Comprehensive Accounting Cycle Review 9-2 (Part Level Submission) Novak Corp. pr

Question

Comprehensive Accounting Cycle Review 9-2 (Part Level Submission) Novak Corp. prepares quarterly financial statements. The post-closing trial balance at December 31, 2016, is presented below NOVAK CORP Post-Closing Trial Balance December 31, 2016 Debit $23,800 22,000 Credit Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation-Equipment Buildings Accumulated Depreciation-Buildings Land Accounts Payable Common Stock Retained Earnings $1,300 17,000 12,000 103,000 12,000 20,000 12,390 87,000 61,110 $185,800 $185,800

Explanation / Answer

Workings:

Novak Corp. Bank Reconciliation March 31, 2017 Balance per bank statement $ 89060 Add: Deposit in transit 1620 Less: Outstanding checks No. 440 3200 No. 454 5850 No. 455 3750 No. 456 12000 24800 Adjusted bank balance $ 65880 Balance per books $ 65980 Less: Bank service charge 100 Adjusted book balance $ 65880

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