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Em Am L Murdon Co Chart of Accounts Cash Short and Over Petty Cash Bank Reconciliation Murdstone Co. Youve just been hired as an accountant at the Murdstone Co., a retailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murdstone Co. has asked for your assistance in filing in some missing data for the company's January accounting records. You' also be responsible for training the company's new accounting Intern Chart of Accounts CHART OF ACCOUNTS Murdstone Co General Ledger ASSETS REVENUE 410 Sales 610 Rent Revenue 110 Cash 111 Petly Cash 112 Accounts Receivable 115 Merchandise Investory 117 Office Supplies 118 Prepaid Insurance 120 Land 123 Storment 124 Acould Depreciation-itore Emant 125 Oticament EXPENSES 510 Coat of Merchandise Sold 016 Cash Short and Over 520 Sale Swarles Expense 521 Advertising pense 522 Depreciation Expense Store Equipment 623 Delivery Expert Oweck My Work more Check My Work augment Score CH B Challenge Questions CACT 125 Olon Equipment 126 Accumulated Depreciation Office Equipment LIABILITIES 523 Delivery Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 539 Miscellaneous Administrative Expense 210 Accounts Payable 211 Salaries Payable 212 Uneamed Rent 213 Customer Refunds Payable 215 Notes Payable 710 Interest Expense EQUITY 310 Edward Murdstone, Capital 311 Edward Murdstone, Drawing Cash Short and Over The controller has completed the accounts for the Cash and Sales accounts as of January 30, but needs to attend an important conference in another city. She has requested that you prepare the account for the Cash Short and Overcoount as of January 30 abso. You are told that the balance of the account is zero as of the beginning of January, and that all the company's sales are in cash Review the following accounts, and then scroll down to compito throw Cash Short and Over account and answer the associated question at follows Cash Balance 1/1/15 5.500 1/2/Y5 Establish Petty Cash 600 1/8/75 2,776 Cloud Review the following accounts, and then scroll down to complete the Cash Short and Over T account and answer the associated question that follows it Cash Balance 1/1/45 5,500 1/2/Y5 Establish Petty Cash 500 1/5/Y5 2.775 1/12/45 6.255 1/23/45 3.270 1/30/Y5 4.450 Balance 21,750 Sales Balance 1/1/45 0 1/5/45 2,780 1/12/15 6,240 1/23/Y5 3.290 1/30/45 4,400 Balance 16,710 Review to account previously shown, and then complete the Cash Short and Over Taccount and the following associated question Cash Short and Over Balance 1/1/45 0 Review the Taccounts previously shown, and then complete the Cash Short and Over Taccount and the following associated question. Cash Short and Over Balance 1/1/YS 0 Balance What will happen to the ending balance in the Cash Short and Over account at the end of the accounting period? The discrepancy must be reported on the company website The discrepancy must be reported to the securities and Exchange Commission It will be added to the other revenue section of the income statement It will be a miscelaneous expense on the income statement Potty Cash Murdstone Co. Houd a check on January 2 to establuh a petty cast And of $500. On Junuary 31, the amount of cash in the party cash tund le 8439. The company would like to so a check to replenish the fund, based on the following summary of petty cash recept: Account Omice Supplies Miscellaneous Administrative Experte Amount on Receipt 332.00 23.00 The company's poley is to record any song funds in the cash short and Over account The winter has prepared a proposed journal entry to record the repleniuring of the petty cash fund Check My Work more Check My Work uses remaining Calou Murdstone Co, issued a check on January 2 to establish a petty cash fund of $500, On January 31, the amount of cash in the petty cash fund is 5439. The company would like to issue a check to replenish the fund, based on the folowing summary of petty cash receipts: Account Office Supplies Miscellaneous Administrative Expense Amount on Receipt $32.00 23.00 The company's policy is to record any missing hands in the Cash Short and Over account The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund RIGE 12 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRES DERIT CREDIT ASSETS LIABILITIES TOUITY lan, 31 Petty Cash 55.00 1 Gish 5500 Prepare for your discussion with the intern by creating the corrected jouw entry for the replenishment of the petty chair hund. Retor to the Chart of Accounts for exact wording of account INGE 17 JOURNAL ACCOUNTING EQUATION DATE DESCEPTION POST RIT DEBIT CREDIT ARBETS LATES TOUTY Check My Work 1 more Check My Work uses remaining Prepare for your discussion with the intern by creating the corrected joumal entry for the replenishment of the petty cash fund. Refer to the Chart of Accounts for exact wording of account titles PAGE 17 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST RER DEBIT CREDIT ASSETS LIABILITIES EQUITY Bank Reconciliation The company's accounting intern has prepared the end of January bank.coconciliation from the bank statement, and is worried because the Adjusted Balance amounts do not agree. After reviewing the bank reconciation, scroll down for the next steps in helping the intern, Murdstone Co Bank Reconciliation January 31, 2015 Check My Work 1 more Check My Works remaining Assignment Score: 0.0% CS The company's accounting intern has propared the end of January bank reconciliation from the bank statement, and is worried because the Adjusted Balance amounts do not agroo. After reviewing the bank reconciliation, scroll down for the next step in helping the intern. Murdstone Co Bank Reconciliation January 31, 2015 $25.55798 1 Cash balance according to bank statement Deduct deposit of May 31, not recorded by bank 12 125 25 1 $11.43273 Add outstanding checks No 124 562.00 5700 No. 125 1.250.00 1.569.00 No. 129 Adjusted balance $12.2013 55134588 Cash balance according to Murdstone Co. 1. Add check turned because of insuffident funds 23,47540 575,02128 $15,250.75 11 Dedict: Note und interest collected by bank Bank service charge 11 noining Check No 121 25000 9,000.00 24,500.75 1 Ajusted ulice $5052055 Check My Work 1 more Check My Work uses remaining CHS Challenge Questions Adjusted balance $50,520.53 You assist the Intern to check source documents, and fled that most of the dollar amounts are correct, however, two dotar amounts are incorrect. After reviewing the following table, scroll down for the next steps in helping the Intern Correct in Intern's Reconciliation?#"No." Corrected Amount Yes Yes Yes No $75 00 Yos Hem Cash balance according to bank statem Deposit of January 31, not recorded by bank Outstanding check No 124 Outstanding check No. 125 Outstanding check No 129 Cash balance according to Murdstone Co Amount of check retumed because of insufficient fundo Amount of not and interent collected by bank Bank service charge Company error in reciding Check No. 123 as $12,435.00 rather than the correct amount of $21.435.00 Yes Yes Yes No $25.00 Yes Aflor asking the intento sewch for other res by comparing her reconciliation to prilor bank reconciliations prepared by the former accounture, you work together to compute the corrected Aduntenance. Enter your answer with two decimal places Corrected Adjusted Balance amount Check My Work 1 more Check My Work uses remaining Em Am L Murdon Co Chart of Accounts Cash Short and Over Petty Cash Bank Reconciliation Murdstone Co. Youve just been hired as an accountant at the Murdstone Co., a retailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murdstone Co. has asked for your assistance in filing in some missing data for the company's January accounting records. You' also be responsible for training the company's new accounting Intern Chart of Accounts CHART OF ACCOUNTS Murdstone Co General Ledger ASSETS REVENUE 410 Sales 610 Rent Revenue 110 Cash 111 Petly Cash 112 Accounts Receivable 115 Merchandise Investory 117 Office Supplies 118 Prepaid Insurance 120 Land 123 Storment 124 Acould Depreciation-itore Emant 125 Oticament EXPENSES 510 Coat of Merchandise Sold 016 Cash Short and Over 520 Sale Swarles Expense 521 Advertising pense 522 Depreciation Expense Store Equipment 623 Delivery Expert Oweck My Work more Check My Work augment Score CH B Challenge Questions CACT 125 Olon Equipment 126 Accumulated Depreciation Office Equipment LIABILITIES 523 Delivery Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 539 Miscellaneous Administrative Expense 210 Accounts Payable 211 Salaries Payable 212 Uneamed Rent 213 Customer Refunds Payable 215 Notes Payable 710 Interest Expense EQUITY 310 Edward Murdstone, Capital 311 Edward Murdstone, Drawing Cash Short and Over The controller has completed the accounts for the Cash and Sales accounts as of January 30, but needs to attend an important conference in another city. She has requested that you prepare the account for the Cash Short and Overcoount as of January 30 abso. You are told that the balance of the account is zero as of the beginning of January, and that all the company's sales are in cash Review the following accounts, and then scroll down to compito throw Cash Short and Over account and answer the associated question at follows Cash Balance 1/1/15 5.500 1/2/Y5 Establish Petty Cash 600 1/8/75 2,776 Cloud Review the following accounts, and then scroll down to complete the Cash Short and Over T account and answer the associated question that follows it Cash Balance 1/1/45 5,500 1/2/Y5 Establish Petty Cash 500 1/5/Y5 2.775 1/12/45 6.255 1/23/45 3.270 1/30/Y5 4.450 Balance 21,750 Sales Balance 1/1/45 0 1/5/45 2,780 1/12/15 6,240 1/23/Y5 3.290 1/30/45 4,400 Balance 16,710 Review to account previously shown, and then complete the Cash Short and Over Taccount and the following associated question Cash Short and Over Balance 1/1/45 0 Review the Taccounts previously shown, and then complete the Cash Short and Over Taccount and the following associated question. Cash Short and Over Balance 1/1/YS 0 Balance What will happen to the ending balance in the Cash Short and Over account at the end of the accounting period? The discrepancy must be reported on the company website The discrepancy must be reported to the securities and Exchange Commission It will be added to the other revenue section of the income statement It will be a miscelaneous expense on the income statement Potty Cash Murdstone Co. Houd a check on January 2 to establuh a petty cast And of $500. On Junuary 31, the amount of cash in the party cash tund le 8439. The company would like to so a check to replenish the fund, based on the following summary of petty cash recept: Account Omice Supplies Miscellaneous Administrative Experte Amount on Receipt 332.00 23.00 The company's poley is to record any song funds in the cash short and Over account The winter has prepared a proposed journal entry to record the repleniuring of the petty cash fund Check My Work more Check My Work uses remaining Calou Murdstone Co, issued a check on January 2 to establish a petty cash fund of $500, On January 31, the amount of cash in the petty cash fund is 5439. The company would like to issue a check to replenish the fund, based on the folowing summary of petty cash receipts: Account Office Supplies Miscellaneous Administrative Expense Amount on Receipt $32.00 23.00 The company's policy is to record any missing hands in the Cash Short and Over account The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund RIGE 12 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRES DERIT CREDIT ASSETS LIABILITIES TOUITY lan, 31 Petty Cash 55.00 1 Gish 5500 Prepare for your discussion with the intern by creating the corrected jouw entry for the replenishment of the petty chair hund. Retor to the Chart of Accounts for exact wording of account INGE 17 JOURNAL ACCOUNTING EQUATION DATE DESCEPTION POST RIT DEBIT CREDIT ARBETS LATES TOUTY Check My Work 1 more Check My Work uses remaining Prepare for your discussion with the intern by creating the corrected joumal entry for the replenishment of the petty cash fund. Refer to the Chart of Accounts for exact wording of account titles PAGE 17 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST RER DEBIT CREDIT ASSETS LIABILITIES EQUITY Bank Reconciliation The company's accounting intern has prepared the end of January bank.coconciliation from the bank statement, and is worried because the Adjusted Balance amounts do not agree. After reviewing the bank reconciation, scroll down for the next steps in helping the intern, Murdstone Co Bank Reconciliation January 31, 2015 Check My Work 1 more Check My Works remaining Assignment Score: 0.0% CS The company's accounting intern has propared the end of January bank reconciliation from the bank statement, and is worried because the Adjusted Balance amounts do not agroo. After reviewing the bank reconciliation, scroll down for the next step in helping the intern. Murdstone Co Bank Reconciliation January 31, 2015 $25.55798 1 Cash balance according to bank statement Deduct deposit of May 31, not recorded by bank 12 125 25 1 $11.43273 Add outstanding checks No 124 562.00 5700 No. 125 1.250.00 1.569.00 No. 129 Adjusted balance $12.2013 55134588 Cash balance according to Murdstone Co. 1. Add check turned because of insuffident funds 23,47540 575,02128 $15,250.75 11 Dedict: Note und interest collected by bank Bank service charge 11 noining Check No 121 25000 9,000.00 24,500.75 1 Ajusted ulice $5052055 Check My Work 1 more Check My Work uses remaining CHS Challenge Questions Adjusted balance $50,520.53 You assist the Intern to check source documents, and fled that most of the dollar amounts are correct, however, two dotar amounts are incorrect. After reviewing the following table, scroll down for the next steps in helping the Intern Correct in Intern's Reconciliation?#"No." Corrected Amount Yes Yes Yes No $75 00 Yos Hem Cash balance according to bank statem Deposit of January 31, not recorded by bank Outstanding check No 124 Outstanding check No. 125 Outstanding check No 129 Cash balance according to Murdstone Co Amount of check retumed because of insufficient fundo Amount of not and interent collected by bank Bank service charge Company error in reciding Check No. 123 as $12,435.00 rather than the correct amount of $21.435.00 Yes Yes Yes No $25.00 Yes Aflor asking the intento sewch for other res by comparing her reconciliation to prilor bank reconciliations prepared by the former accounture, you work together to compute the corrected Aduntenance. Enter your answer with two decimal places Corrected Adjusted Balance amount Check My Work 1 more Check My Work uses remaining

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