1.) While examining cash receipts information, the accounting department determi

Question

1.) While examining cash receipts information, the accounting department determined the following information: opening cash balance $154.00, cash on hand $1,080.25, and cash sales per register tape $941.47. Prepare the required journal entry based upon the cash count sheet.

2.) On March 20, Dody’s petty cash fund of $106 is replenished when the fund contains $9 in cash and receipts for postage $47, freight-out $18, and travel expense $26.

Prepare the journal entry to record the replenishment of the petty cash fund

3.) At July 31, Ramirez Company has the following bank information: cash balance per bank $8,230, outstanding checks $742, deposits in transit $1,351, and a bank service charge $30.

Determine the adjusted cash balance per bank at July 31.

4.) Roger Richman owns Richman Blankets.

Richman asks you to explain how he should treat the following reconciling items when reconciling the company’s bank account.

Adjusted cash balance per bank

Explanation / Answer

1

2

3

Cash 926.25 Cash over and short         15.22 Sales Revenue      941.47

2

2 Postage Expnenses 47 Freight out 18 Travel Expense 26 Cash over and short 6 Cash 97

3

3 Cash balance per bank 8230 Outstanding checks -742 Deposits in transit 1351 Adjusted cash balance per bank 8839 4 Outstanding checks should be deducted from the balance per bank Deposits in transit should be added to the balance per bank The bank charged to our account a check written by another company:Add to balance per bank A debit memorandum for a bank service charge:Deduct from balance per books

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