This topic contains a solution. Click here to go to the answer

Author Question: Part A: Use the following information to complete the May bank reconciliation for AceCo: From the ... (Read 131 times)

lb_gilbert

  • Hero Member
  • *****
  • Posts: 588
Part A: Use the following information to complete the May bank reconciliation for AceCo:
 
  From the company's records: From the May bank statement:
  May 31 cash balance 10,053.57 May 31 cash balance 9,550.48
  Outstanding checks 1,876.67 NSF check from A. Lowe 359.37
  Deposits in transit 2,020.39
 
   AceCo
   Bank Reconciliation
   May 31, 2012
 
  Balance per bank statement, Balance per books,
  May 31 May 31
  Add: Add:
 
  Deduct: Deduct:
 
  Adjusted balance, Adjusted balance,
  May 31 May 31
 
  Part B: What amount will AceCo show for cash on its May 31 balance sheet?
 
  Part C: For which item(s) must AceCo prepare an adjusting entry?

Question 2

Using the following information, what is the amount of gross profit? Purchases 32,000 Selling expense  960 Merchandise inventory, September 1 5,700 Merchandise inventory, September 30 6,370 Administrative expense 910 Sales 63,000 Rent revenue 1,200 Interest expense 1,040
 a. 25,300
  b. 31,670
  c. 30,600
  d. 62,840



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

reelove4eva

  • Sr. Member
  • ****
  • Posts: 332
Answer to Question 1

Part A:
AceCo
Bank Reconciliation
May 31, 2012

Balance per bank statement, Balance per books,
May 31  9,550.48 May 31 10,053.57
Add: Add:
Deposits in transit 2,020.39
Deduct: Deduct:
Outstanding checks (1,876.67) NSF check (359.37)
Adjusted balance  9,694.20 Adjusted balance  9,694.20

Part B: 9,694.20
Part C: NSF check

Answer to Question 2

b




lb_gilbert

  • Member
  • Posts: 588
Reply 2 on: Jul 5, 2018
Gracias!


Dnite

  • Member
  • Posts: 297
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

For a complete list of videos, visit our video library