Problem 4 The bank statement for Kyle Kafooty Sports, Inc. indicates a balance...
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Problem 4 The bank statement for Kyle Kafooty Sports, Inc. indicates a balance of $7,254.44 on June 30. After the journals for June have been posted, the cash account had a balance of $1,015.23. (a) Check number 316 was written for $874 to a vendor, but recorded in the GL for $847 (b) Deposits in transit not recorded by bank, $20,087.86. (c) Bank debit memorandum for service charges, $25.00. (d) Bank credit memorandum for note collected by bank, $4,250, including $250 interest. (e) Bank debit memorandum for $1316.45 NSF (not sufficient funds) check from Tom Petty, a customer. (f) Checks outstanding, $23,445.52. Required: Prepare a bank reconciliation in good form as of June 30, 2017. Record the necessary adjustments into a general journal. Problem 3 On July 1, Jack Doodie Company had $385,000 of beginning inventory at cost. In the first quarter of the year, it purchased $2,326,000 of merchandise, returned $42,700, and paid freight charges of $16,900 on purchased merchandise with terms FOB shipping point. The company's gross profit averages 60%, and sales for the quarter totalled $4,268,500. Required: Using the gross profit method, calculate the estimated amount of merchandise inventory at September 30
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