University of Toronto Accounting Boldys 83 Worksheet

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avhavn83

Business Finance

University of Toronto

Description

please see attached form includes 6 questions from financial accounting thank you

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Explanation & Answer

Hello Buddy,Please find the answers as attached. I have included the excel workings as well

Styx Co.
Bank Reconciliation Statement
As at 31st Dec
$
$
$
Cash book
Balance as at 30th Nov

15,000.00

Total cash receipts

20,000.00

Total cash disbursements

(22,559.00)

Balance as at 31st Dec

12,441.00

Add:
Unpresented cheques
#302

684.00

#308

463.00

1,147.00

Direct credit: note collected

2,150.00

Overstated payment

54.00

3,351.00

Less:
Returned cheque: NSF

(195.00)

Undeposited cash

(3,658.00)

(3,853.00)

Adjusted balance as per cash
book

11,939.00

Adjusted balance as bank statement

11,939.00

Adjusting entries

Dr

Bank

684.00

Cr

Bank

463.00

Accounts payable
To reverse uncashed cheques

Bank

1,147.00

2,150.00

Note receivable
To record company note collected by the
bank

Bank

2,150.00

54.00

Accounts payable
To correct overstated payment

Accounts receivable

54.00

195.00

Bank
To record returned cheque-NSF

Cash

195.00

3,658.00

Bank
To record un-deposited cash
Question 2.
1. Accounts receivable schedule:

Total

Amount
receivable
100,000
80,000
40,000
220,000

Expected % Expected %
Age
unollectible unollectible
Not yet due
1%
1,000
1-30 day
5%
4,000
31-60 days
10%
4,000
9,000

3,658.00

2. End of year adjusting entries:
Dr.
Profit and loss account

Cr.

9,000

Allowance for doubtful debts

9,000

3. Balance extract:
Accounts recei...


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