PENGANTAR AKUNTANSI 1 (S1)

PR: KAS
PROBLEM NO. 1

The October bank statement for Martin Maintenance Company indicates a balance on October 31,
2018 of $3,471.07. Martin Maintenance Company has a cash balance in its records on October 31 of
$2,405.91. The information necessary to prepare a bank reconciliation for Martin Maintenance is
given below:

a. A deposit in the amount of $276.00 was mailed to the bank on October 31 and was
unrecorded by the bank
b. Five checks issued in October or prior months have not yet been paid by the bank, as
follows:

Check Date Amount

No.
551 Sept. 14 $150.00
576 Oct.30 40.68
578 Oct.31 500.00
579 Oct.31 370.00
580 Oct.31 130.50

c. The deposits for cash sales of October 6 was incorrectly recorded in Martin’s records as
$330.00. The bank recorded the deposit on Martin’s bank statement correctly as $300.00.
d. Among the returned checks was a credit in memorandum showing that the bank had
collected a promissory note from A. Jacobs in the amount of $280.00 plus $20.00 in interest
on the note. A debit memorandum was also enclosed for the $5.00 collection fee. No entry
had been made on Martin’s records.
e. Also returned with the bank statement was an NSF check for $128.14. This check had been
received from a customer named Arthur Clubb. The NSF check was not reflected in Martin’s
accounting records.
f. A debit memorandum was enclosed for the regular monthly service charge of $12.50. This
charge was not yet recorded by Martin Maintenance Company.
g. Interest earned by the company on the average balance was reported as $25.62

Instructions
1. Prepare a bank reconciliation as of October 31,2018 for Martin Maintenance Company
2. Prepare adjusting entries in general journal form.

PROBLEM NO. 2

A small company maintains a petty cash fund in its office for small expenditures. The following
transactions occurred:

a. The fund was established in the amount of $80.00 on September 1 from the proceeds of
check No. 2707.
b. On September 30, the petty cash fund had cash of $3.46 and the following receipts on hand:
postage, $35.00; supplies, $24.94; delivery service, $12.40; and a rubber stamp, $4.20.
Check no. 2778 was drawn to replenish the fund.
c. On October 31, the petty cash fund had cash of $5.06 and the following receipts on hand:
postage, $31.20; supplies, $32.83; and delivery service, $6.40. The petty cash custodian
could not account for the shortage of $4.50. Check no.2847 was written to replenish the
fund.

Instructions

Prepare in general journal form the entries necessary to record each of the above transactions.

Pengantar Akuntansi 1 – Semester I 2018/2019Page 1