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3/13/24, 4:10 PM
5.
Assignment Print View
Award: 20.00 points
Cameron Co. established a $160 petty cash fund on January 1, 2023. One week later, on January 8, the fund contained $31.15 in cash and receipts
for these expenditures: postage, $44.80; transportation-in, $28.80; store supplies, $34.95; and a withdrawal of $20.30 by Jim Cameron, the owner.
Cameron uses the perpetual method to account for merchandise inventory.
a. Prepare the journal entry to establish the fund on January 1.
View transaction list
Journal entry worksheet
1
Record the entry to establish the fund.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 01, 2023
Record entry
Clear entry
View general journal
b. Prepare a summary of the petty cash payments and record the entry to reimburse the fund on January 8. (Round your answers to 2 decimal
places.)
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3/13/24, 4:10 PM
Assignment Print View
CAMERON CO.
Petty Cash Payments Report
January 1 – 8, 2023
Receipts:
Total receipts
$
0.00
Fund total
Equals: Cash required to replenish petty cash
Cash over/(short)
View transaction list
Journal entry worksheet
1
Record the entry to reimburse the fund.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 08,
2023
Record entry
Clear entry
View general journal
Analysis Component:
If the January 8 entry to reimburse the fund were not recorded and financial statements were prepared for the month of January, would profit be
over- or understated?
Understated
Overstated
References
Worksheet
Learning Objective: 07-04
Explain and record petty cash
fund transactions.
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3/13/24, 4:09 PM
3.
Assignment Print View
Award: 10.00 points
The accounting department prepares a bank reconciliation at the end of each month. The following Tableau Dashboard is provided to
assist in our reconciliation for the month of November.
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3/13/24, 4:09 PM
Assignment Print View
Bank Statement Balance
$20,000
$15,000
$10,000
$5,000
$0
October 31
November 15
November 30
Book Balance
$20,000
$15,000
$10,000
$5,000
$0
October 31
November 15
Cash Interest Received on Bank
Balance
$40
November 30
Total Deposits in Transit
November 30
November Bank Fees
$30
$20
$10
$0
August
September
October
November
Outstanding Checks at Nov. 30
Check #1203
Check #1278
1. Determine the company’s (a) bank balance and (b) book balance on November 30 before the bank reconciliation.
2. What is the amount of cash interest received in the month of November?
3. Which of the bank fees is the largest of those charged to the company in November?
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3/13/24, 4:09 PM
Assignment Print View
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Determine the company’s (a) bank balance and (b) book balance on November 30 before the bank reconciliation.
(a) Bank Balance
(b) Book Balance
Required 1
Required 2
References
Worksheet
Learning Objective: 07-06
Prepare a bank
reconciliation and journalize
any resulting adjustment(s).
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3/13/24, 4:10 PM
4.
Assignment Print View
Award: 35.00 points
The following is information for Dundee Realty:
a. Balance per the bank statement dated October 31, 2023, is $27,332.
b. Balance of the Cash account on the company books as of October 31, 2023, is $5,585.
c. $14,700 of customer deposits were outstanding as of September 30; this amount had been deposited to Dundee’s account in October.
d. Cheques written in October that had not cleared the bank as of October 31 were:
#8700, $987
#8709, $12,620
#8801, $640
#8815, $147.
e. The bank charged Dundee’s account for a $2,360 cheque of the E-Zone Networks; the cheque was found among the cancelled cheques returned with the
bank statement.
f. Bank service charges for October amount to $67.
g. A customer’s cheque (Teresa Krant) for $7,040 had been deposited in the bank correctly but was recorded in the accounting records as $7,400.
h. Among the cancelled cheques is one for $280 given in payment of an account payable to Decker Company; the bookkeeper had recorded the cheque
incorrectly at $820 in the company records.
i. The bank statement showed an electronic fund transfer of $23,100 for a customer payment. A bank service fee of $60 was charged.
j. A bank deposit of October 31 for $13,440 does not appear on the bank statement.
Required:
1. Prepare a bank reconciliation statement as of October 31, 2023.
DUNDEE REALTY
Bank Reconciliation
October 31, 2023
Bank Statement
Company’s Books
Bank statement balance
Book balance
Add:
Add:
$
0
Deduct:
$
0
Deduct:
Outstanding cheques:
0
Adjusted bank balance
0
Adjusted book balance
2. Prepare the necessary entries to make the Cash account agree with the bank reconciliation adjusted Cash balance as of October 31.
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3/13/24, 4:10 PM
Assignment Print View
View transaction list
Journal entry worksheet
1
2
3
4
Record the October bank charges.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Oct 31
Record entry
Clear entry
View general journal
References
Worksheet
Learning Objective: 07-06 Prepare
a bank reconciliation and
journalize any resulting
adjustment(s).
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3/13/24, 4:08 PM
1.
Assignment Print View
Award: 15.00 points
Use the following table:
Cash
Short-term investments
Receivables
Inventory
Prepaid expenses
Total current assets
Current liabilities
Case X
Case Y
Case Z
$
890 $ 1,270 $
1,640
0
0
680
0
1,440
1,160
2,900
1,360
5,620
2,100
870
1,260
$ 5,890 $ 4,940 $ 10,360
$ 3,100 $ 1,550 $
5,000
Required:
Calculate the quick ratio in each of the above cases and select the case which is in the best position
to meet short-term obligations most easily. (Round your answers to 2 decimal places.)
Case X
Case Y
Case Z
Best Case
Quick ratio
References
Worksheet
Learning Objective:
07-07 Calculate the
quick ratio and
explain its use as an
indicator of a
company’s liquidity.
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3/13/24, 4:09 PM
2.
Assignment Print View
Award: 20.00 points
Journalize the following transactions for Stillwater Spa Consultants:
Oct. 1
7
8
10
25
Sold services for $160,000 to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions.
Sold services to customers for $18,000 cash.
Recorded Visa credit card sales totalling $94,000. Assume visa applies fees of 2%.
Sold $66,000 of services to Edson Community Health Clinic, terms 2/15, n/30.
Collected the amount owing regarding the October 10 sale.
View transaction list
Journal entry worksheet
1
2
3
4
5
Record the sale of services less debit card expense.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Oct 01
Record entry
Clear entry
View general journal
References
Worksheet
Learning Objective: 07-05
Explain and identify banking
activities and the control
features they provide.
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