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ACC 291 Week 3 Apply Connect Assignment (Score 10/10) (With Excel File)
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ACC 291 Week 3 Apply Connect Assignment (Score 10/10) (With Excel File)

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ACC 291 Week 3 Apply Connect Assignment

 

 

1.

 

On August 1, 2019, the accountant for Western Imports downloaded the company's July 31, 2019, bank statement from the bank's Website. The balance shown on the bank statement was $28,710. The July 31, 2019, balance in the Cash account in the general ledger was $14,537.
 

Jenny Irvine, the accountant for Western Imports, noted the following differences between the bank's records and the company's Cash account in the general ledger:
 

  1. An electronic funds transfer for $13,900 from FoncierRicard, a customer located in France, was received by the bank on July 31.
  2. Check 1422 was correctly written and recorded for $1,200. The bank mistakenly paid the check for $1,270.
  3. The accounting records indicate that Check 1425 was issued for $60 to make a purchase of supplies. However, examination of the check online showed that the actual amount of the check was for $90.
  4. A deposit of $750 made after banking hours on July 31 did not appear on the July 31 bank statement.
  5. The following checks were outstanding: Check 1429 for $1,244, and Check 1430 for $136.
  6. An automatic debit of $257 on July 31 from CentralComm for telephone service appeared on the bank statement but had not been recorded in the company's accounting records.


Required:

  1. Prepare a bank reconciliation for the firm as of July 31.
  2. Record general journal entries for the items on the bank reconiliation that must be journalized.

 

Analyze:
What effect on total expenses occurred as a result of the general journal entries recorded?

 

 

 

2.

On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,362. The balance shown on the bank statement on the same date was $13,242.

 

Notes

  1. The firm’s records indicate that a $1,540 deposit dated August 30 and a $710 deposit dated August 31 do not appear on the bank statement.
  2. A service charge of $8 and a debit memorandum of $365 covering an NSF check have not yet been entered in the firm’s records. (The check was issued by Art Corts, a credit customer.)
  3. The following checks were issued but have not yet been paid by the bank:
     

 

 

Check 712,

$

119

 

Check 713,

$

134

 

Check 716,

$

247

 

Check 736,

$

586

 

Check 739,

$

87

 

Check 741,

$

129

 


 

 

         

  

  1. A credit memorandum shows that the bank collected a $2,129 note receivable and interest of $72 for the firm. These amounts have not yet been entered in the firm’s records.
     

Required:

  1. Prepare a bank reconciliation statement for the firm as of August 31.
  2. Record general journal entries for items on the bank reconciliation statement that must be journalized.


Analyze:
What effect did the journal entries recorded as a result of the bank reconciliation have on the fundamental accounting equation?

 

 

 

 

 

Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 2019 are below.

 

 

 

DATE TRANSACTIONS

June     25        Cash sales per the cash register tape, $1,226.

                        Cash count, $1,518.

            26        Cash sales per the cash register tape, $1,336.

                        Cash count, $1,629.

            27        Cash sales per the cash register tape, $1,347.

                        Cash count, $1,650.

            28        Cash sales per the cash register tape, $1,278.

                        Cash count, $1,571.

            29        Cash sales per the cash register tape, $1,123.

                        Cash count, $1,428.

            30        Cash sales per the cash register tape, $1,364.

                        Cash count, $1,657.

Required:

 

Record the cash receipts from June 25 to June 30, 2019, in a general journal.

Post the amounts for Cash Short or Over in the journal entries to the general ledger.

Analyze:

 

How will the balance in Cash Short or Over on June 30 be reported in the financial statements?

 

 

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