Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 04 Feb 2018 My Price 8.00

Mazor Inc

Mazor Inc."s bank statement from Hometown Bank at August 31, 2012, gives the following information.

Balance, August 1

$18,400

Bank debit memorandum:

  

August deposits

71,000

Safety deposit box fee

$25

Checks cleared in August

68,678

Service charge

50

Bank credit memorandum:

  

Balance, August 31

20,692

Interest earned

45

    

A summary of the Cash account in the ledger for August shows the following: balance, August

1, $18,700; receipts $74,000; disbursements $73,570; and balance, August 31, $19,130. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,800 and outstanding checks of $4,500. In addition, you determine that there was an error involving a company check drawn in August: A check for $400 to a creditor on account that cleared the bank in August was journalized and posted for $40.

Instructions

(a) Determine deposits in transit.

(b) Determine outstanding checks. (Hint: You need to correct disbursements for the check error.)

(c) Prepare a bank reconciliation at August 31.

(d) Journalize the adjusting entry(ies) to be made by Mazor Inc. at August 31.

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Feb 2018 10:02 PM My Price 8.00

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