ACT231 Accounting Chapter 8 Homework

Accounting Chapter 8 Homework

https://openstax.org/books/principles-financial-accounting/pages/8-exercise-set-b

Chapter 8 Homework

Voorhees College

ACT 231 VC

February 19, 2022

EB2. 

LO 8.5 Record the following transactions:

A. Started a petty cash fund in the amount of $260.

B. Replenished petty cash fund using the following expenses: Auto $15, Office Expenses $20, Postage Expense $81, Miscellaneous Expenses $104. Cash on hand is $37.

C. Increased petty cash by $80.

EB3. 

LO 8.5 Record the following transactions:

A. Started a petty cash fund in the amount of $340.

B. Replenished petty cash fund using the following expenses: Auto $69, Office Expenses $77, Postage Expense $56, Miscellaneous Expenses $98. Cash on hand is $45.

C. Increased petty cash by $65.

Prepare the correcting journal entry.

EB6. 

LO 8.6 The bank reconciliation shows the following adjustments.

· Deposits in transit: $1,698

· Notes receivable collected by bank: $2,500; interest: $145

· Outstanding checks: $987

· Error by bank: $436

· Bank charges: $70

Prepare the correcting journal entry.

EB7. 

LO 8.6 Using the following information, prepare a bank reconciliation.

· Bank balance: $4,021

· Book balance: $2,928

· Deposits in transit: $1,111

· Outstanding checks: $679

· Bank charges: $35

· Notes receivable: $1,325; interest: $235

EB8. 

LO 8.6 Prepare the journal entry to reconcile the bank statement in  Exercise 8.7 .(Previous question)