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Statement Date ement Instructions arges We have

Statement Date ement Instructions arges We have

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter7: Accounting For Cash
Section: Chapter Questions
Problem 1MP
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STATEMENT Merchant's National Bank Account Number 1632475 Page Number TURNER EXCAVATION 220 MAIN STREET Statement Date July 31, 20-- OAKHURST, NJ 07755-1461 Statement Instructions We have subtracted these withdrawals and charges totaling Beginning Balance No. of Deposits We have added these No of withdrawals and charges Resulting in a statement balance deposits and credits totalling 1 and Credits of $1,250.25 $3,500.00 $1,512.50 $3,237.75 Document Count Average Daily Balance this Statement Period Minimum Balance this Statement Period Date Amount If your Account does not Balance, Please see Reverse Side and Report any discrepancies to our Customer Service Department. 7/1 Beginning Balance 1,250.25 7/5 Check No. 301 -100.00 1,150.25 7/8 Check No. 302 -655.00 495.25 7/9 Deposit 3,500.00 3,995.25 7/15 Check No. 303 -97.00 3,898.25 7/20 Check No. 304 -525.00 3,373.25 7/28 Check No. 305 -133.00 3,240.25 7/31 Service Charge -2.50 3,237.75 RC-Return Check Charge D/N-Day/Night EC-Error Correction OD-Overdrawn ATM-Automated Teller Machine TR-Wire Transfer Depositor Agrees and Bank Accepts Business Upon the Terms and Conditions of Bank's Rules and Regulations Now in Effect or as May be Hereafter Adopted.
Transcribed Image Text:STATEMENT Merchant's National Bank Account Number 1632475 Page Number TURNER EXCAVATION 220 MAIN STREET Statement Date July 31, 20-- OAKHURST, NJ 07755-1461 Statement Instructions We have subtracted these withdrawals and charges totaling Beginning Balance No. of Deposits We have added these No of withdrawals and charges Resulting in a statement balance deposits and credits totalling 1 and Credits of $1,250.25 $3,500.00 $1,512.50 $3,237.75 Document Count Average Daily Balance this Statement Period Minimum Balance this Statement Period Date Amount If your Account does not Balance, Please see Reverse Side and Report any discrepancies to our Customer Service Department. 7/1 Beginning Balance 1,250.25 7/5 Check No. 301 -100.00 1,150.25 7/8 Check No. 302 -655.00 495.25 7/9 Deposit 3,500.00 3,995.25 7/15 Check No. 303 -97.00 3,898.25 7/20 Check No. 304 -525.00 3,373.25 7/28 Check No. 305 -133.00 3,240.25 7/31 Service Charge -2.50 3,237.75 RC-Return Check Charge D/N-Day/Night EC-Error Correction OD-Overdrawn ATM-Automated Teller Machine TR-Wire Transfer Depositor Agrees and Bank Accepts Business Upon the Terms and Conditions of Bank's Rules and Regulations Now in Effect or as May be Hereafter Adopted.
The following additional transactions occurred during July: July 5 Issued Check No. 302 to pay office rent, $650. 15 Issued Check No. 304 for office equipment, $525. 17 Issued Check No. 305 for the purchase of supplies, $133. 18 Issued Check No. 306 to pay attorney fees, $1,000. 30 Issued Check No. 307 to pay newspaper for an advertisement, $200.20. Required: 1. Record the petty cash transactions in a petty cash payments record. 2. Make all required general journal entries for the cash transactions. (Note: The petty cash fund was established and replenished twice during July.) 3. The bank statement below was received in the mail. Deposits were made on July 6 for $3,500 and on July 29 for $2,350. The book balance on July 31 is $4,331.55. Notice the discrepancy in Check No. 302 that cleared the bank for $655. This check was written on July 5 for rent expense, but was incorrectly entered on the check stub and in the journal as $650. Prepare a bank reconciliation and make any necessary journal entries as of July 31.
Transcribed Image Text:The following additional transactions occurred during July: July 5 Issued Check No. 302 to pay office rent, $650. 15 Issued Check No. 304 for office equipment, $525. 17 Issued Check No. 305 for the purchase of supplies, $133. 18 Issued Check No. 306 to pay attorney fees, $1,000. 30 Issued Check No. 307 to pay newspaper for an advertisement, $200.20. Required: 1. Record the petty cash transactions in a petty cash payments record. 2. Make all required general journal entries for the cash transactions. (Note: The petty cash fund was established and replenished twice during July.) 3. The bank statement below was received in the mail. Deposits were made on July 6 for $3,500 and on July 29 for $2,350. The book balance on July 31 is $4,331.55. Notice the discrepancy in Check No. 302 that cleared the bank for $655. This check was written on July 5 for rent expense, but was incorrectly entered on the check stub and in the journal as $650. Prepare a bank reconciliation and make any necessary journal entries as of July 31.
