Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 1 Day Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 14.00

Petty Cash, Bank Reconciliation

(Petty Cash, Bank Reconciliation) Bill Jovi is reviewing the cash accounting for Nottleman, Inc., a local mailing service. Jovi’s review will focus on the petty cash account and the bank reconciliation for the month ended May 31, 2012. He has collected the following information from Nottleman’s bookkeeper for this task.

Petty Cash

1. The petty cash fund was established on May 10, 2012, in the amount of $250.

2. Expenditures from the fund by the custodian as of May 31, 2012, were evidenced by approved receipts for the following.

Postage expense

$33.00  

Mailing labels and other   supplies

65.00  

I.O.U. from employees

30.00  

Shipping charges

57.45  

Newspaper advertising

22.80  

Miscellaneous expense

15.35  

On May 31, 2012, the petty cash fund was replenished and increased to $300; currency and coin in the fund at that time totaled $26.40.

Bank Reconciliation

THIRD NATIONAL BANK
  BANK STATEMENT
 

Disbursements

Receipts

Balance

Balance,   May 1, 2012

    

$8,769

Deposits

  

$28,000

  

Note   payment direct from customer (interest of $30)

  

930

  

Checks   cleared during May

$31,150

    

Bank   service charges

27

    

Balance,   May 31, 2012

    

6,522

 

Nottleman’s   Cash Account

  

Balance,   May 1, 2012

$8,850

Deposits   during May 2012

31,000

Checks   written during May 2012

-31,835

Deposits in transit are determined to be $3,000, and checks outstanding at May 31 total $850. Cash on hand (besides petty cash) at May 31, 2012, is $246.

Instructions

(a) Prepare the journal entries to record the transactions related to the petty cash fund for May.

(b) Prepare a bank reconciliation dated May 31, 2012, proceeding to a correct cash balance, and prepare the journal entries necessary to make the books correct and complete.

(c) What amount of cash should be reported in the May 31, 2012, balance sheet?

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 09:07 PM My Price 14.00

Hel-----------lo -----------Sir-----------/Ma-----------dam----------- Â-----------  -----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------sol-----------uti-----------on.-----------Ple-----------ase----------- pi-----------ng -----------me -----------on -----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be----------- ca-----------tch-----------

Not Rated(0)