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# Financial accounting question?

Topic: Business report writing services
April 22, 2019 / By Bailie
Question: 1 The following information was taken from the bank reconciliation for Mooner Sooner Inc. at the end of 2012: Bank balance: \$8,000 Checks outstanding: \$5,800 Note collected by the bank: \$1,500 Service fee: \$20 Deposits outstanding: \$4,000 NSF check (bad check) returned for \$300 What is the correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of 2012? a \$10,200. b \$7,400. c \$6,200. d \$6,160. 2 On May 31, Money Corporation's Cash account showed a balance of \$10,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items: checks outstanding \$2250 deposits outstanding \$1900 nsf check \$ 100 service fees \$ 40 error: money corp wrote a check for \$30 but recorded it incorredtly for \$300 What is the amount of cash that should be reported in the company's balance sheet as of May 31? a \$9,860. b \$9,650. c \$10,130. d \$10,410. 3 A company's general ledger shows a cash balance of \$4,570. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of \$2,840, bank service fees of \$110, and interest earned of \$15. Calculate the correct balance of cash. 4. A company's Cash account shows a balance of \$3,450 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees (\$50), an NSF check from a customer (\$300), a customer's note receivable collected by the bank (\$1,000), and interest earned (\$100). Prepare the necessary entries to adjust the balance of cash. 5. At the time a \$400 petty cash fund is being replenished, the company's accountant finds vouchers totaling \$350 and petty cash of \$50. The vouchers include: postage, \$100; business lunches, \$150; delivery fees, \$75; and office supplies, \$25. Which of the following is not recorded when recognizing expenditures from the petty cash fund? a Debit Postage Expense, \$100. b Debit Supplies, \$25. c Credit Petty Cash, \$350. d Debit Petty Cash, \$350. 6 The following data were obtained from the bank statement and from the process of reconciling it: Bank service charges = \$20 Deposit outstanding = \$150 Interest earned on the bank account = \$10 Checks outstanding = \$400 Which items should be deducted from and added to the bank balance in completing the reconciliation? a Deduct checks outstanding; add service charges and deposit outstanding. b Deduct interest earned; add deposit outstanding. c Deduct checks outstanding; add deposit outstanding. d Deduct deposit outstanding; add checks outstanding.

## Best Answers: Financial accounting question?

Adallina | 1 day ago
1 The following information was taken from the bank reconciliation for Mooner Sooner Inc. at the end of 2012: Bank balance: \$8,000 less Checks outstanding: \$5,800 add Deposits outstanding: \$4,000 = correct cash balance \$6,200 Answer: c \$6,200 2 On May 31, Money Corporation's Cash account showed a balance of \$10,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items: Cash account balance \$10,000 less nsf check \$ 100 less service fees \$ 40 add error correction \$270 = amount of cash that should be reported in the company's balance sheet as of May 31 \$10,130 Answer: c \$10,130. 3 A company's general ledger shows a cash balance of \$4,570. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of \$2,840, bank service fees of \$110, and interest earned of \$15. Cash balance \$4,570 less bank service fees \$110 add interest earned \$15 = correct balance of cash \$4,475 4. A company's Cash account shows a balance of \$3,450 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees (\$50), an NSF check from a customer (\$300), a customer's note receivable collected by the bank (\$1,000), and interest earned (\$100). Prepare the necessary entries to adjust the balance of cash. Cash account balance \$3,450 less bank service fees \$50 less NSF check from a customer \$300 add note receivable \$1,000 add interest earned \$100 = adjusted cash balance \$4,200 Dr Bank charges/miscellaneous expenses \$50 Cr Cash \$50 Dr AR 300 Cr Cash 300 Dr Cash 1,000 Cr Note receivable 1,000 Dr Cash 100 Cr Interest income 100 5. At the time a \$400 petty cash fund is being replenished, the company's accountant finds vouchers totaling \$350 and petty cash of \$50. The vouchers include: postage, \$100; business lunches, \$150; delivery fees, \$75; and office supplies, \$25. Which of the following is not recorded when recognizing expenditures from the petty cash fund? d Debit Petty Cash, \$350 6 The following data were obtained from the bank statement and from the process of reconciling it: Bank service charges = \$20 Deposit outstanding = \$150 Interest earned on the bank account = \$10 Checks outstanding = \$400 Which items should be deducted from and added to the bank balance in completing the reconciliation? c Deduct checks outstanding; add deposit outstanding.
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Originally Answered: Accounting Homework Question?
Use Sales Revenue, assuming zero cash sales, x 5%. Accounts Receivable represents unpaid credit sales only.

Taffy
Cost accounting is the accounting associated with the cost of producing your product. Financial accounting is the most general, it mainly focuses on accounting outside the company such as for taxes and auditing. Managerial accounting is more internal and is used mostly for making decisions about which direction to take a business.
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Originally Answered: Accounting question for small business?
What you're trying to get at is this: A service is to be provided in the following year, and a deposit/down payment is recorded down this year? If this is the case you would Credit a Current Liabilities account such as Unearned Service Revenue (create one using wave) and Debit your Cash account or Returnable Deposits if the down payment is returnable. The following entries should occur. (for a price of \$1000) Let's say the service is for 30 of June 2005 and today's date is June 30th 2004. June 30/04 entry: Dr. Cash 500 (\$1000 x 50%) Cr. Unearned Service Revenue 500 (Note no tax effect) June 1/05 Dr. Cash 500 (\$1000 x 50%) Cr. Unearned Service Revenue 500 June 30th (when the service has been completed) Dr. Unearned Service Revenue 1000 Cr. Service Revenue 1000 (note that all of the balance in unearned revenue goes to service revenue to be taxed for the 2005 fiscal period) If you have more questions please e-mail me. Second EDIT: Yes, they can't tax you when it's not considered revenue. You would get taxed once the service is completed and revenue is recorded. When using wave, go to "Settings" > "Journal Entries" (on the left panel) > Add Transactions > Add account, and use the predefined account (in the liability section under current liability): "Other current Debt" and provide a description saying unearned service revenue. Third EDIT: Honestly Wave is one of the best if you're starting out. In comparison to other software that I've used, it's much more user-friendly. Also... It's free... Try to read up a bit more on accounting, read some intermediate accounting textbooks, they more you understand of accounting, the simpler the software gets.
Originally Answered: Accounting question for small business?
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