ACC - Problem 1 & 2 from Final Exam
Question # 00013521
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Updated on: 04/26/2014 05:09 AM Due on: 04/26/2014
Problem -
Sales Revenue $1000
Beginning Inventory $400
Purchases $500
Available for Sale ?
Ending Inventory $300
Cost of Goods Sold ?
Gross Profit ?
Operating Expenses $100
Net Income ?
Problem-
POST INC. BANK RECONCILIATION
Cash balance per bank $8,500
Cash balance per books (general ledger) $7,320
Outstanding checks $2,150
Check mailed to the bank for deposit had not reached the bank by the statement
date. $600
NSF check returned by the bank for accounts receivable $200
July interest earned on the bank statement $10
Check no. 700 for misc. expense cleared
the bank for $200; erroneously recorded in the Matrix books for $20
Prepare a bank reconciliation.
Shown the accounting entries that must be made by Matrix in journal entry and T-Account format.
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Rating:
/5
Solution: ACC - Problem 1 & 2 from Final Exam