50.1K

Verified Solution

Link Copied!

Chapter 5-Balance Sheet Using the following information, prepare a Classified Balance Sheet ccounts Payable Accounts Receivable $19,466 Land 82,460 Office Equipment 23,000 18,750 Accumulated Depreciation -Office Equipment Accumulated Depreciation Store Equipment Administrative Expenses Allowance for Doubtful Accounts Cash Cost of Merchandise Sold Common Stock Interest Expense ice 1,0 2,570 Rent R 68,19 28,98 36,00 32,000 180,200 42,780 25,1 Earnings es Payable 910 Selling Expenses 1,800 Store Equipment reight-in Merchandise Inventory Notes Payable (due in two years) 62,550 Uneamed Rent 20,0 Total Current Assets Net Property, Plant,&Equipment Assets $266,560 Page 4 of 10 Total Current Liabilities Total Long-term Liabilities Total Liabilities Total Stockholders' Equity $266,560 Total Liabilities and Stockholders' Equity Page 5 of 10o Chapter 7-Bank Reconciliation acount for Axel Co. on January 31 indicated a balance of i checks, and the accompanying memos wit the records reveal 585. The January bank items: ndicated an ending balance of s34,245. Comparing d the followins the bank statement, the ing led the foll a. Checks outstanding totaled $9,775. b, c. The bank collected d. Bank service charges e. A A deposit of $6,970 had been made too late to appear on the bank statement. to ed $6,15 8. ek drawn fturned by the bank due to insufficient funds. 8. A check for $2,000 re ounted to $75 k for $880 was returned by the bank due to eneck for $had been erroneously charged by the bank as $710 company as ned with the statement had been incorrectly recorded A check echarges for ot receivable, of which $150 was interest 200. The check was originally issued to pay on account.d by the reconciliation as of January 31. (Use the spreadsheet on the A check drawn for $170 been RI: Prepare a bank reconciliation as of January 31. R2: Journalize the necessary entri Journal entries: Debit Credit Account Record the additions to the book section Cash Record the deductions to the book section Cash Page 6 of 10 Bank Section: Cash Balance according to bank statement Add: Deduct: 531,980 Adjusted Bank Balance Book Section: Cash Balance according to company Add: Deduct: $31,980 Adjusted Book Balance Page 7 of 10

Answer & Explanation Solved by verified expert

See Answer