3. Record any necessary journal entries from the bank reconciliation as of July 31. PAGE 2 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4
Transcribed Image Text:3. Record any necessary journal entries from the bank reconciliation as of July 31. PAGE 2 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4
ASSETS REVENUE 101 Cash 401 Sales 105 Petty Cash 122 Accounts Receivable EXPENSES 122.1 Allowance for Doubtful Accounts 511 Wages Expense 141 Supplies 512 Advertising Expense 145 Prepaid Insurance 515 Truck Expense 181 Office Equipment 521 Rent Expense 181.1 Accumulated Depreciation-Office Equipment 523 Supplies Expense 525 Phone Expense LIABILITIES 532 Bad Debt Expense 202 Accounts Payable 534 Charitable Contributions Expense 219 Wages Payable 535 Insurance Expense 536 Postage Expense EQUITY 541 Depreciation Expense-Office Equipment 311 Turner, Capital 545 Legal Expense 312 Turner, Drawing 549 Miscellaneous Expense
Transcribed Image Text:ASSETS REVENUE 101 Cash 401 Sales 105 Petty Cash 122 Accounts Receivable EXPENSES 122.1 Allowance for Doubtful Accounts 511 Wages Expense 141 Supplies 512 Advertising Expense 145 Prepaid Insurance 515 Truck Expense 181 Office Equipment 521 Rent Expense 181.1 Accumulated Depreciation-Office Equipment 523 Supplies Expense 525 Phone Expense LIABILITIES 532 Bad Debt Expense 202 Accounts Payable 534 Charitable Contributions Expense 219 Wages Payable 535 Insurance Expense 536 Postage Expense EQUITY 541 Depreciation Expense-Office Equipment 311 Turner, Capital 545 Legal Expense 312 Turner, Drawing 549 Miscellaneous Expense
Instructions Turner Excavation maintains a checking account and has decided to open a petty cash fund. The following petty cash fund transactions occurred during July: July 2 Established a petty cash fund by issuing Check No. 301 for $100. Paid $25 from the petty cash fund for postage. Voucher No. 1. 7 Paid $30 from the petty cash fund for delivery of flowers (Miscellaneous Expense). Voucher No. 2. 8 Paid $20 from the petty cash fund to repair a tire on the company truck. Voucher No. 3. 12 Paid $22 from the petty cash fund for a newspaper advertisement. Voucher No. 4. 13 Issued Check No. 303 to replenish the petty cash fund. (Total and rule the petty cash payments record. Record the balance and the amount needed to replenish the fund in the Description column of the petty cash payments record.) 20 Paid $26 from the petty cash fund to reimburse an employee for expenses incurred to repair the company truck. Voucher No. 5. 24 Paid $12.50 from the petty cash fund for phone calls made from a phone booth. Voucher No. 6. 28 Paid $25 from the petty cash fund as a contribution to the YMCA. Voucher No. 7. 31 Issued Check No. 308 to replenish the petty cash fund. (Total and rule the petty cash payments record. Record the balance and the amount needed to replenish the fund in the Description column of the petty cash payments record.) The following additional transactions occurred during July:
Transcribed Image Text:Instructions Turner Excavation maintains a checking account and has decided to open a petty cash fund. The following petty cash fund transactions occurred during July: July 2 Established a petty cash fund by issuing Check No. 301 for $100. Paid $25 from the petty cash fund for postage. Voucher No. 1. 7 Paid $30 from the petty cash fund for delivery of flowers (Miscellaneous Expense). Voucher No. 2. 8 Paid $20 from the petty cash fund to repair a tire on the company truck. Voucher No. 3. 12 Paid $22 from the petty cash fund for a newspaper advertisement. Voucher No. 4. 13 Issued Check No. 303 to replenish the petty cash fund. (Total and rule the petty cash payments record. Record the balance and the amount needed to replenish the fund in the Description column of the petty cash payments record.) 20 Paid $26 from the petty cash fund to reimburse an employee for expenses incurred to repair the company truck. Voucher No. 5. 24 Paid $12.50 from the petty cash fund for phone calls made from a phone booth. Voucher No. 6. 28 Paid $25 from the petty cash fund as a contribution to the YMCA. Voucher No. 7. 31 Issued Check No. 308 to replenish the petty cash fund. (Total and rule the petty cash payments record. Record the balance and the amount needed to replenish the fund in the Description column of the petty cash payments record.) The following additional transactions occurred during July:
Turner Excavation Bank Reconciliation July 31, 20-- 1 Bank statement balance, July 31 2 (Label) 3 4 5 (Label) 6 (Label) 7 8 9. 10 Adjusted bank balance 11 12 Book balance, July 31 13 (Label) 14 15 16 Adjusted book balance
Transcribed Image Text:Turner Excavation Bank Reconciliation July 31, 20-- 1 Bank statement balance, July 31 2 (Label) 3 4 5 (Label) 6 (Label) 7 8 9. 10 Adjusted bank balance 11 12 Book balance, July 31 13 (Label) 14 15 16 Adjusted book balance
PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6. 7 8 9 10 11
Transcribed Image Text:PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6. 7 8 9 10 11
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