Business, 19.03.2021 19:40 ineedhelp2285

Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation

Balance per bank
$14,728

Add: Deposits in transit
3,240

Deduct: Outstanding checks
(4,208

)

Balance per books
$13,760

Month of July Results

Per Bank

Per Books

Balance July 31 $18,199 $19,462
July deposits 9,468 12,224
July checks 8,416 6,522
July note collected (not included in July deposits) 3,156
July bank service charge 32
July NSF check from a customer, returned by the bank (recorded by bank as a charge) 705
Exercise 7-24 Angela Lansbury Company deposits all

Exercise 7-24 Angela Lansbury Company deposits all
Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
Angela Lansbury Company
Bank Reconciliation
July 31

Deposits in transitOutstanding checksBalance per books, July 31Bank service chargeNSF checkCorrect cash balance, July 31Balance per bank statement, July 31Collection of note

$

LessAdd

:
Deposits in transitUnderstated check for suppliesBalance per books, July 31Collection of noteBank service chargeCorrect cash balance, July 31NSF checkBalance per bank statement, July 31

LessAdd

:
NSF checkBank service chargeCorrect cash balance, July 31Balance per bank statement, July 31Understated check for suppliesBalance per books, July 31Collection of noteOutstanding checks

Deposits in transitBank service chargeBalance per books, July 31Balance per bank statement, July 31Outstanding checksCollection of noteNSF checkCorrect cash balance, July 31

$

Balance per bank statement, July 31NSF checkDeposits in transitBank service chargeCorrect cash balance, July 31Outstanding checksBalance per books, July 31Collection of note

$

AddLess

:
Collection of noteBalance per books, July 31Balance per bank statement, July 31Bank service chargeNSF checkCorrect cash balance, July 31Deposits in transitOutstanding checks

LessAdd

:
Deposits in transit Outstanding checks Correct cash balance, July 31 Balance per bank statement, July 31 Balance per books, July 31 Collection of note Bank service charge NSF check

$

Balance per bank statement, July 31 Bank service charge Deposits in transit Outstanding checks NSF check Balance per books, July 31 Collection of note Correct cash balance, July 31

Balance per bank statement, July 31NSF checkCorrect cash balance, July 31Deposits in transitBank service chargeBalance per books, July 31Outstanding checksCollection of note

$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Exercise 7-24 Angela Lansbury Company deposits all

Exercise 7-24 Angela Lansbury Company deposits all
Prepare the general journal entry to correct the Cash account. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation

Debit

Credit

Answers: 3

Show answers

Answers

Answer from: lreese

a. Adjusted Balance = Adjusted Balance = $21,881.

b. See the journal below.

Explanation:

Note: The actual data needed to answer this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data that are actually needed.

Explanation of the answers is now given as follows:

a. Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.

Angela Lansbury Company

July 30 Bank Reconciliation

Details Amount ($)

Balance as per bank 18,199

Add:

Deposit In transit ($3,240 + $12,224 - $9,468) 5,996

Less:

Outstanding Checks ($4,208 + $6,522 - $8,416) (2,314)

Adjusted Balance 21,881

Balance as per book 19,462

Add:

Note Collected 3,156

Less:

Bank Service charge (32)

NSf Check (705)

Adjusted Balance 21,881

b. Prepare the general journal entry to correct the Cash account.

The journal entries will look as follows:

Particulars Debit ($) Credit ($)

Cash 3,156

Note Collected 3,156

(To record note collected by bank.)

Bank Service charge 32

Cash 32

(To record Bank Service charge.)

Account Receivable 705

NSf Check 705

(To record NSf Check.)

Answer from: Quest

answer; communities of interest; i believe this is correct, plz check first good luck;

Answer from: Quest

u = 30

continuing your method

$\frac{1}{10}$ = $\frac{1}{u}$ + $\frac{1}{15}$

subtract $\frac{1}{15}$ from both sides

$\frac{1}{u}$ = $\frac{1}{10}$ - $\frac{1}{15}$ thus

$\frac{1}{u}$ = $\frac{3}{30}$ - $\frac{2}{30}$

$\frac{1}{u}$ = $\frac{1}{30}$ ⇒ u = 30

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