ACC 291T Wk 3 - Apply: Connect Homework (2021 New)

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ACC 291T Wk 3 - Apply: Connect Homework (2021 New)

  Organic Food Co.'s cash account shows a $6,700 debit balance and its bank statement shows $6,000 on deposit at the close of business on August 31.

1. August 31 cash receipts of $2,440 were placed in the bank’s night depository after banking hours and were not recorded on the August 31 bank statement.
2. The bank statement shows a $240 NSF check from a customer; the company has not yet recorded this NSF check.
3. Outstanding checks as of August 31 total $2,320.
4. In reviewing the bank statement, an $200 check written by Organic Fruits was mistakenly drawn against Organic Food’s account.
5. The August 31 bank statement lists $140 in bank service charges; the company has not yet recorded the cost of these services.

  Prepare a bank reconciliation using the above information.

Wright Company's cash account shows a $30,900 debit balance and its bank statement shows $29,200 on deposit at the close of business on May 31.

1. The May 31 bank statement lists $270 in bank service charges; the company has not yet recorded the cost of these services.
2. Outstanding checks as of May 31 total $7,300.
3. May 31 cash receipts of $7,900 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement.
4. In reviewing the bank statement, a $570 check written by Smith Company was mistakenly drawn against Wright’s account.
5. The bank statement shows a $260 NSF check from a customer; the company has not yet recorded this NSF check.

 Prepare its bank reconciliation using the above information.

Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in cash along with receipts for the following expenditures: postage, $37; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $26. Palmona uses the perpetual system in accounting for merchandise inventory.   Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $350 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.  

Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $221 in cash along with receipts for the following expenditures: transportation-in, $58; postage expenses, $71; and miscellaneous expenses, $123. The petty cashier could not account for a $7 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory.   Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $530.

Nolan Company's cash account shows a $21,470 debit balance and its bank statement shows $21,985 on deposit at the close of business on June 30.

1. Outstanding checks as of June 30 total $2,808.
2. The June 30 bank statement lists $28 in bank service charges; the company has not yet recorded the cost of these services.
3. In reviewing the bank statement, a $20 check written by the company was mistakenly recorded in the company’s books as $29.
4. June 30 cash receipts of $2,310 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement.
5. The bank statement included a $36 credit for interest earned on the company’s cash in the bank. The company has not yet recorded interest earned.

 Prepare a bank reconciliation using the above information.