Business, 01.07.2020 16:01 tremainewoodley3030
Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,630. During May, the total cash deposited was $67,810 and checks written totaled $62,960. The bank statement indicated a balance of $22,990 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
a. Checks outstanding totaled $10,240.
b. A deposit of $8,340, representing receipts of May 31, had been made too late to appear on the bank statement.
c. The bank had collected for Brentwood Bike Co. $4,410 on a note left for collection. The face of the note was $4,070
d. A check for $270 returned with the statement had been incorrectly charged by the bank as $720.
e. A check for $410 returned with the statement had been recorded by Brentwood Bike Co. as $140.
The check was for the payment of an obligation to Adkins Co. on account. 1. Bank service charges for May amounted to $60. 9. A check for $1,020 from Jennings Co. was returned by the bank because of insufficient funds.
Instructions:
1. Prepare a bank reconciliation as of May 31. Brentwood Bike Co. Bank Reconciliation May 31 Cash balance according to bank statement Adjusted balance
2. Journalize the necessary entries
(a) that increase cash and
(b) that decrease cash.
The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.
a. May 31
b. May 31 Accounting mere 3. If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
Answers: 1
Business, 21.06.2019 22:20, trea56
Steele bicycle manufacturing company currently produces the handlebars used in manufacturing its bicycles, which are high-quality racing bikes with limited sales. steele produces and sells only 10,000 bikes each year. due to the low volume of activity, steele is unable to obtain the economies of scale that larger producers achieve. for example, steele could buy the handlebars for $31 each: they cost $34 each to make. the following is a detailed breakdown of current production costs: after seeing these figures, steele's president remarked that it would be foolish for the company to continue to produce the handlebars at $34 each when it can buy them for $31 each. calculate the total relevant cost. do you agree with the president's conclusion?
Answers: 1
Business, 22.06.2019 20:00, kickdoedon
During the month of march 2017, weimar world, a tax-preparation service, had the following transactions. * billed $496,000 in revenues on credit * received $164,000 from customers' accounts receivable * incurred expenses of $194,000 but only paid $87,700 cash for these expenses * prepaid $32,220 for computer services to be used next month what was the company's accrual basis net income for the month? select one: a. $302,000 b. $264,080 c. $ 41,860 d. $408,300 e. none of the above
Answers: 3
Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance...
Mathematics, 21.05.2021 16:40