Business, 05.05.2020 11:56 dondre54

Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,240. During May, the total cash deposited was $65,770 and checks written totaled $61,070. The bank statement indicated a balance of $22,300 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

Checks outstanding totaled $9,930.
A deposit of $8,090, representing receipts of May 31, had been made too late to appear on the bank statement.
The bank had collected for Brentwood Bike Co. $4,280 on a note left for collection.
The face of the note was $3,950.
A check for $490 returned with the statement had been incorrectly charged by the bank as $940.
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.
Bank service charges for May amounted to $50.
A check for $990 from Jennings Co. was returned by the bank because of insufficient funds.

Prepare a bank reconciliation as of May 31.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 17:40

Aproduct has a demand of 4000 units per year. ordering cost is $20, and holding cost is $4 per unit per year. the cost-minimizing solution for this product is to order: ? a. 200 units per order. b. all 4000 units at one time. c. every 20 days. d. 10 times per year. e. none of the above

Answers: 3

Answer

Business, 22.06.2019 17:40

To appeal to a new target market, the maker of hill's coffee has changed the product's package design, reformulated the coffee, begun advertising price discounts in women's magazines, and started distributing the product through gourmet coffee shops. what has been changed? a. the product's perceptual value. b.the product's 4ps. c. the method used in its target marketing. d. the ownership of the product line. e. the product's utility.

Answers: 3

Answer

Business, 22.06.2019 18:00

Bond j has a coupon rate of 6 percent and bond k has a coupon rate of 12 percent. both bonds have 14 years to maturity, make semiannual payments, and have a ytm of 9 percent. a. if interest rates suddenly rise by 2 percent, what is the percentage price change of these bonds?

Answers: 2

Answer

Business, 22.06.2019 20:30

Afirm wants to hire a project manager (pm) at a salary of $100,000. 30% of pms have high ability, and 70% of pms have low ability. high ability pms generate $120,000 in revenue and low ability pms generate $80,000 in revenue. in addition to differences in productivity, high and low ability pms have different outside offers. if a high ability pm is not hired by the firm, she can work for another company at a salary of $80,000. if the low ability pm is not hired by the firm, she can work for another company for $70,000. high ability pms are also able to get a project management professional (pmp) certification at a cost of $1,000. low ability pms are unable to get a pmp certification (they would fail the test). the firm is not able to observe a pm’s ability, but is able to observe and verify whether or not the pm has a pmp certificate.(a) draw the extensive form of the game.expert answer

Answers: 3

Answer

You know the right answer?

Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance...

Questions