ACC 291 Week 3 Practice: Connect Practice Assignment

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 ACC 291 Week 3 Practice: Connect Practice Assignment

attempt 1

1

Florence Company received a bank statement showing a balance of $13,550 on November 30, 2019. During the bank reconciliation process, Florence’s accountant noted the following bank errors:

 

 

 

 

A check for $265 issued by Florentine, Inc., was mistakenly charged to Florence Company’s account.
 

 

Check 2782 was written for $200 but was paid by the bank as $1,200.
 

 

Check 2920 for $85 was paid by the bank twice.
 

 

A deposit for $580 on November 22 was credited by the bank for $850.
 

 

 

Assuming outstanding checks total $2,450, prepare the adjusted bank balance section of the November 30, 2019, bank reconciliation.

2

On January 2, The Public Legal Clinic issued Check 2108 for $450 to establish a petty cash fund. Indicate how this transaction would be recorded in a general journal.

 

3

Di Stefano Office Supply Company received a bank statement showing a balance of $70,005 as of March 31, 2019. The firm’s records showed a book balance of $71,487 on March 31. The difference between the two balances was caused by the following items.

 

 

 

 

A debit memorandum for $40, which covers the bank’s collection fee for the note (item 6).
 

 

A deposit in transit of $4,700.
 

 

A check for $348 issued by another firm that was mistakenly charged to Di Stefano’s account.
 

 

A debit memorandum for an NSF check of $6,145 issued by Wozniak Construction Company, a credit customer.
 

 

Outstanding checks: Check 3782 for $2,200; Check 3840 for $251.
 

 

A credit memorandum for a $7,300 noninterest-bearing note receivable that the bank collected for the firm.
 

 

Prepare a bank reconciliation statement for the firm as of March 31. Prepare the necessary journal entries for March 31, 2019 from the statement.

 

4

After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada, checked bank activity in the company’s checking account online. The activity for the last three days follows.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Checking
Account #123456-987
 
 
Date
Type
Description
Additions
Payments
Balance
09/24/2019
Loan Payment
Online Transfer to CM XXXX
 
 
 
$
3,500.00
 
$
15,675.06
 
09/24/2019
Deposit
DEPOSIT ID NUMBER 8888
$
2,269.60
 
 
 
 
$
19,175.06
 
09/23/2019
Check
CHECK #1554 (view)
 
 
 
$
3,500.00
 
$
16,905.46
 
09/23/2019
Bill Payment
Online Payment
 
 
 
$
36.05
 
$
20,405.46
 
09/22/2019
Check
CHECK #1553 (view)
 
 
 
$
240.00
 
$
20,441.51
 
09/22/2019
Check
CHECK #1551 (view)
 
 
 
$
1,750.00
 
$
20,681.51
 
09/22/2019
ACH Credit
Edwards UK AP PAYMENT
$
8,900.00
 
 
 
 
$
22,431.51
 
09/22/2019
ATM
ATM WITHDRAWAL
 
 
 
$
240.00
 
$
13,531.51
 
 
 

 

After matching these transactions to the company’s Cash account in the general ledger, Johanna noted the following unrecorded transactions:

 

 

 

The ATM withdrawal on 9/22/2019 was for personal use by the owner, Robert Savage.
 

 

The ACH credit on 9/22/2019 was an electronic funds payment received on account from Edwards UK, a credit customer located in Great Britain.
 

 

The bill payment made 9/23/2019 was to Waste Control Trash Services (utilities).
 

 

The loan payment on 9/24/2019 was an automatic debit by Central Motors for the company’s monthly payment on a loan for its automobiles. The loan does not bear interest.
 

 

 

Prepare the journal entries in a general journal to record the four transactions above. (Round your answers to 2 decimal places.)

 

5

Teng Corporation received a bank statement showing a balance of $15,700 as of October 31, 2019. The firm’s records showed a book balance of $15,262 on October 31. The difference between the two balances was caused by the following items.

 

 

 

A debit memorandum for an NSF check from Richard Wolf for $332.
 

 

Three outstanding checks: Check 7017 for $124, Check 7098 for $55, and Check 7107 for $1,560.
 

 

A bank service charge of $12.
 

