In preparing its bank reconciliation for the month of April…
In preparing its bank reconciliation for the month of April 2020, Dak Industries has the following information available. Balance per bank statement, 4/30/20 $ 105,258 NSF check returned with 4/30/20 bank statement $ 6,782 Deposits in transit, 4/30/20 $ 17,525 Outstanding checks, 4/30/20 $ 19,564 Bank service charges for April $ 65 What should be the correct balance of cash at April 30, 2020?
Read DetailsExtra Credit: Worth 7 points Land Grant Company deposits all…
Extra Credit: Worth 7 points Land Grant Company deposits all receipts and makes all payments by check. The following information is available from the cash records. MARCH 31 BANK RECONCILIATION Balance per bank $52,051 Add: Deposits in transit 5,412 Deduct: Outstanding checks -6,548 Balance per books $50,915 Month of April Results Per Bank Per Books Balance April 30 $60,399 $62,500 April deposits 25,486 28,645 April checks 24,589 21,547 April note collected (not included in April deposits) 4,629 – April bank service charge 67 – April NSF check of a customer returned by the bank (recorded by bank as a charge) 1,598 – Do NOT use the dollar sign in your answers. Calculate the amount of the April 30 1) Deposits in transit $[1] 2) Outstanding checks $[2] What is the April 30 adjusted cash balance? 3) Adjusted cash balance $[3]
Read DetailsIn preparing its bank reconciliation for the month of April…
In preparing its bank reconciliation for the month of April 2020, Dak Industries has the following information available. Balance per bank statement, 4/30/20 $ 104,235 NSF check returned with 4/30/20 bank statement $ 2,685 Deposits in transit, 4/30/20 $ 17,546 Outstanding checks, 4/30/20 $ 12,547 Bank service charges for April $ 95 What should be the correct balance of cash at April 30, 2020?
Read DetailsBulldog Company had the following account balances at Decemb…
Bulldog Company had the following account balances at December 31, Year 1: Accounts Receivable $ 945,000 Allowance for doubtful accounts before any provision for Year 1 doubtful accounts expense $ 12,000 Credit Sales for Year 1 $ 1,500,000 Bulldog is considering the following method of estimating doubtful accounts expense for year 1: Based on credit sales at 2% Based on accounts receivable at 5% What amount should Bulldog charge to doubtful accounts expense under each method? (% of credit sales; % of accounts receivable)
Read Details 
				 
				 
				