BAF3M Culminating Task 2024 Done1

Subject:- accounting

Transactions for petty cash, cash short and over Instructions Chart of Accounts Journal Instructions Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1. Established a petty cash tund of $900. 12. The cash sales for the day, according to the cash register records, totaled $6,148. The actual cash received from cash sales was $6,180. 31. Petty cash on hand was $75. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Jan. 3. Store supplies, $470o. 7. Express charges on merchandise sold, $55 (Delivery Expense). 9. Office supplies, $30. Office supplies, $11. 13. 19. Postage stamps, $55 (Office Supplies). 21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $30 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, S85 (Delivery Expense). 30. Office supplies, $14. Jan. 31. The cash sales for the…

QUESTION 3 Presented below are selected accounts for San Marcos Corporation for December 31 of the current year. Debit Credit Accounts Recelvable trade $720 Building and Equipment Cash in bank-operating 1000 Interest Recelvable Installment Receivabies Merchandise Inventory 35 25 Notes Receivable-long term Petty Cash Prepaid Expenses- current 32 Supplies 19 Patent Accounts Payable-rade Accumulated Depreciation 225 Additional Pald-in Capltal Allowance for 600 Uncollectible Accounts Cash Diridends Payable Common Seock-4i par value Income Tax Payable

Book balance 1,405,000 Add March 31 deposit 750,000 Collections of note 2,500,000 Interest on note 150,000 3,400,000 Total 4,805,000 Less: Raval Company’s deposit credited to Rizal account 1,100,000 Bank service charge 5,000 1,105,000 Adjusted book balance 3,700,000 Bank balance 5,630,000 Add: Error on check No. 175 45,000 Total 5,675,000 Less: Preauthorized payment for light and water 245,000 NSF check 220,000 Outstanding checks 1,650,000 2,115,000 Adjusted bank balance 3,560,000 Check No. 175 was made for the proper amount of 249,000 in payment of account. However, the check was entered in the cash disbursements journal as 294,000. Rizal Company authorized the bank to automatically pay its light and water bills as submitted directly to the bank. Required: a. Prepare a corrected bank reconciliation. b. Prepare adjusting entries on March 31.

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You are given the following information: Receivables at 1 January 20X3 $10,000 Receivables at 31 December 20X3 $9,000 Total receipts during 20X3 (including cash sales of $5,000) $85,000 What are sales on credit during 20X3? A $81,000 B $86,000 C $79,000 D $84,000

Month Cash Sales Sales on Account Purchases August $85,000 $640,000 $420,000 September $70,000 $550,000 $550,000 October $88,550 $600,000 $500,000 November $77,160 $800,000 $600,000 December $174,870 $500,000 $450,000   i) An analysis of the records shows that trade receivables are settled according to the following credit pattern, in accordance with the credit terms 4/30, n90:50% in the month of sale30% in the first month following the sale20% in the second month following the sale ii) Expected purchases include monthly cash purchases of 5%. All other purchases are on account. Accounts payable are settled as follows, in accordance with the credit terms –2/30, n60:60% in the month in which the inventory is purchased40% in the following month iii) Fixed operating expenses which accrue evenly throughout the year, are estimated to be $1,680,000 per annum, (including depreciation on non-current assets of $420,000 per annum) and is settled monthly. iv) Wages and salaries are…

Cash Over and Short Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows:   10/3 10/4 Cash sales $36,690   $40,310   Collections on account 10,875   9,813   Total receipts $47,565   $50,123   Required: 1.  Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers.  2.  Prepare the journal entry to record the receipt and deposit of cash on October 3. For those boxes in which no entry is required  3.  Prepare the journal entry to record the receipt and deposit of cash on October 4. For those boxes in which no entry is required  4.  CONCEPTUAL CONNECTION: If you were the manager with responsibility over the cash registers, how would you use this information?

PREPARE A BOOK TO BANK STATEMENT

answer all with complete work

Given the following April data per bank: 3/31 balance $100 April receipts $40 April disbursements $30 4/30 balance $110 Reconciling Items: 1. 4/30 Deposit in transit $7 2. 3/31 Outstanding checks $4 3. 3/31 Collection by bank $2 April Receipts per books were: Select one: a. $39 b. $49 c. $35 d. $45 e. $31

Cash receipts Cash payments For inventory purchases For S&A expenses January $ 107,000 February $113,000 March $ 133,000 93,500 34,500 75,500 35,500 88,500 30,500 Franklin Medical had a cash balance of $11,500 on January 1. The company desires to maintain a cash balance of $6,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 2 percent per month. Repayments may be made in any amount available. Franklin pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results. Required Prepare a cash budget. Note: Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be indicated with a minus sign. > Answer is complete but not entirely correct. Cash Budget Section 1: Cash Receipts Beginning cash balance January February March $ 11,500 $ 6,700 $ 6,000 Add:…

Prepare the necesarry adjusting journal entries

Journal entry transactions- double entry system 1) Machinery is purchased for 196.000 TL + %10 VAT , Check is issued . Transportation and Installations invoice is 28.000 TL + %10 VAT half cash paid and half note issued.

Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections to the accounts receivable subsidiary ledger. 15. Received cash from Pinecrest Co. for the balance owed on April 1. 16. Issued Invoice No. 796 to Pinecrest Co., $5,500. Post revenue and collections to the accounts receivable subsidiary ledger. 19. Received cash from Ohr Co. for the balance due on invoice of April 2. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6. 22. Issued Invoice No. 797 to Mendez Co., $7,470. 25. Received $3,200 note receivable in partial settlement of the balance due on the Shilo Co. account. (Continued)

Customer check for 45,000 sent to the bank was recorded by the company as 54,000 .a Add in the books $9,000 .b Add in the bank $9,000 .C Deduct from the bank $9,000 .d Deduct from the book $9,000

Cash Receipt Journals

Journal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST.

Related data of Scott Company for the month of November:                                                                                                                  October 31       November 30  Balance per book                        P80,000             P50,000             Balance per bank                        P94,000             130,000             Book debits                                                               200,000             Book credits                                                              180,000             Bank debits                                  130,000                            Bank credits                                                               170,000             Deposit in transit                        40,000               95,000 Outstanding checks                    65,000               119,000             NSF check                                     5,000                  10,000 Service charge                             1,000…

County National Bank Disbursements Receipts Balance Balance, August 1 $10,915 Deposits during August Note collected for depositor, including $47 interest $37,513 48,428 1,212 49,640 Checks cleared during August Bank service charges Balance, August 31 $40,193 9,447 23 9,424 9,424 The general ledger Cash account contained the following entries for the month of August. Cash Balance, August 1 Receipts during August 11,708 Disbursements in August 40,665 40,775 Deposits in transit at August 31 are $4,427, and checks outstanding at August 31 total $1,223. Cash on hand at August 31 is $361. The bookkeeper improperly entered one check in the books at $147 which was written for $165 for supplies (expense); it cleared the bank during the month of August. (a) Prepare a bank reconciliation dated August 31, 2025, proceeding to a correct balance. SKYSONG COMPANY Bank Reconciliation, County National Bank

The records of Kapiz Co. show the following balances on December 31, 20x1: Cash on hand P 400,000 Cash in Bank - current account Cash in Bank - peso savings deposit Cash in Bank - dollar deposit (unrestricted) Cash in Bank - dollar deposit (restricted) Cash in 3-month money-market account 3-month unrestricted time deposit Treasury bill, purchased 11/1/20x1, maturing 2/14/20x2 Treasury bond, purchased 3/1/20x1, maturing 2/28/20x2 Treasury note, purchased 12/1/20x1, maturing 2/28/20x2 Unused Credit Line 1,200,000 5,000,000 $ 100,000 250,000 P 500,000 $ 20,000 4,000,000 Redeemable preference shares, purchased 12/1/20x1, due on 740,000 3/1/20x2 Treasury shares, purchased 12/1/20x1, to be reissued on 1/5/20x2 Sinking fund $1,600,000 1,000,000 400,000 Additional information: Cash on hand includes a $40,000 check payable to Kapiz Co. dated December 29, 20x1. During December 20x0, check amounting to $30,000 was drawn against the Cash in bank - current account in payment of accounts payable.…

Balance per ok, March 31 Cash receipts for April Cash disbursements for April No. 1331 No. 1332 No. 1333 No. 1334 No. 1335 Outstanding checks as of April 30 of which No. 1333 had been certified: ollowing information: 800,000 4,100,000 3,800,000 April debit memos were: For NSF check For bank service charge April credit memo for note collected Undeposited collections by bank in the name of Zodiac Company Balance per bank, April 30 Required: to bank approach and prepare adjusting entries. Prepare a bank reconciliation on April 30 following the book Problem 2-6 (IAA) Galaxy S21+ 5G 40,000 30,000 50,000 60,000 10,000 59 5,000 25,000 January: Virgo Company provided the following data for the month of 60,000 270,000 1,000,000 Balance per book, January 31 Balance per bank statement, January 31 Collections on January 31 but undeposited NSF check received from a customer returned by the bank on February 5 with the January bank statement Checks outstanding on January 31 Bank debit memo for safety…