Lackawanna ACC105 2021 September Module 7 Assignment Latest

ACC105 Principles of Accounting 1

Module 7 Assignment

Please complete this assignment and upload it for grading.

PR 7-2A Transactions for petty cash, cash short and over Obj. 3,6

Wyoming Restoration Company completed the following selected transactions during July 20Y1:;

July 1. Established a petty cash fund of $1,100.

12, The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received

from cash sales was $8,220.

31, Petty cash on hand was $47, Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:

July 3, Store supplies, $580,

7. Express charges on merchandise sold, $90 (Delivery Expense).

9. Office supplies, $30,

13, Office supplies, $35,

19, Postage stamps, $50 (Office Supplies).

21, Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense).

22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense).

24, Express charges on merchandise sold, $135 (Delivery Expense).

30, Office supplies, $25,

31. Thecash sales for the day, according to the cash register records, totaled $10,241.

The actual cash received from cash sales was $10,232.

31, Decreased the petty cash fund by $150.

Instructions

Journalize the transactions,

PR7-3A Bank reconciliation and entries Obj. 5

The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

a Checks outstanding totaled $19,427.

b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement.

c The bank collected $26,500 on a $25,000 note, including interest of $1,500.

D A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400.

The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.

e. Acheckdrawn for $195 had been erroneously charged by the bank as $915.

f Bank service charges for June amounted to $55.

Instructions

1. Prepare a bank reconciliation.