BAC 211/ BAF 111 Assignments

QUESTION 1
Required
Prepare the Bank reconciliation statement and pass the journal entries for the adjustments.

QUIET MOOSE LODGE

Bank Reconciliation
December 31, 20X4

Cash balance per books 7,627.22

Add: Deposits Shown on Statement but not Check Book
Date Description Amount
01/10/20x4 Customer deposit 2,505.55
05/10/20x4 Customer deposit 3,400.00
11/10/20x4 Collection item -- note receivab 6,774.33
14/10/20x4 Customer deposit 3,476.88
14/10/20x4 Credit card sales posting 3,182.33
31/10/20x4 Interest earnings 65.66
Total 19,404.75
Less: Debits Shown on Statement but not Books
28/10/20x4 NSF returned check - maker S 988.77
28/10/20x4 NSF fee 25
31/10/20x4 Monthly service fee 10
Total 1,023.77

Adjusted cash balance per books 26,008.20

 Journal Entry
Date Account Description Debit Credit
01/10/20x4 Cash Customer deposit 2,505.55
Accounts Receivable Customer deposit 2,505.55

05/10/20x4 Cash Customer deposit 3,400.00

Accounts Receivable Customer deposit 3,400.00

11/10/20x4 Cash Collection item -- note receivable 6,774.33

Accounts Receivable Collection item -- note receivable 6,774.33

14/10/20x4 Cash Customer deposit 3,476.88

Accounts Receivable Customer deposit 3,476.88

14/10/20x4 Cash Credit card sales posting 3,182.33

Sales Credit card sales posting 3,182.33

31/10/20x4 Cash Interest earnings 65.66

Interest Interest earnings 65.66

28/10/20x4 Accounts Receivable NSF returned check - maker Stacey 988.77

Cash 988.77

28/10/20x4 Bank Charge NSF fee 25

Cash 25

31/10/20x4 Bank Charge Monthly service fee 10

Cash 10

QUESTION 2
 Date Account Title Debit Credit
6-Dec Salaries Payable 1,0 00
Salaies Expense 6 00
Cash 1,600
Paid Nov & partia l Dec Salaries

8-Dec Cash 1,9 00

Accounts Receivable 1,900
Received Ca sh o n a ccount

10-Dec Cash 6,3 00

Sales 6,300
Sold merchandise for cash

Cost of go ods sold 4,1 00

Merchandise Inv entory 4,100
Recorded cost of merchandise so ld

13-Dec Merchandise Inv entory 9,0 00

Accounts Pay able 9,000
Purchased mercha ndise on account (2/10, n/30)

15-Dec Supplies 2,0 00

Cash 2,000
Purchased supplies for cash

18-Dec Accounts Receivable 12,0 00

Sales 12,000
Sold merchandise on account (3/10, n/3 0)

Cost of go ods sold 8,0 00

Merchandise inventory 8,000
Recorded cost of merchandise so ld
20-Dec Salaries Expense 1,8 00
Cash 1,800
Paid partial Dec salaries
23-Dec Accounts Pay able 9,0 00
Cash 8,820
Inventory 180
Received full payments for sales
27-Dec Cash 11,6 40
Sales Discount 3 60
Accounts receivable 12,000
 
(b) Enter the December 1 balances in the ledger T-accounts and post the December transactions.
Use Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, Sales Revenue,
Sales Discounts, and Supplies Expense.

Cash
12/1 Bal. 7,200   12/15 2,000
12/6 1,600   12/20 1,800
12/10 6,300   12/23 8,820
 
12/31 Bal. 2,480 

(c) Journalize and post adjusting entries.

(d) Prepare an adjusted trial balance.
(e) Prepare an income statement and an owner's equity statement for December and a classified
balance sheet at December 31.