Writer did an excellent job on completing the discussion board assignment questions in a timely manner and the revising. I will be hiring this writer for future assignments.
BA220 Exercise 6-7A, 6-10A and 6-11A
Exercise 6-7A Treatment Of NSF check
The bank statement of Stone Supplies included a $300 NSF check that one of Stone’s customer had written to pay for services that were provided by Stone.
a. Show the effects of recognizing the NSF check on the financial statements by recording
the appropriate amounts in a horizontal statements model like the following one:
Net Inc.= Lis& + EquityRev. — Exp. = Cash Flo,.
b. Is the recognition of the NSF check on Stone’s books an asset source, use, or exchange
c. Suppose the customer redeems the check by giving Stone $325 cash in exchange for the bad check. The additional S25 paid a service fee charged by Stone. Show the effects on the financial statements in the horizontal statements model in Requirement a.
d. Is the receipt of cash referred to in Requirement can asset source, use, or exchange transaction
e. Record in general journal form the adjusting entry for the NSF check and the subsequent entry for redemption of the check by the customer.
Exercise 6-10A Adjusting the cash account
As of may 31. 2013. the bank statement showed an ending balance of $26.100. The unadjussed cash amount balance was $27350. The following information is available
1. Deposit in transit. $6,981.
2. Credit memo in bak statement for interest earned May, $36.
3. outstanding check. $5,720.
4. debit memo for service charge, $25.
a. Determine the true cash balance by preparing a bank reconciliation as of May 31,2013.
using the preceding information.
b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance.
Exercise 6-11A Determining the true cash balance, starting with the unadjusted bank balance
The following information is available for Young Company for the month of August:
1. The unadjusted balance per the bank statement on August 31 was S35.100.
2. Deposits in transit on August 31 were $3,750.
3. A debit memo was included with the bank statement for a service charge of S35.
4. A $2120 check writ ten in August had not been paid by the bank.
5. The bank statement included a $1,550 credit memo for the collection of a note. The principal of the note was $1,500, and the interest collected was $50.
determine the true cash balance as of August 31. (Hint: It is not necessary to use all of the Aveding items to determine the true balance.)
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more