Prepare a tabular analysis of the required adjustment based upon the cash count sheet. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to 2 decimal places, e.g. 52.75.) Assets Liabilities + Stockholders' Equity Cash Revenues Expenses

Prepare a tabular analysis of the required adjustment based upon the cash count sheet. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to 2 decimal places, e.g. 52.75.) Assets Liabilities + Stockholders' Equity Cash Revenues Expenses

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 9E: Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of...

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Computing; the Cash Balance Listed below are ten items that may be found on a balance sheet. Required: 1. Indicate with or no whether each of the items should be included in the cash balance presented on the balance sheet. Also indicate the normal balance sheet treatment for those items not included as cash. 2. Next Level What is the overriding concept in determining whether an item included in or excluded from cash?
Transactions related to revenue and cash receipts completed by Albany Architects Co. during the period November 230, 2016, are as follows: Instructions 1. Insert the following balances in the general ledger as of November 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of November 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for November. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?
Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of December 2016 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.
Transactions related to revenue and cash receipts completed by Sterling Engineering Services during the period June 230, 2016, are as follows: Instructions 1. Insert the following balances in the general ledger as of June 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of June 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for June. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer accounts agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a control account as performed in step 5 for Accounts Receivable?
For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance bill
From the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flows
While examining cash receipts information, the accounting department determined the following information: opening cash balance $177, cash on hand $1,328.37, and cash sales per register tape $1,166.57. Prepare the required journal entry based upon the cash count sheet. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 1151.37 Cash Over and Short 15.2 Accounts Receivable 1166.57
While examining cash receipts information, the accounting department determined the following information: opening cash balance $178, cash on hand $1,016.25, and cash sales per register tape $853.27. Prepare the required journal entry based upon the cash count sheet. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) Account Titles and Explanation Debit Credit
While examining cash receipts information, the accounting department determined the following information: opening cash balance $152, cash on hand $1,086.25, and cash sales per register tape $949.11. Prepare the required journal entry. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Debit Credit
While examining cash receipts information, the accounting department determined the following information: cash on hand $1,125.74 and cash sales per register tape $988.62. Prepare the required journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Debit Credit
Indicate whether each item should be added to or deducted from the book or bank balance and whether it should or should not appear on the September 30 reconciliation. For items that add or deduct from the book balance column, place a Dr. or Cr. after the “Add” or “Deduct” to show the accounting impact on Cash. 1. NSF check from a customer is shown on the bank statement but not yet recorded by the company. 2. Interest earned on the September cash balance in the bank is not yet recorded by the company. 3. Deposit made on September 5 and processed by the bank on September 6. 4. Checks written by another depositor but mistakenly charged against this company’s account. 5. Bank service charge for September is not yet recorded by the company. 6. Checks outstanding on August 31 that cleared the bank in September. 7. Check written against the company’s account and cleared by the bank; erroneously not recorded by the company’s recordkeeper. 8. A note receivable is collected by the bank for the…
The cash register tape for Sheridan Industries reported sales of $28,512.00. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $53.00. (b) Cash on hand exceeds cash reported by cash register tape by $31.00. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) No. Account Titles and Explanation (a) (b) Debit Credit