FUNDAMENTAL ACCOUNTING PRINCIPLES
25th Edition
ISBN: 9781264303236
Author: Wild
Publisher: MCG
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Chapter 2, Problem 15E
(1)
To determine
Introduction: The financial statements of a company include a
To prepare: The
(2)
To determine
Introduction: The financial statements of a company include a balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To state: The reason for not being an expense for (a), (c), and (e).
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n
Calculate the following:
a. Determine the cash receipts for April based on the following data:
Cash payments during April
Cash account balance, April 1
Cash account balance, April 30
b. Determine the cash received from customers on account during April based on the following data:
Accounts receivable account balance, April 1
Accounts receivable account balance, April 30
Fees billed to customers during April
%
C
40
$63,000
25,500
31,750
118
hp
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15,250
45,000
f10
urrent Attempt in Progress
This information relates to the Cash account in the ledger of Wildhorse Company.
Balance September 1–$17,770; Cash deposited-$64,000
Balance September 30-$18,790; Checks written-$62,800
The September bank statement shows a balance of $17,870 at September 30 and the following memoranda.
Credits
Debits
Collection from customer of electronic funds transfer
$2,200
NSF check: H. Kane
$930
Interest earned on checking account
70
Safety deposit box rent
85
At September 30, deposits in transit were $5,133 and outstanding checks totaled $2,778.
Prepare the bank reconciliation at September 30, 2022. (List items that increase balance as per bank & books first.)
WILDHORSE COMPANY
Bank Reconciliation
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2$
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Cash Over and Short
Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows:
10/3
10/4
Cash sales
$36,690
$40,310
Collections on account
10,875
9,813
Total receipts
$47,565
$50,123
Required:
1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers.
2. Prepare the journal entry to record the receipt and deposit of cash on October 3. For those boxes in which no entry is required
3. Prepare the journal entry to record the receipt and deposit of cash on October 4. For those boxes in which no entry is required
4. CONCEPTUAL CONNECTION: If you were the manager with responsibility over the cash registers, how would you use this information?
Chapter 2 Solutions
FUNDAMENTAL ACCOUNTING PRINCIPLES
Ch. 2 - Identifying source documents C1 Identify the items...Ch. 2 - Identifying financial statement accounts C2...Ch. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Identifying normal balance C4 Identify the normal...Ch. 2 - QS 2–5
Linking debit or credit with normal...Ch. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QS
Ch. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 16QSCh. 2 - Prob. 17QSCh. 2 - Prob. 18QSCh. 2 - Prob. 19QSCh. 2 - Exercise 21 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Exercise 2-3 Identifying a ledger and chart of...Ch. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Exercise 2-10 Preparing a trial balance P2 After...Ch. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Prob. 27ECh. 2 - Prob. 28ECh. 2 - Prob. 29ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Problem 2-5B Computing net income from equity...Ch. 2 - Prob. 6PSBCh. 2 - Problem 2-7B Preparing an income statement,...Ch. 2 - SP 2 On October 1, 2019, Santana Rey launched a...Ch. 2 - Using transactions from the following assignments...Ch. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Refer to Apple's financial statements in Appendix...Ch. 2 - Prob. 2AACh. 2 - Key comparative figures for Apple, Google, and...Ch. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - What kinds of transactions can be recorded in a...Ch. 2 - Are debits or credits typically listed first in...Ch. 2 - Should a transaction be recorded first in a...Ch. 2 - If assets are valuable resources asset accounts...Ch. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Identify the four financial statements of a...Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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