Week 8 accounting help

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Accounting Week 8

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Brief Exercise 8-9 On March 20, Dody’s petty cash fund of $120 is replenished when the fund contains $14 in cash and receipts for postage $50, freight-out $16, and travel expense $35. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 20 Brief Exercise 8-13 At July 31, Ramirez Company has the following bank information: cash balance per bank $7,917, outstanding checks $693, deposits in transit $1,465, and a bank service charge $23. Determine the adjusted cash balance per bank at July 31. The adjusted cash balance per bank $ Exercise 8-7 Setterstrom Company established a petty cash fund on May 1, cashing a check for $115.00. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.50. July 1: Cash in fund $5.75. Receipts: delivery expense $31.25; postage expense $38.75; and miscellaneous expense $40.20. Receipts: delivery expense $20.25; entertainment expense $50.75; and miscellaneous expense $38.25. On July 10, Setterstrom increased the fund from $115.00 to $145.00. Prepare journal entries for Setterstrom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date May 1 June 1 Account Titles and Explanation Debit Credit July 1 July 10 Brief Exercise 9-5 At the end of 2014, Carpenter Co. has accounts receivable of $746,300 and an allowance for doubtful accounts of $63,780. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,260. On March 4, 2015, Carpenter Co. receives payment of $7,260 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 (To reverse write-off) (To record collection from Gray) Brief Exercise 9-10 Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.) Date of Note Terms (a) April 1 60 days $606,000 6% (b) July 2 30 days 61,440 % (c) March 7 6 months 131,400 9% Maturity Date Principal Annual Interest Rate Total Interest $ $512 $ Exercise 9-9 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 $34,400. (There were no balances prior to January 15.) 20 Feb. 10 15 Made Visa credit card sales (service charge fee 3%) totaling $4,900. Collected $13,500 on Colaw credit card sales. Added finance charges of 2% 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 Jan. 20 Feb. 10 Feb. 15 Exercise 9-10 Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 Loaned $12,000 cash to Manny Lopez on a 12month, 12% note. Sold goods to Ralph Kremer, Inc., receiving a $25,200, 90-day, 10% note. 16 Received a $20,160, 180 day, 15% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Elburn Supply Co. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Record the collection of the Lopez note at its maturity in 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Exercise 4-9 (Part level Submission) The adjusted trial balance for Plevin Company. PLEVIN COMPANY Adjusted Trial Balance Account Titles and Explanati on Debit Credit July 31, 2014 No. Account Titles Debit Credit 101 Cash $8,833 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 4,481 208 Unearned Rent Revenue 1,768 301 Owner’s Capital 306 Owner’s Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 55,821 732 Utilities Expense 15,119 9,363 15,563 $7,674 44,121 16,108 63,869 6,021 7,127 $127,934 (a1) Your answer is correct. Prepare an income statement for the year. $127,934 PLEVIN COMPANY Income Statement For the Year Ended July 31, 2014 $ $ $ $ Attempts: 3 of 3 used (a2) Prepare an owner’s equity statement for the year. Plevin did not make any capital investments during the year. (List items that increase owner's equity first.) PLEVIN COMPANY Owner’s Equity Statement For the Year Ended July 31, 2014 $ : $
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Brief Exercise 8-2
Shelly Eckert has prepared the following list of statements about internal control.
Identify each statement as true or false.
1. One of the objectives of internal control is to safeguard assets from employee theft,
robbery, and unauthorized use.
2.

One of the objectives of internal control is to enhance the accuracy and reliability of
the accounting records.

No laws require U.S. corporations to maintain an adequate system of internal
control.
Brief Exercise 8-5
Rosenquist Company has the following internal control procedures over cash receipts.
3.

Identify the internal control principle that is applicable to each procedure.
1. All over-the-counter receipts are entered in cash
registers.
2. All cashiers are bonded.
3. Daily cash counts are made by cashier department
supervisors.
4. The duties of receiving cash, recording cash, and
custody of cash are assigned to different individuals.
5. Only cashiers may operate cash registers.
Brief Exercise 8-8
Pennington Company has the following internal control procedures over cash disbursements.
Identify the internal control principle that is applicable to each procedure.
1. Company checks are prenumbered.
2. The bank statement is reconciled monthly by an internal
auditor.
3. Blank checks are stored in a safe in the treasurer’s
office.
4. Only the treasurer or assistant treasurer may sign
checks.
5. Check-signers are not allowed to record cash
disbursement transactions.
Brief Exercise 8-12
(a)
Indicate whether following reconciling items will result in an adjustment to the depositor's records.
(1) Outstanding checks
(2) Bank debit memorandum for service charge
(3) Bank credit memorandum for collecting a note for the depositor

(4) Deposits in transit
Exercise 8-2
The following control procedures are used at Torres Company for over-the-counter cash receipts.
For each...


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