
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Question
The book balance in the checking account of Kyri Enterprises as of November 30 is $2,964. The bank statement shows an ending balance of $2,525. The following information is discovered by (1) comparing last month’s deposits in transit and outstanding checks with this month’s bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement.
Deposits in transit: | 11/29 | $125 |
11/30 | 200 | |
Outstanding checks: | No. 322 | 17 |
No. 324 | 105 | |
No. 327 | 54 | |
Unrecorded ATM withdrawal:* | 100 | |
Bank service charge: | 25 | |
NSF check: | 185 |
Error on Check No. 321 | Checkbook shows it was for $64, but it was actually written for $44. Accounts Payable was debited. |
*Funds were withdrawn by Susan Kyri for personal use.
Kyri Enterprises
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Bank Reconciliation
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November 30, 20--
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PAGE 1
GENERAL JOURNAL
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Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
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Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
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