appointment. Help Jim reconcile Remington's Auto Clinic's checkbook and bank balance according to the following: bank statement balance, $19,000; checkbook balance, $22,385,330; interest earned, $4,200; deposits in transit, $100,950 and $22,379,200; ATM card fees, $1,200; outstanding checks-Number 10189, $59,290; Number 10192, $15,560; Number 10193, $23,400; and Number 10194, $12,570. Remington's checkbook balance Add: Subtotal Deduct: Reconciled balance BANK RECONCILIATION Bank balance Add: Subtotal Deduct: Reconciled balance.
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- For each of the following, indicate if the statement reflects an input component, output component, or storage component of the accounting information system for a bank. A. Online customer check ordering system. B. Approved loan applications. C. Report of customers with savings accounts over $5,000. D. Desktop hard drive on computer used by bank presidents administrative assistant. E. List of the amount of money withdrawn from all of the banks ATMs on a given day.Health Fervor Company Ltd. operates four gyms in the city. On October 31, 2016, the business receivedits bank statement from National Bank. The statement shows cash balance of $900. The statementincludes EFT rent collection of $405, a service charge of $7, NSF checks totaling $45, and a $26 chargefor printed checks. In reviewing the cash records, the business identified outstanding checks totaling$460 and a deposit in transit of $1,765. During October, the business recorded a $260 check by debitingSalaries Expense and crediting Cash for $26. The business’s Cash account shows an October 31 balanceof $2,112.Required: Prepare Bank Reconciliation StatementYou are an assistant in the accounting department of Hasher Electronics, a small electronicsretailer. Hasher has a loan that requires the company to maintain a minimum cash balance of$125,000, as reported on its year-end balance sheet. Although Hasher has struggled in recent years,as of yesterday it looked as though Hasher would be able to meet this requirement. The cash balance in Hasher’s general ledger was $130,000 and the company’s credit manager was expecting toreceive a $30,000 electronic funds transfer that day on account from your biggest customer. Yourdepartment supervisor had been worried about meeting the loan requirement, so she had delayedmaking payments to Hasher’s suppliers for several days. But in anticipation of receiving the EFT,she decided yesterday to issue checks to suppliers totaling $15,000.It is now the last day of the fiscal year and your supervisor approaches you with a problem.Your big customer had backed out at the last minute, indicating it had “some…
- Weyman Z. Wannamaker is the chief financial officer of Cogburn Company. He prides himself on being able to manage the company’s cash resources to minimize the interest expense. Consequently, on the second business day of each month, Weyman pays down or draws cash on Cogburn’s revolving line of credit at First National Bank in accordance with his cash requirements forecast.You are the auditor. You find the information on this line of credit in the following table. You inquired at First National Bank and learned that Cogburn Company’s loan agreement specifies payment on the first day of each month for the interest due on the previous month’s outstanding balance at the rate of “prime plus 1.5 per cent.” The bank gave you a report that showed the prime rate of interest was 8.5 per cent for the first six months of the year and 8.0 per cent for the last six months. Check the following image for payable balances Required:a. Prepare an audit estimate of the amount of interest expense you…An auditor signed the financial statements of a small business that was up for sale. In them, he confirmed that the amount of an outstanding bank loan was $100,000. In fact the loan was for $150,000. During the auditing process the accountant had asked the business for a letter from the bank, confirming the loan amount. He received the letter, typed on plain paper without letterhead, signed by the bank manager, stating that the loan was $100,000. Someone purchased the business, relying on the financial statements. When the error was discovered, the new owner sued the auditor for professional negligence. The auditor defended by saying he really believed the loan amount to be $100,000, and had checked with the bank. Applying the relevant principles of the tort of negligence, provide an explanation to the following questions: a) Was the fact that the auditor truly believed the loan amount to be $100,000 relevant to the question of negligence? b) What test would be applied to determine if…Your small business client, Phillip’s Computer Repair Shop, is experiencing financial difficulties and has to lay off one of its four employees in the accounting area. Phillip has asked you to determine what duties should be assigned to the three remaining employees—Abigail, Bryan, and Chris—to maintain the best separation of duties.Required:Assign the following 10 duties to each of the three employees.a. Reconcile bank statement.b. Open mail and list checks.c. Prepare checks for Phillip’s signature.d. Prepare payroll checks.e. Maintain personnel records.f. Prepare deposit and take to bank.g. Maintain petty cash.h. Maintain accounts receivable records.i. Maintain general ledger.j. Reconcile accounts receivable records to general ledger account.
- Jim Root Corporation operates four bowling alleys. The business just recieved for October 31,2018, bank statement from City National Bank, and the statement shows an ending balance of $910. listed on the statement are an EFT rent collection of $440, a service charge of $7, NSF checks totaling $50, and a $23 charge for printed checks. In reviewing the cash records, the business identified outstanding checks totaling $440 and a deposite in transit of $1,800. During October, the business recorded a $260 check by debiting Salaries Expense and crediting cash for $26. The business's cash account shows an October 31 balance of $2,144. 1. Prepare the bank reconciliation at October 31. 2. Journalize any transactions required from the bank reconciliation.Bev Wynn, Vice President of operations for Dillon County Bank, has instructed the banks computer programmer to use a 365-day year to compute interest on depository accounts (liabilities). Bev also instructed the programmer to use a 360-day year to contour interest on loans (assets). Is bev behaving in a professional manner?You have been asked by your boss to look at the estimated financial information for your Client ABC Company. You examine the business’ accounting records and find the following estimated information: 1) Payment of interest on loan $ 50,000 2) Credit sales $ 600,000 3) Payment for the purchase of shop premises $1,000,000 4) Withdrawals by owner $ 200,000 5) Cash collected from customers $ 700,000 6) Purchase of inventory on credit $ 350,000 7) Payments for wages $ 150,000 8) Purchase of supplies on credit $ 150,000 9) Depreciation expense $ 100,000 10) Loan from the bank $ 400,000 11) Injection of funds by owner…
- The accounting records and bank statement of Jeff's Seashell Store provide the following information at the end of April. The closing 'Cash' account balance was $29000, and the bank statement shows a closing balance of $31000. On reviewing the bank statement it is found an account customer has deposited $2500 into the bank account for a March sale and the monthly insurance premium of $550 was automatically charged to the account. Interest of $1500 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $950 to a supplier has been recorded twice in the accounts. After the calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?A. 33,350 B. None of the other answers C. 31,450 D. 29,000 E. 35,350The accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company's April 30 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company's computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items: a. The bank statement showed bank service fee of P800 b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250 was charged. c. Deposits in transit, P51,000. d. Checks outstanding on May 31, P79,100. e. The accountant found a check issued to Rhys Corp. for P4,50 that cleared the bank but was not in the cash ledger. Required: Prepare a Bank Reconciliation StatementAssume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.oo per box 5 Aug Provided services for cash less 10% discount…