ACCOUNTING 100 HELP
swetly1) At July 31, Ramirez Company has the following bank information: cash balance per bank $7,882, outstanding checks $701, deposits in transit $1,916, and a bank service charge $23.
Determine the adjusted cash balance per bank at July 31.
The adjusted cash balance per bank | $ | |
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2) Setterstrom Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $2.75. | Receipts: delivery expense $28.25; postage expense $37.25; and miscellaneous expense $54.05. | |
July 1: Cash in fund $4.75. | Receipts: delivery expense $23.75; entertainment expense $49.50; and miscellaneous expense $47.00. |
On July 10, Setterstrom increased the fund from $125.00 to $155.00.
Prepare journal entries for Setterstrom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
May 1 |
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June 1 |
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July 1 |
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July 10 |
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3) At the end of 2014, Carpenter Co. has accounts receivable of $729,030 and an allowance for doubtful accounts of $54,500. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,140. On March 4, 2015, Carpenter Co. receives payment of $7,140 in full from Megan Gray.
Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
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(To reverse write-off) | ||
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(To record collection from Gray) |
4) Presented below are data on three promissory notes.
Determine the missing amounts. (Use 360 days for calculation.)
Date of |
| Maturity |
| Annual | Total | ||||||||
(a) | April 1 | 60 days | |||||||||||
$589,200 | 5 | % | $
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(b) | July 2 | 30 days |
64,080 |
| % | $534 | |||
(c) | March 7 | 6 months |
134,400 | 9 | % | $ |
5) Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.
Jan. 15 | Made Colaw credit card sales totaling $25,600. (There were no balances prior to January 15.) | |
20 | Made Visa credit card sales (service charge fee 4%) totaling $6,100. | |
Feb. 10 | Collected $12,700 on Colaw credit card sales. | |
15 | Added finance charges of 3% to Colaw credit card account balances. |
(a)
Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
Jan. 15 |
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Jan. 20 |
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Feb. 10 |
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Feb. 15 |
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1) At July 31, Ramirez Company has the following bank information: cash balance per bank $7,882, outstanding checks $701, deposits in transit $1,916, and a bank service charge $23.
Determine the adjusted cash balance per bank at July 31.
The adjusted cash balance per bank | $ | |
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2) Setterstrom Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $2.75. | Receipts: delivery expense $28.25; postage expense $37.25; and miscellaneous expense $54.05. | |
July 1: Cash in fund $4.75. | Receipts: delivery expense $23.75; entertainment expense $49.50; and miscellaneous expense $47.00. |
On July 10, Setterstrom increased the fund from $125.00 to $155.00.
Prepare journal entries for Setterstrom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
May 1 |
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June 1 |
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July 1 |
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July 10 |
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3) At the end of 2014, Carpenter Co. has accounts receivable of $729,030 and an allowance for doubtful accounts of $54,500. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,140. On March 4, 2015, Carpenter Co. receives payment of $7,140 in full from Megan Gray.
Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
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(To reverse write-off) | ||
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(To record collection from Gray) |
4) Presented below are data on three promissory notes.
Determine the missing amounts. (Use 360 days for calculation.)
Date of |
| Maturity |
| Annual | Total | ||||||||
(a) | April 1 | 60 days | |||||||||||
$589,200 | 5 | % | $
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(b) | July 2 | 30 days |
64,080 |
| % | $534 | |||
(c) | March 7 | 6 months |
134,400 | 9 | % | $ |
5) Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.
Jan. 15 | Made Colaw credit card sales totaling $25,600. (There were no balances prior to January 15.) | |
20 | Made Visa credit card sales (service charge fee 4%) totaling $6,100. | |
Feb. 10 | Collected $12,700 on Colaw credit card sales. | |
15 | Added finance charges of 3% to Colaw credit card account balances. |
(a)
Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
Jan. 15 |
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Jan. 20 |
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Feb. 10 |
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Feb. 15 |
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10 years ago
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