Order ready-to-submit essays. No Plagiarism Guarantee!
Note: All our papers are written from scratch by human writers to ensure authenticity and originality.
ACC 291 Week 3 Practice Connect Practice Assignment
Check your essay before you submit. See exactly what your professor sees.
See your AI and plagiarism results before your instructor does.Get the exact same report your professor uses. Trusted by 50,000+ students worldwide.
attempt 1
1
Florence Company received a bank statement showing a balance of $13,550 on November 30, 2019. During the bank reconciliation process, Florence’s accountant noted the following bank errors:
A check for $265 issued by Florentine, Inc., was mistakenly charged to Florence Company’s account.
Check 2782 was written for $200 but was paid by the bank as $1,200.
Check 2920 for $85 was paid by the bank twice.
A deposit for $580 on November 22 was credited by the bank for $850.
Assuming outstanding checks total $2,450, prepare the adjusted bank balance section of the November 30, 2019, bank reconciliation.
2
On January 2, The Public Legal Clinic issued Check 2108 for $450 to establish a petty cash fund. Indicate how this transaction would be recorded in a general journal.
3
Di Stefano Office Supply Company received a bank statement showing a balance of $70,005 as of March 31, 2019. The firm’s records showed a book balance of $71,487 on March 31. The difference between the two balances was caused by the following items.
A debit memorandum for $40, which covers the bank’s collection fee for the note (item 6).
A deposit in transit of $4,700.
A check for $348 issued by another firm that was mistakenly charged to Di Stefano’s account.
A debit memorandum for an NSF check of $6,145 issued by Wozniak Construction Company, a credit customer.
Outstanding checks: Check 3782 for $2,200; Check 3840 for $251.
A credit memorandum for a $7,300 noninterest-bearing note receivable that the bank collected for the firm.
Prepare a bank reconciliation statement for the firm as of March 31. Prepare the necessary journal entries for March 31, 2019 from the statement.
4
After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada, checked bank activity in the company’s checking account online. The activity for the last three days follows.
Business Checking Account #123456-987
Date Type Description Additions Payments Balance
09/24/2019 Loan Payment Online Transfer to CM XXXX $ 3,500.00 $ 15,675.06
09/24/2019 Deposit DEPOSIT ID NUMBER 8888 $ 2,269.60 $ 19,175.06
09/23/2019 Check CHECK #1554 (view) $ 3,500.00 $ 16,905.46
09/23/2019 Bill Payment Online Payment $ 36.05 $ 20,405.46
09/22/2019 Check CHECK #1553 (view) $ 240.00 $ 20,441.51
09/22/2019 Check CHECK #1551 (view) $ 1,750.00 $ 20,681.51
09/22/2019 ACH Credit Edwards UK AP PAYMENT $ 8,900.00 $ 22,431.51
09/22/2019 ATM ATM WITHDRAWAL $ 240.00 $ 13,531.51
After matching these transactions to the company’s Cash account in the general ledger, Johanna noted the following unrecorded transactions:
The ATM withdrawal on 9/22/2019 was for personal use by the owner, Robert Savage.
The ACH credit on 9/22/2019 was an electronic funds payment received on account from Edwards UK, a credit customer located in Great Britain.
The bill payment made 9/23/2019 was to Waste Control Trash Services (utilities).
The loan payment on 9/24/2019 was an automatic debit by Central Motors for the company’s monthly payment on a loan for its automobiles. The loan does not bear interest.
Prepare the journal entries in a general journal to record the four transactions above. (Round your answers to 2 decimal places.)
5
Teng Corporation received a bank statement showing a balance of $15,700 as of October 31, 2019. The firm’s records showed a book balance of $15,262 on October 31. The difference between the two balances was caused by the following items.
A debit memorandum for an NSF check from Richard Wolf for $332.
Three outstanding checks: Check 7017 for $124, Check 7098 for $55, and Check 7107 for $1,560.
A bank service charge of $12.
A deposit in transit of $957.
Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries for the year 2019.
