Kaplan University, Davenport IA AB 116 Unit 1 Homework

Problem 8-2AForney Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period.July 1 Established petty cash fund by writing a check on Scranton Bank for $220.00.15 Replenished the petty cash fund by writing a check for $215.90. On this date the fund consisted of $4.10 in cash and the following petty cash receipts: freight-out $93.80, postage expense $43.40, entertainment expense $46.10, and miscellaneous expense $30.99.31 Replenished the petty cash fund by writing a check for $211.80. At this date, the fund consisted of $8.20 in cash and the following petty cash receipts: freight-out $80.50, charitable contributions expense $45.50, postage expense $60.40, and miscellaneous expense $25.40.Aug. 15 Replenished the petty cash fund by writing a check for $206.70. On this date, the fund consisted of $13.30 in cash and the following petty cash receipts: freight-out $75.60, entertainment expense $42.40, postage expense $31.90, and miscellaneous expense $58.10.16 Increased the amount of the petty cash fund to $300.00 by writing a check for $80.00.31 Replenished the petty cash fund by writing a check for $284.10. On this date, the fund consisted of $15.90 in cash and the following petty cash receipts: postage expense $138.50, travel expense $96.40, and freight-out $47.80. Don’t show me this message again for the assignment Journalize the petty cash transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Date Account Titles and Explanation Debit CreditJuly 1 July 15 July 31 Aug. 15 Aug. 16 Aug. 31 Don’t show me this message again for the assignmentShow List of AccountsLink to Text Post to the Petty Cash account.Petty Cash Date Explanation Ref Debit Credit Balance CP CP Don’t show me this message again for the assignmentClick if you would like to Show Work for this question: Open Show WorkProblem 8-3AOn May 31, 2014, Reber Company had a cash balance per books of $7,080.50. The bank statement from New York State Bank on that date showed a balance of $6,703.60. A comparison of the statement with the cash account revealed the following facts.1. The statement included a debit memo of $48.00 for the printing of additional company checks.2. Cash sales of $634.00 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $684.00. The bank credited Reber Company for the correct amount.3. Outstanding checks at May 31 totaled $875.25. Deposits in transit were $2,715.15.4. On May 18, the company issued check No. 1181 for $674 to Lynda Carsen on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Reber Company for $647.5. A $3,299.00 note receivable was collected by the bank for Reber Company on May 31 plus $88.00 interest. The bank charged a collection fee of $28.00. No interest has been accrued on the note.6. Included with the cancelled checks was a check issued by Stiner Company to Ted Cress for $1,099.00 that was incorrectly charged to Reber Company by the bank.7. On May 31, the bank statement showed an NSF charge of $672.00 for a check issued by Sue Allison, a customer, to Reber Company on account. Don’t show me this message again for the assignment Prepare the bank reconciliation at May 31, 2014. (Enter answers to 2 decimal places, e.g. 15.25. List items that increase cash balance first. Reconcile cash balance per bank first.)REBER COMPANYBank ReconciliationMay 31, 2014 $ : $ : $ $ : : $ $ Don’t show me this message again for the assignmentShow List of AccountsLink to Text Prepare the necessary adjusting entries for Reber Company at May 31, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Enter answers to 2 decimal places, e.g. 15.25.)No. Account Titles and Explanation Debit Credit1. (To record note receivable.) 2. (To record NSF check.) 3. (To record error in deposit.) 4. (To record error on check.) 