Hoskins Inc. owns the following assets at the balance sheet date. Cash in bank-s
ID: 2460693 • Letter: H
Question
Hoskins Inc. owns the following assets at the balance sheet date. Cash in bank-savings account $ 8,000 cash on hand 1,100 cash refund due from the IRS 1,000 Checking account balance 12,000 Postdated checks 500 What amount should be reported as Cash in the balance sheet? Cash in the balance sheet $ While examining cash receipts information, the accounting department determined the following information: opening cash balance $155, cash on hand $1,162.89, and cash sales per register tape $1,021.24. while examining cash receipts information, the accounting department determined the following information: opening cash balance $155, cash on hand $1,162.89, and cash sales per register tape $1,021.24. Prepare the required journal entry based upon the cash count sheet. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) At July 31, Farmer Company has this bank information: cash balance per bank $8,868; outstanding checks $744; deposits in transit $1,262; and a bank service charge $49. Determine the adjusted cash balance per bank at July 31. The adjusted cash balance per bank at July 31 $ In the month of November, Halladay Company Inc. wrote checks in the amount of $10,068. In December, checks in the amount of $11,184 were written. In November, $7,924 of these checks were presented to the bank for payment, and $10,419 in December. What is the amount of outstanding checks at the end of November? At the end of December? The amount of outstanding checks $ $Explanation / Answer
1.
Cash in bank savings account - $8,000
Cash on hand - $ 1100
Checking Account balance - $12,000
Cash in the balancesheet = $21,100
"Cash refund due from the IRS This is NOT cash, it is a receivable"
Exercise 7-5
$155+ 1021.24 = 1176.24
Less cah in hand = ($1,162.89)
Cash short = ($13.35)
Increase in cash = $1162.89 - 155 = $1,007.89
The journal entry will be
Dr Cash $1,007.89
Dr Cash Over/Short $13.35
Cr Sales 1021.24
Exercise 7-10
Exercise 7-11
The amount of outstanding checks at November = $10,068 -7,924 = $2,144
At November = $11,184 - 10,419 + 2144 = $2,909 (If checks outstanding from November still have not been presented to bank) Otherwise = $765
Cash balance per bank statement $8,868 Add: Deposits in transit 1,262 $10,130 Less: Outstanding checks (744) Adjusted cash balance per bank $9,386Related Questions
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