Cy Walker invests $20,000 of his personal savings into Mookie the Beagle Concierge. MTB Concierge needs to record the deposit using QBO. Required: Decord the Deposit
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- What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DRYour friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019: He provides you with the following information: Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145. Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June Bank service charge for June was $12.50 Interest earned on checking account for June was $25 and automatically deposited The bank statement shows a deposit of $423 that SES didn’t make. After a call to the Bank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th: Cheque # Payee Amount 745 Landlord $ 2,100.00 751…Mr. P's bank statement dated 31.12.2021 showed a balance with his Bank of $924, when checked with his Cash Book the following were noted :(a) During December, the Bank had paid $200 for a yearly contribution of Mr. P made to a local charity, as per his standing order. This amount appeared in the Bank statement but not in the Cash Book.(b) The Bank had credited his account with $28 interest and had collected on his behalf `$230 as dividends. No corresponding entries were made in the Cash Book.(c) A cheque of $65 deposited into the Bank on 28.12.2021 was not cleared by the Bank till after 31.12.2021(d) A cheque of $150 deposited into and cleared by the Bank before 31.12.2021 was not entered in the Cash Book, through an oversight.(e) Cheques drawn by and posted to parties by Mr. White on 31.12.2021 for $73, $119 and $46 were presented for payment to the Bank only on 3.1.2021.
- A, Mr. B and Mr. C have the following accounts in the closed XY Bank: Account No. 1 in the name of Mr. A, P150,000, Account No. 2 in the name of “Mr. A in trust for Mr. B”, P350,000, Account No. 3 in the name of “Mr. A by Mr. C”, P200,000. How much is the insured and uninsured deposit of Mr. A, Mr. B and Mr. C with the PDIC? Explain.a. Illustrate and record the following events on a T account John deposits his $10,000 paycheck into his checking account at Chase Bank b.Chase Bank deposits the check at the Fed and Fed collects the funds for Chase Bank c.What happens to a bank's reserves when it receives a deposit? d.John withdraws $2000 cash and pays his rent. His landlord deposits the $2000 in Citi BankThe following data were available for Nina School of Rock at Dec 31, 2022:Cash in bank - BPI (per books) 75,000Cash in bank - Metrobank (1,000)Payroll fund 25,000Petty cash fund, 3,000 (includes 500 unreplenished vouchers)Additional information at Dec 31:a. Outstanding checks, P1,200b. Service charge for Dec P200 (unrecorded by books)c. Deposit in transit, P2,000The journal entries required at Dec 31, 2022 includes: Cr Petty Cash Fund 500 Dr Cash in bank 700 Dr Expenses 300 Cr Cash in bank 700
- The following data were available for Nina School of Rock at Dec 31, 2022:Cash in bank - BPI (per books) 75,000Cash in bank - Metrobank (1,000)Payroll fund 25,000Petty cash fund, 3,000 (includes 500 unreplenished vouchers)Additional information at Dec 31:a. Outstanding checks, P1,200b. Service charge for Dec P200 (unrecorded by books)c. Deposit in transit, P2,000How much is the amount of cash at Dec 31, 2022? 102,000 102,300 102, 800 103,100Michelle Anthony and Laura Crawford borrowed $18,000 on a 7-month, 10% note from Gem State Bank to open their business, Sandhill's Coffee House. The money was borrowed on June 1, 2027, and the note matures January 1, 2028. (a)-(b), (d) (a) (b) (d) Prepare a tabular summary to record the receipt of the funds from the loan. Prepare a tabular summary to accrue the interest on June 30. Prepare a tabular summary to record the repayment of the loan on January 1, 2028. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) (a) June 1, 2027 Assets Cash $ Notes Pay. Liabilities Interest Pay. + LAyou were provided with the December 31, 2023 balance of the cash and cash equivalents account for Burberry Company and your review revealed the following compositions: Change fund P30,000Petty cash fund (P3,000 expense vouchers, P2,000 employee IOU) 20,000Cash in bank 8,000,000 Cash on hand (included a check amounting to P150,000. payable to Burberry dated January 1, 2024 and two checks amounting to P100,000 and P100,000 payable to Burberry dated November 30, 2023 and April 30, 2023, respectively) 550,000Treasury bills - 45 days 500,000 Pension fund…
- The controller for Clint Sarasota Co. is attempting to determine the amount of cash to be reported on its December 31, 2020, balance sheet. The following information is provided. 1. Commercial savings account of $617,400 and a commercial checking account balance of $891,200 are held at First National Bank of Yojimbo. 2. Money market fund account held at Volonte Co. (a mutual fund organization) permits Sarasota to write checks on this balance, $5,217,600. 3. Travel advances of $197,300 for executive travel for the first quarter of next year (employee to reimburse through salary reduction). 4. A separate cash fund in the amount of $1,492,100 is restricted for the retirement of long-term debt. 5. Petty cash fund of $1,480. 6. An I.O.U. from Marianne Koch, a company customer, in the amount of $165,200. 7. A bank overdraft of $112,900 has occurred at one of the banks the company uses to deposit its cash receipts. At the present time, the company has no deposits…The controller for Clint Blossom Co. is attempting to determine the amount of cash to be reported on its December 31, 2020, balance sheet. The following information is provided. 1. Commercial savings account of $ 691,400 and a commercial checking account balance of $ 814,200 are held at First National Bank of Yojimbo. 2. Money market fund account held at Volonte Co. (a mutual fund organization) permits Blossom to write checks on this balance, $ 5,016,300. 3. Travel advances of $ 196,600 for executive travel for the first quarter of next year (employee to reimburse through salary reduction). 4. A separate cash fund in the amount of $ 1,498,800 is restricted for the retirement of long-term debt. 5. Petty cash fund of $ 1,710. 6. An I.O.U. from Marianne Koch, a company customer, in the amount of $ 162,500. 7. A bank overdraft of $ 122,800 has occurred at one of the banks the company uses to deposit its cash receipts. At the present time, the company has no…Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount