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ISU ACCT 284 - Chapter8

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q1q2q3q5q98/2/2017 Assignment Print Viewhttp://ezto.mheducation.com/hm_accounting.tpx?todo=printviewSingle 1/11.Award: 1 out of 1.00 pointScore: 10/10 Points 100 %Exercise 8-8 Bank reconciliation and adjusting entries LO P3A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12,indicate whether the item should be added to or deducted from the book or bank balance, or whether itshould not appear on the reconciliation. (Select the answers in the appropriate cells. Leave no cellsblank. Be certain to select "NA" in fields which are not applicable.) Bank Balance Book BalanceShown/Not Shown on Reconciliation1. NSF check from customer is returned on September 25 but not yet recorded by this company. NADeduct - Cr.Shown2. Interest earned on the September cash balance in the bank. NAAdd - Dr.Shown3. Deposit made on September 5 and processed by the bank on September 6. NANANot Shown4. Checks written by another depositor but charged against this company’s account. AddNAShown5. Bank service charge for September. NADeduct - Cr.Shown6. Checks outstanding on August 31 that cleared the bank in September. NANANot Shown7.Check written against the company’s account and cleared by the bank; erroneously not recorded by the company’s recordkeeper.NADeduct - Cr.Shown8.Principal and interest on a note receivable to this company is collected by the bank but not yet recorded by the company.NAAdd - Dr.Shown9. Checks written and mailed to payees on October 2. NANANot Shown10. Checks written by the company and mailed to payees on September 30. DeductNAShown11. Night deposit made on September 30 after the bank closed. AddNAShown12. Special bank charge for collection of note in part 8 on this company’s behalf. NADeduct - Cr.ShownReferencesWorksheet Exercise 8-8 Bank reconciliationand adjusting entries LO P3Learning Objective: 08-P3 Prepare a bank reconciliation.8/2/2017 Assignment Print Viewhttp://ezto.mheducation.com/hm_accounting.tpx?todo=printviewSingle 1/12.Award: 1 out of 1.00 pointScore: 10/10 Points 100 %Exercise 8-9 Bank reconciliation LO P3Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cashpayments by check. At the close of business on June 30, 2015, its Cash account shows an $11,589 debitbalance. Del Gato Clinic's June 30 bank statement shows $10,555 on deposit in the bank. a. Outstanding checks as of June 30 total $1,829.b. The June 30 bank statement included a $16 debit memorandum for bank services.c. Check No. 919, listed with the canceled checks, was correctly drawn for $467 in payment of a utility billon June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cashin the amount of $476.d. The June 30 cash receipts of $2,856 were placed in the bank's night depository after banking hours andwere not recorded on the June 30 bank statement. Prepare a bank reconciliation for Del Gato Clinic using the above information: DEL GATO CLINICBank ReconciliationJune 30, 2015Bank statement balance $ 10,555Book balance $ 11,589Add: Add:Deposit of June 30$ 2,856Error on Ck. No. 919$ 92,856 913,411 11,598Deduct: Deduct:Outstanding checks1,829Bank service charge161,829 16Adjusted bank balance$ 11,582Adjusted book balance$ 11,582ReferencesWorksheet Exercise 8-9 Bankreconciliation LO P3Learning Objective: 08-P3 Prepare a bank reconciliation.8/2/2017 Assignment Print Viewhttp://ezto.mheducation.com/hm_accounting.tpx?todo=printviewSingle 1/13.Award: 1 out of 1.00 pointScore: 10/10 Points 100 %Exercise 8-10 Adjusting entries from bank reconciliation LO P3Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cashpayments by check. At the close of business on June 30, 2015, its Cash account shows an $11,589 debitbalance. Del Gato Clinic's June 30 bank statement shows $10,555 on deposit in the bank. a. Outstanding checks as of June 30 total $1,829.b. The June 30 bank statement included a $16 debit memorandum for bank services.c. Check No. 919, listed with the canceled checks, was correctly drawn for $467 in payment of a utility billon June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cashin the amount of $476.d. The June 30 cash receipts of $2,856 were placed in the bank's night depository after banking hours andwere not recorded on the June 30 bank statement. Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bankreconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field.) NoDateGeneral JournalDebitCredit1a.No journal entry required2b.Miscellaneous expenses16Cash163c.Cash9Utilities expense94d.No journal entry requiredReferencesWorksheet Exercise 8-10 Adjustingentries from bankreconciliation LO P3Learning Objective: 08-P3 Prepare a bankreconciliation.8/2/2017 Assignment Print Viewhttp://ezto.mheducation.com/hm_accounting.tpx?todo=printviewSingle 1/15.Award: 1 out of 1.00 pointScore: 10/10 Points 100 %Exercise 8-12 Liquid assets and accounts receivable LO A1Bargains Co. reported annual net sales for 2014 and 2015 of $730,000 and $1,095,000, respectively. Itsyear-end balances of accounts receivable follow: December 31, 2014, $65,000; and December 31, 2015,$123,000. (a) Complete the below table to calculate the days' sales uncollected at the end of each year. Days' Sales UncollectedChoose Numerator: / Choose Denominator: x Days = Days' Sales UncollectedAccounts receivable  / Net sales  x 365  = Days' sales uncollected2014: $ 65,000/ $ 730,000x 365= 32.5days2015: $ 123,000/ $ 1,095,000x 365= 41.0 daysReferencesExpanded table Exercise 8-12 Liquid assetsand accounts receivable LOA1Learning Objective: 08-A1 Compute the days salesuncollected ratio and use it to assess liquidity.8/2/2017 Assignment Print Viewhttp://ezto.mheducation.com/hm_accounting.tpx?todo=printviewSingle 1/19.Award: 1 out of 1.00 pointScore: 10/10 Points 100 %QS 8-1 Internal control objectives LO C1An internal control system consists of all policies and procedures used to protect assets, ensure reliableaccounting, promote efficient operations, and urge


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