User Account

All Pages

Prepare the necessary journal entries

Assignment Help Accounting Basics
Reference no: EM131692505

Question - The bank statement of ABC Pte Ltd dated January 31, 20X1 shows a balance of $31,915. The company's cash records on the same date show a balance of $29,842. The following additional information is available:

(i) A cheque issued by the company to its supplier amounting to $583 is still outstanding.

(ii) A non-sufficient funds cheque of $998 from a customer to settle an outstanding debt was returned by the bank with the bank statement.

(iii) The bank charged $30 as service fee.

(iv) Interest income earned on the company's average cash balance at bank was $458.

(v) A cheque deposit of $420 made on January 31 does not appear on bank statement.

(vi) The bank collected a note receivable of $2,300 and an income interest of $180 on behalf of the company.

Required:

(a) Prepare the bank reconciliation statement using the above information.

(b) Prepare the necessary journal entries. Journal narratives are not required.

Reference no: EM131692505

Questions Cloud

Distinguish between alert data nsm monitoring : Distinguish between alert data (including generation tools) and NSM monitoring (including collection tools). Please be sure to explain so I can understand.
Employment history internship and externship history : Professional Profile Educational History Employment History Internship & Externship History (Only if applicable to your field/program of study)
Information security management facing the nation : In your opinion what is the most important ethical issue concerning information security management facing the nation?
Explain the difference between public : Explain the difference between public, private, and community clouds. What are some of the factors to consider when choosing which of the three to use?
Prepare the necessary journal entries : The bank statement of ABC Pte Ltd dated January 31, 20X1 shows a balance of $31,915. Prepare the necessary journal entries. Journal narratives are not required
Probability-standard normal random variable will have value : Find the probability that a standard normal random variable will have a value between -2 and 300.
Which elements of the marketing communications mix : Which elements of the marketing communications mix would you use for each of the following scenarios?
Evaluate various forms of health care fraud : Evaluate various forms of health care fraud. Evaluate civil and criminal penalties associated with fraudulent activities.
Backup of the erp documents folder : In the Windows Server Backup console, which of the following did you use to schedule a backup of the ERP documents folder?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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