subject
Business, 04.04.2020 01:37 anyone9122

Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y8, were as follows: Jan. 3 Issued a check to establish a petty cash fund of $4,500. Feb. 26 Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Apr. 14 Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory. May 13 Paid the invoice of April 14. 17 Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. Jun. 2 Received a 60-day, 8% note for $180,000 on the Ryanair account. Aug. 1 Received amount owed on June 2 note, plus interest at the maturity date. Assume a 360-day year. Aug. 24 Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Sep. 15 Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. (Record as two entries.) Record the following on journal page 22. Sep. 15 Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%. Assume a 360-day year. Oct. 17 Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17. Nov. 30 Journalized the monthly payroll for November, based on the following data: Salaries: Deductions:Sales salaries $135,000 Income tax withheld $39,266Office salaries 77,250 Social security tax withheld 12,735 $212,250 Medicare tax withheld 3,184 Unemployment Tax rates: State unemployment 5.4% Federal unemployment 0.6% Amount subject to unemployment taxes: State unemployment $5,000 Federal unemployment 5,000 Nov. 30 Journalized the employer’s payroll taxes on the payroll. Dec. 14 Journalized the payment of the September 15 note at maturity. Dec. 31 The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee. Required: 1. Journalize the selected transactions, starting on page 21 of the journal.2. Prepare a bank reconciliation for December 20Y8. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers. Kornett Company Bank Reconciliation December 31, 20Y8:a) Cash balance according to bank statement $283,000.00 b) Add: Deposit in transit, not recorded by bank 29,500.00 c) $312,500.00 d) Deduct: Outstanding checks 68,540.00 e) Adjusted balance $243,960.00f) Cash balance according to the company’s records $245,410.00 g) Deduct: Bank service charges $750.00 h) Error in recording check 700.00 i) Adjusted balance $243,960.00

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 22.06.2019 04:30, lizdeleon248
Jennifer purchased a house in a brand new development in the outskirts of town. when her house was built, the nearest fire department was nearly 20 miles away. as her neighborhood developed, the density of the community called for a new fire department 1.5 miles away. what effect will the new fire station have on her homeowners insurance premium? a. a new fire department will be more demanding on local taxes. her annual premium will go up. b. the location of a fire department has no bearing on the value of her house. her annual premium will stay the same. c. the new fire department will reduce the risk of financial loss in her home. her annual premium should decrease. d. with a fire department so close (less than 5 miles), financial risk on jennifer’s home practically disappears. she will not need to pay insurance anymore.
Answers: 1
image
Business, 22.06.2019 12:10, huangjianhe135
The following transactions occur for badger biking company during the month of june: a. provide services to customers on account for $32,000. b. receive cash of $24,000 from customers in (a) above. c. purchase bike equipment by signing a note with the bank for $17,000. d. pay utilities of $3,200 for the current month. analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (decreases to account classifications should be entered as a negative.)
Answers: 1
image
Business, 22.06.2019 18:10, paolacorazza
Why would an investor invest in your stocks
Answers: 1
image
Business, 22.06.2019 19:20, Tariah5970
Sanibel autos inc. merged with its competitor vroom autos inc. this allowed sanibel autos to use its technological competencies along with vroom autos' marketing capabilities to capture a larger market share than what the two entities individually held. what type of integration does this scenario best illustrate? a. vertical b. technological c. horizontal d. perfect
Answers: 2
You know the right answer?
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2...

Questions in other subjects: