Jim Patrick operates a roller skating center, Skatetown USA. He has just received the company's monthly bank statement at March 31 from Ringley National Bank, and the statement shows an ending balance of $710. Listed on the statement are an EFT rent collection of $315. a service charge of $10, two NSF checks totaling $100, and an $11 charge for printed checks. In reviewing his cash records, Patrick identifies outstanding checks totaling $815 and a March 31 deposit in transit of $1,775. During March, he recorded a $210 check for the salary of a part-time employee as $21. Patrick's Cash account shows a March 31 cash balance of $1,865. Read the requirement. Prepare the Bank section, then the Book section of the bank reconciliation to determine how much cash Patrick actually has at March 31. (Include the balances at March 31 in each of the addition subtotal calculations. If an input field is not used in the table leave the field empty; do select a label or enter a zero.) Bank: Add: Subtotal Less Skatetown USA Bank Reconciliation March 31, 2021

Jim Patrick operates a roller skating center, Skatetown USA. He has just received the company's monthly bank statement at March 31 from Ringley National Bank, and the statement shows an ending balance of $710. Listed on the statement are an EFT rent collection of $315. a service charge of $10, two NSF checks totaling $100, and an $11 charge for printed checks. In reviewing his cash records, Patrick identifies outstanding checks totaling $815 and a March 31 deposit in transit of $1,775. During March, he recorded a $210 check for the salary of a part-time employee as $21. Patrick's Cash account shows a March 31 cash balance of $1,865. Read the requirement. Prepare the Bank section, then the Book section of the bank reconciliation to determine how much cash Patrick actually has at March 31. (Include the balances at March 31 in each of the addition subtotal calculations. If an input field is not used in the table leave the field empty; do select a label or enter a zero.) Bank: Add: Subtotal Less Skatetown USA Bank Reconciliation March 31, 2021

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

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On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
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