McGraw Hill Connect, Chapter 8 Accounting assignment includes:
CHAPTER 8 HOMEWORK and CHAPTER 8 QUIZ completed online through McGraw Hill Connect site with my credentials DUE NO LATER THAN Sunday, 04-14-2013
AS WELL AS:
Upload DOCUMENTS of Chapter 8 TEST submitted to me through homework market DUE NO LATER THAN Sunday 04-14-2013—- SEE BELOW:
For $40.00 total, due no later than 04-14-2013
Down payment of $15
Chapter 8 TEST document:
PROBLEM #1 22 points
Greenview Food Store developed the following information in recording its bank statement for the month of March 20XX.
Balance per books on March 31 $ 829
Balance per bank on March 31 $ 7,030
1) Checks written in March but still outstanding, $5,200.
2) Checks written in February but still outstanding, $1,200.
3) Deposits of March 30 and 31 not yet recorded by bank, $3,100.
4) NSF check of customer returned by bank, $400.
5) Check #210 for $675 was correctly issued and paid by the bank but incorrectly entered in the cash payments journal as payment on account for $657, for payment to a creditor.
6) Bank service charge for March was $31.
7) A payment on account was incorrectly entered into the cash payments journal and posted to the accounts payable subsidiary ledger for $854 when check #318 was correctly prepared for $584. The check cleared the bank in March.
8) The bank collected a note receivable for the company for $3,000 plus $80 interest.
Instructions:
a) Prepare a bank reconciliation for the Greenview Food Store for the month of March 31, 20XX.
b) Journalize the adjusting entries for Greenview Food Store on March 31, 20XX.
Bank Reconciliation:
Journal Entries:
| General Journal | ||||
| Date | Description | Debit | Credit | |
PROBLEM #2 18 points
Jenrob Company completed the following selected transactions during January 20XX.
January 1 Established a petty cash fund of $500
15 The cash sales for the day per the register tape were $3,018.
The actual cash received from cash sales were $3,011.
31 Petty cash on hand was $123. Replenished the petty cash fund for the following
disbursements:
Jan 2 Office supplies, $45
10 Postage due on letter, $29 (Miscellaneous Expense)
14 Office supplies, $56.
17 Postage stamps, $42 (Office Supplies).
20 Express charges on merchandise sold, $136 (Delivery Expense).
22 Repair to desk, $63 (Miscellaneous Expense).
30 Office supplies, $12.
31 The cash sales for the day per the register tape were $2,812.
The actual cash received from cash sales were $2,822.
31 Decreased the petty cash fund by $100.
| General Journal | ||||
| Date | Description | Debit | Credit | |
What is the balance in the cash short/over account (DR or CR & $ amount)? Is it a revenue or an expense?
Balance in Cash Short/Over? ______________________________
Revenue or Expense?
The correct answer and explanation is:
It looks like you need help with your McGraw Hill Connect Chapter 8 accounting assignment, specifically with bank reconciliation, journal entries, and cash short/over calculations. Here’s how I can assist you:
- Bank Reconciliation & Journal Entries – I can guide you through preparing the reconciliation for Greenview Food Store and making the necessary journal entries.
- Petty Cash Transactions – I can help you determine the cash short/over amount and explain whether it is a revenue or an expense.
- – I can draft a clear and detailed response for you.
- Generate an Image – I can create a visual representation of the accounting concepts.