 

A deposit in transit of $957.
 

 

Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries for the year 2019.

 

attempt 2

1

After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada, checked bank activity in the company’s checking account online. The activity for the last three days follows.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Checking
Account #123456-987
 
 
Date
Type
Description
Additions
Payments
Balance
09/24/2019
Loan Payment
Online Transfer to CM XXXX
 
 
 
$
3,500.00
 
$
15,675.06
 
09/24/2019
Deposit
DEPOSIT ID NUMBER 8888
$
2,269.60
 
 
 
 
$
19,175.06
 
09/23/2019
Check
CHECK #1554 (view)
 
 
 
$
3,500.00
 
$
16,905.46
 
09/23/2019
Bill Payment
Online Payment
 
 
 
$
36.05
 
$
20,405.46
 
09/22/2019
Check
CHECK #1553 (view)
 
 
 
$
240.00
 
$
20,441.51
 
09/22/2019
Check
CHECK #1551 (view)
 
 
 
$
1,750.00
 
$
20,681.51
 
09/22/2019
ACH Credit
Edwards UK AP PAYMENT
$
8,900.00
 
 
 
 
$
22,431.51
 
09/22/2019
ATM
ATM WITHDRAWAL
 
 
 
$
240.00
 
$
13,531.51
 
 
 

 

After matching these transactions to the company’s Cash account in the general ledger, Johanna noted the following unrecorded transactions:

 

 

 

The ATM withdrawal on 9/22/2019 was for personal use by the owner, Robert Savage.
 

 

The ACH credit on 9/22/2019 was an electronic funds payment received on account from Edwards UK, a credit customer located in Great Britain.
 

 

The bill payment made 9/23/2019 was to Waste Control Trash Services (utilities).
 

 

The loan payment on 9/24/2019 was an automatic debit by Central Motors for the company’s monthly payment on a loan for its automobiles. The loan does not bear interest.
 

 

 

Prepare the journal entries in a general journal to record the four transactions above. (Round your answers to 2 decimal places.)

2

On January 2, The Public Legal Clinic issued Check 2108 for $450 to establish a petty cash fund. Indicate how this transaction would be recorded in a general journal.

 

3

Di Stefano Office Supply Company received a bank statement showing a balance of $70,005 as of March 31, 2019. The firm’s records showed a book balance of $71,487 on March 31. The difference between the two balances was caused by the following items.

 

 

 

 

A debit memorandum for $40, which covers the bank’s collection fee for the note (item 6).
 

 

A deposit in transit of $4,700.
 

 

A check for $348 issued by another firm that was mistakenly charged to Di Stefano’s account.
 

 

A debit memorandum for an NSF check of $6,145 issued by Wozniak Construction Company, a credit customer.
 

 

Outstanding checks: Check 3782 for $2,200; Check 3840 for $251.
 

 

A credit memorandum for a $7,300 noninterest-bearing note receivable that the bank collected for the firm.
 

 

Prepare a bank reconciliation statement for the firm as of March 31. Prepare the necessary journal entries for March 31, 2019 from the statement.

 

4

Teng Corporation received a bank statement showing a balance of $15,700 as of October 31, 2019. The firm’s records showed a book balance of $15,262 on October 31. The difference between the two balances was caused by the following items.

 

 

 

A debit memorandum for an NSF check from Richard Wolf for $332.
 

 

Three outstanding checks: Check 7017 for $124, Check 7098 for $55, and Check 7107 for $1,560.
 

 

A bank service charge of $12.
 

 

A deposit in transit of $957.
 

 

Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries for the year 2019.

 

5

 

Florence Company received a bank statement showing a balance of $13,550 on November 30, 2019. During the bank reconciliation process, Florence’s accountant noted the following bank errors:

 

 

 

 

A check for $265 issued by Florentine, Inc., was mistakenly charged to Florence Company’s account.
 

 

Check 2782 was written for $200 but was paid by the bank as $1,200.
 

 

Check 2920 for $85 was paid by the bank twice.
 

 

A deposit for $580 on November 22 was credited by the bank for $850.
 

 

 

 

Assuming outstanding checks total $2,450, prepare the adjusted bank balance section of the November 30, 2019, bank reconciliation.
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