5. (To record check printing charge.) Don’t show me this message again for the assignmentClick if you would like to Show Work for this question: Open Show WorkProblem 8-4AThe bank portion of the bank reconciliation for Langer Company at November 30, 2014, was as follows.LANGER COMPANYBank ReconciliationNovember 30, 2014Cash balance per bank $14,500.23Add: Deposits in transit 2,530.20Less: Outstanding checks 17,030.43Check Number Check Amount 3451 $ 2,260.40 3470 720.10 3471 844.50 3472 1,426.80 3474 1,054.28 6,306.08Adjusted cash balance per bank $10,724.35The adjusted cash balance per bank agreed with the cash balance per books at November 30.The December bank statement showed the following checks and deposits.Bank StatementChecks DepositsDate Number Amount Date Amount12-1 3451 $2,260.40 12-1 $ 2,530.2012-2 3471 844.50 12-4 1,211.6012-7 3472 1,426.80 12-8 2,365.1012-4 3475 1,640.70 12-16 2,672.7012-8 3476 1,300.00 12-21 2,945.0012-10 3477 2,130.00 12-26 2,567.3012-15 3479 3,080.00 12-29 2,836.0012-27 3480 600.00 12-30 1,025.0012-30 3482 475.50 Total $18,152.9012-29 3483 1,140.00 12-31 3485 520.80 Total $15,418.70 The cash records per books for December showed the following.Cash Payments Journal Cash Receipts JournalDate Number Amount Date Number Amount Date Amount12-1 3475 $1,640.70 12-20 3482 $475.50 12-3 $ 1,211.6012-2 3476 1,300.00 12-22 3483 1,140.00 12-7 2,365.1012-2 3477 2,130.00 12-23 3484 793.72 12-15 2,672.7012-4 3478 621.30 12-24 3485 250.80 12-20 2,954.0012-8 3479 3,080.00 12-30 3486 889.50 12-25 2,567.3012-10 3480 600.00 Total $13,728.92 12-28 2,836.0012-17 3481 807.40 12-30 1,025.00 12-31 1,690.40 Total $17,322.10The bank statement contained two memoranda:1. A credit of $5,317.17 for the collection of a $5,172.17 note for Langer Company plus interest of $160.00 and less a collection fee of $15.00. Langer Company has not accrued any interest on the note.2. A debit of $577.08 for an NSF check written by L. Rees, a customer. At December 31, the check had not been redeposited in the bank.At December 31, the cash balance per books was $14,317.53, and the cash balance per the bank statement was $21,974.52. The bank did not make any errors, but two errors were made by Langer Company. Don’t show me this message again for the assignment Using the four steps in the reconciliation procedure, prepare a bank reconciliation at December 31. (Enter answers to 2 decimal places, e.g. 15.25. List items that increase cash balance first. Reconcile cash balance per bank first.)LANGER COMPANYBank ReconciliationDecember 31, 2014 $ : : $ $ $ : : $ $ Don’t show me this message again for the assignmentShow List of AccountsLink to Text Prepare the adjusting entries based on the reconciliation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Enter answers to 2 decimal places, e.g. 15.25.)No. Account Titles and Explanation Debit Credit1. (To record collection of note receivable by bank) 2. (To record NSF Check) 3. (To correct error in recording check) 5. (To correct error in deposit) Problem 8-5ARodriguez Company maintains a checking account at the Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below. Cash in Bank Per Books Per BankBalance, July 1 $18,031 $16,231July receipts 81,831 July credits 83,901July disbursements 77,581 July debits 75,187Balance, July 31 $22,281 $24,945Analysis of the bank data reveals that the credits consist of $78,994 of July deposits and a credit memorandum of $4,907 for the collection of a $4,831 note plus interest revenue of $76. The July debits per bank consist of checks cleared $75,125 and a debit memorandum of $62 for printing additional company checks.You also discover the following errors involving July checks: (1) A check for $270.00 to a creditor on account that cleared the bank in July was journa
lized and posted as $720.00. (2) A salary check to an employee for $255 was recorded by the bank for $155.The June 30 bank reconciliation contained only two reconciling items: deposits in transit $8,431 and outstanding checks of $6,631. Don’t show me this message again for the assignment Prepare a bank reconciliation at July 31, 2014. (List items that increase cash balance first. Reconcile cash balance per bank first.) RODRIGUEZ COMPANYBank ReconciliationJuly 31, 2014 $ : : $ $ $ : $ : $ Don’t show me this message again for the assignmentShow List of AccountsLink to Text Journalize the adjusting entries to be made by Rodriguez Company. Assume that interest on the note has not been accrued. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)No. Account Titles and Explanation Debit Credit1. (To record collection of note receivable.) 2. (To record error on check.) 3. (To record check printing charge.)