Accounting Principles I - Online Exam IV - Chapters 8, 9 and 11 - Solved Assignments | Accounting

Preview (3 of 8 Pages)

100%

Accounting Principles I - Online Exam IV - Chapters 8, 9 and 11 - Page 1 preview image

Loading page ...

1Accounting Principles I-Online EXAM IV-Chapters 8, 9 & 11Part IIComplete the following exam and save this file on your hard drive. Then submit your file toyour instructor on Canvas.NAME___PART A (14 Points)1.Greenview Food Store developed the following information in recording its bank statement forthe month of March.a.Outstanding checks total $1,380.b.Deposits of March 30 and 31 not yet recorded by the bank $1,185.c.NSF check of Joe Goofy, a customer, returned by the bank $420.d.Check No. 210 for $161 was correctly issued and paid by the bank but incorrectly entered inthe cash payments journal as a payment of Supplies for $116.e.Bank service charge for March was $15.f.The bank collected a note receivable for the company for $3,000 plus $200 interest revenue.Required:Complete the bank reconciliation below to include proper explanations.Greenview Food StoreBank ReconciliationMarch 31Balance Per Bank Statement, March 31$ 9,365Add:Deposit in transit$1185

Accounting Principles I - Online Exam IV - Chapters 8, 9 and 11 - Page 2 preview image

Loading page ...

Accounting Principles I - Online Exam IV - Chapters 8, 9 and 11 - Page 3 preview image

Loading page ...

2Subtotal:$10550Less:Outstanding checks1380Adjusted Balance Per Bank, March 31$9170Balance Per Books, March 31$ 6,450Add:Collection of notes receivable$3200Subtotal:$9650Less:Bank charges$15Error in check45NSF check420480Adjusted Balance Per Books, March 31$91702. Record the general journal entry or entries necessary to adjust Greenview Food Store records asof March 31 in relation tothe bank reconciliation above.DateAccount TitlesDebitCreditMarch 31Cash3200Notes receivable3000Interest revenue200March 31Bank charges15Cash15

Preview Mode

This document has 8 pages. Sign in to access the full document!

Report

Accounting Principles I - Online Exam IV - Chapters 8, 9 and 11

Study Now!

Document Details

Related Documents

Accounting Principles II – Traditional Cost Systems

Accounting Principles II – Statement of Cash Flows

Accounting Principles II – Partnerships

Accounting Principles II – Managerial and Cost Accounting Concepts

Accounting Principles II – Long-Term Liabilities

Accounting Principles II – Investments

Accounting Principles II – Incremental Analysis

Accounting Principles II – Flexible Budgets and Standard Costs

Accounting Principles II – Financial Statement Analysis

Accounting Principles II – Current Liabilities

Company

Explore

Study Tools