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ACC 291 Week 3 Practice Connect Practice Assignment Updated

ACC 291 Week 3 Practice Connect Practice Assignment Updated
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ACC 291 Week 3 Practice Connect Practice Assignment NEW

attempt 1

1

Florence Company received a bank statement showing a balance of $13,550 on November 30, 2019. During the bank reconciliation process, Florence’s accountant noted the following bank errors:

A check for $265 issued by Florentine, Inc., was mistakenly charged to Florence Company’s account.

Check 2782 was written for $200 but was paid by the bank as $1,200.

Check 2920 for $85 was paid by the bank twice.

A deposit for $580 on November 22 was credited by the bank for $850.

Assuming outstanding checks total $2,450, prepare the adjusted bank balance section of the November 30, 2019, bank reconciliation.

2

On January 2, The Public Legal Clinic issued Check 2108 for $450 to establish a petty cash fund. Indicate how this transaction would be recorded in a general journal.

3

 

Di Stefano Office Supply Company received a bank statement showing a balance of $70,005 as of March 31, 2019. The firm’s records showed a book balance of $71,487 on March 31. The difference between the two balances was caused by the following items.

A debit memorandum for $40, which covers the bank’s collection fee for the note (item 6).

A deposit in transit of $4,700.

A check for $348 issued by another firm that was mistakenly charged to Di Stefano’s account.

A debit memorandum for an NSF check of $6,145 issued by Wozniak Construction Company, a credit customer.

Outstanding checks: Check 3782 for $2,200; Check 3840 for $251.

A credit memorandum for a $7,300 noninterest-bearing note receivable that the bank collected for the firm.

Prepare a bank reconciliation statement for the firm as of March 31. Prepare the necessary journal entries for March 31, 2019 from the statement.

4

After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada, checked bank activity in the company’s checking account online. The activity for the last three days follows.

Business Checking      Account #123456-987                       

Date    Type    Description      Additions        Payments         Balance

09/24/2019      Loan Payment Online Transfer to CM XXXX                                               $          3,500.00                      $          15,675.06       

09/24/2019      Deposit            DEPOSIT ID NUMBER 8888          $          2,269.60                                                          $          19,175.06       

09/23/2019      Check  CHECK #1554 (view)                                                $          3,500.00                      $            16,905.46       

09/23/2019      Bill Payment   Online Payment                                              $          36.05               $          20,405.46           

09/22/2019      Check  CHECK #1553 (view)                                                $          240.00             $          20,441.51           

09/22/2019      Check  CHECK #1551 (view)                                                $          1,750.00                      $            20,681.51       

09/22/2019      ACH Credit    Edwards UK AP PAYMENT            $          8,900.00                                                          $          22,431.51       

09/22/2019      ATM   ATM WITHDRAWAL                                              $          240.00             $          13,531.51           

After matching these transactions to the company’s Cash account in the general ledger, Johanna noted the following unrecorded transactions:

The ATM withdrawal on 9/22/2019 was for personal use by the owner, Robert Savage.

The ACH credit on 9/22/2019 was an electronic funds payment received on account from Edwards UK, a credit customer located in Great Britain.

The bill payment made 9/23/2019 was to Waste Control Trash Services (utilities).

The loan payment on 9/24/2019 was an automatic debit by Central Motors for the company’s monthly payment on a loan for its automobiles. The loan does not bear interest.

 

Prepare the journal entries in a general journal to record the four transactions above. (Round your answers to 2 decimal places.)

5

 

Teng Corporation received a bank statement showing a balance of $15,700 as of October 31, 2019. The firm’s records showed a book balance of $15,262 on October 31. The difference between the two balances was caused by the following items.

 

A debit memorandum for an NSF check from Richard Wolf for $332.

Three outstanding checks: Check 7017 for $124, Check 7098 for $55, and Check 7107 for $1,560.

A bank service charge of $12.

A deposit in transit of $957.

Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries for the year 2019.

 

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