Académique Documents
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(Minggu 7)
Case 1
The information below relates to the Cash account in the ledger of Remington
Company.
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
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.
(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.
(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.
Case 3
Remington Company had the following select transactions.
July 1, 2013 Loaned 18,000 cash to David Pratt on a 9-month, 10% note.
Apr. 1, 2014 David Pratt dishonored its note: Remington expects it will
eventually collect.
Instructions
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.
Instructions
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.