Tugas Personal ke-2

(Minggu 7)

Case 1

The information below relates to the Cash account in the ledger of Remington Company.

Balance September 1$25,720; Cash deposited$96,000.

Balance September 30$26,100; Checks written$95,620.

The September bank statement shows a balance of $24,635 on September 30 and the following
memoranda.

Credits Debits
Collection of $1,250 note plus interest $50 $1,300 NSF check: J. E. Hoover $635
Interest earned on checking account $65 Safety deposit box rent
$75

At September 30, deposits in transit were $6,695, and outstanding checks totaled $4,575.

Instructions
Prepare the bank reconciliation at September 30.

Case 2
Laymon Boat Company's bank statement for the month of September showed a balance per bank of
7,000. The company's Cash account in the general ledger had a balance of 4,667 at September 30.
Other information is as follows:

(1) Cash receipts for September 30 recorded on the company's books were 5,000 but this
amount does not appear on the bank statement.

(2) The bank statement shows a debit memorandum for 60 for check printing charges.

(3) Check No. 119 payable to Mann Company was recorded in the cash payments journal and
cleared the bank for 248. A review of the accounts payable subsidiary ledger shows a 36
credit balance in the account of Mann Company and that the payment to them should have
been for 284.

(4) The total amount of checks still outstanding at September 30 amounted to 5,800.

(5) Check No. 138 was correctly written and paid by the bank for 429. The cash payment journal
reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank
for 492.

ACCT6174 Introduction to Financial Accounting

(6) The bank returned an NSF check from a customer for 530.

(7) The bank included a credit memorandum for 2,060 which represents collection of a
customer's note by the bank for the company; principal amount of the note was 2,000 and
interest was 60. Interest has not been accrued.

Instructions

(a) Prepare a bank reconciliation for Laymon Boat Company at September 30.

(b) Prepare any adjusting entries necessary as a result of the bank reconciliation.

Case 3
Remington Company had the following select transactions.

Apr. 1, 2013 Accepted Carter Company's 1-year, 8% note in settlement of a 30,000 account
receivable.

July 1, 2013 Loaned 18,000 cash to David Pratt on a 9-month, 10% note.

Dec. 31, 2013 Accrued interest on all notes receivable.

Apr. 1, 2014 Received principal plus interest on the Carter note.

Apr. 1, 2014 David Pratt dishonored its note: Remington expects it will eventually collect.

Instructions
Prepare journal entries to record the transactions. Remington prepares adjusting entries once a year
on December 31.

Case 4
Pine Boat Company often requires customers to sign promissory notes for major credit purchases.
Journalize the following transactions for Pine Boat Company.

Feb. 12 Accepted a $40,000, 6%, 60-day note from Bob Weiss for a 24-foot motorboat built to
his specifications.

April 14 Received notification from Bob Weiss that he was unable to honor his promissory note
but that he expects to pay the amount owed in May.

May 26 Received a check from Bob Weiss for the total amount owed.

June 10 Received notification by the bank that Bob Weiss check was being returned "NSF" and
that Mr. Weiss had declared personal bankruptcy.

ACCT6174 Introduction to Financial Accounting

Case 5
Scully Company had accounts receivable of 115,000 on January 1, 2014. The only transactions that
affected accounts receivable during 2014 were net credit sales of 1,200,000, cash collections of
1,000,000, and accounts written off of 30,000.

Instructions

(a) Compute the ending balance of accounts receivable.

(b) Compute the accounts receivable turnover ratio for 2014.

(c) Compute the average collection period in days.

Case 6
On March 1, Jordan Company borrows $180,000 from Ottawa State Bank by signing a 6-month, 8%,
interest-bearing note.

Instructions

Prepare the necessary entries below associated with the note payable on the books of Jordan
Company.

(a) Prepare the entry on March 1 when the note was issued.

(b) Prepare any adjusting entries necessary on June 30 in order to prepare the semi-annual
financial statements. Assume no other interest accrual entries have been made.

(c) Prepare the adjusting entry at August 31 to accrue interest.

(d) Prepare the entry to record payment of the note at maturity.

ACCT6174 Introduction to Financial Accounting