Week 11 questions 1-5

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Accounting

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Jan 9, 2024

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Financial Accounting Concepts - assignment Quality Electronic is preparing a bank reconciliation and has identified the following potent Deposits that are not shown on the bank statement Bank service charges deducted from the bala NSF cheques returned deducted from the bala Outstanding cheques deducted from the bala Interest deposited to the company’s account added to the balance of On September 30, the bank balance was $5,554. The bank statement indicated a deduction of $20 for all bank service charges. A customer deposited $1,140 directly into the bank account to settle an outstanding accounts receivable Cheque #848 for $600 and cheque #855 for $420 have been recorded in the company ledger but did not A customer paid an amount of $4,545 to Domore Company on September 30 but the deposit did not ap The accounting clerk made an error and recorded a $190 cheque as $1,900. The cheque was written to p Cheque #6682 for $140 was deducted from Domore Company's account by the bank. This cheque was The bank included an NSF cheque in the amount of $350 relating to a customer’s payment. The NSF fee The general ledger cash account showed a balance of $6,744 on September 30. Domore Company Bank Reconciliation 30-Sep-19 Cash balance per bank statement Add Outstanding deposit Bank error Deduct outstanding cheques Cheque #848 added to the balance o 5554 4545 140 4685 600

Cheque #855 Adjusted bank balance The bank returned an NSF cheque in the amount of $470 that Fashion is Danger deposited on January 2 A direct deposit received from a customer on January 30 in payment of their accounts totaling $3,870. T On January 30, the bank deposited $18 for interest earned. The bank withdrew $26 for bank service charges. Deposits in transit on January 31 totalled $4,620. Answer Cash balance per bank statement Answer Add Outstanding deposit Answer The bank statement for Fashion is Danger had an ending cash balance of $2,400 cash balance in their general ledger was $3,635 . After comparing the bank statem following information was determined. 420 1020 9219 Fashion is Danger Bank Reconciliation January 31, 2019 2400 4620

Adjusted bank balance Answer Cash balance per bank statema 1600 Cash balance per boo Add Add Outstanding deposit EFT deposit The bank returned an NSF cheque in the am A direct deposit received from a customer On October 30, the bank deposited $20 for The bank withdrew $23 for bank service ch Deposits in transit on October 31 totalled $ The bank statement for Unique Fashion h of $1,600 on October 31, 2019 . On this d general ledger was $3,111. After compar the company records, the following infor Unique Fashion Bank Reconconciliation October 31, 2019 7020 Cash Accounts Receivable 3870

4910 Interest earned Deduct NSF cheque NSF service charge Bank service charge Adjusted bank balance Adjusted book balanc 6510

Cash balance per bank statement Answer 2060 Add Outstanding deposit Answer 2500 Bank Erroe Answer 2500 5000 Deduct Outstanding Cheques Cheque #647 Answer 910 Additional Information 1. On Jun 17, Aneem Salon purchased $628 worth of salon sup 2. The salon’s cheque numbers are always three-digits in lengt Aneem Salon Bank Reconciliation June 30, 2019

Adjusted bank balance Answer 6150 Delivery Expense $39 Maintenance Expense $18 Miscellaneous Expense $27 Postage Expense $23 Total $107 On August 23, it was decided to increase the amount of th On August 7, 2019 , Mary decided to use a petty cash fund for h $130 was issued and cashed. The $130 cash was given to the st as petty cashier. The petty cashier was told to obtain authorized Petty cash was to be replenished when the balance in the cash a) Record the establishment of the fund on August 7. b) On August 19, this summary was prepared:

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