product z should

Determine if these 2 products Product Y and Product Z should be sold at split off or processed further. Explain your decision.

  Calculate the amounts of net income and retained earnings

Effects of adjustments A bookkeeper prepared the year-end financial statements of Giftwrap, Inc. Calculate the amounts of net income and retained earnings after the preceding adjustments are recorded.

  How many directors could mr tbone elect

Ms. Ramsay and her friends had 60001 shares and Mr. Tbone P has 40001 shares plus half the uncommitted votes, how many directors could Mr. Tbone elect?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd