Tugas Personal ke-2

(Minggu 7)

Case 1

The information below relates to the Cash account in the ledger of Remington
Company.

Balance September 1$25,720; Cash deposited$96,000.

Balance September 30$26,100; Checks written$95,620.

The September bank statement shows a balance of $24,635 on September 30

and the following memoranda.

Credits Debits
Collection of $1,250 note plus interest $50 $1,300 NSF check: J. E. Hoover
$635
Interest earned on checking account $65 Safety deposit box rent
$75

At September 30, deposits in transit were $6,695, and outstanding checks

totaled $4,575.

Instructions
Prepare the bank reconciliation at September 30.

Case 2
Laymon Boat Company's bank statement for the month of September showed a
balance per bank of 7,000. The company's Cash account in the general ledger
had a balance of 4,667 at September 30. Other information is as follows:

(1) Cash receipts for September 30 recorded on the company's books were
5,000 but this amount does not appear on the bank statement.

(2) The bank statement shows a debit memorandum for 60 for check printing
charges.

(3) Check No. 119 payable to Mann Company was recorded in the cash
payments journal and cleared the bank for 248. A review of the accounts
payable subsidiary ledger shows a 36 credit balance in the account of
Mann Company and that the payment to them should have been for 284.

(4) The total amount of checks still outstanding at September 30 amounted to

5,800.

(5) Check No. 138 was correctly written and paid by the bank for 429. The
cash payment journal reflects an entry for Check No. 138 as a debit to
Accounts Payable and a credit to Cash in Bank for 492.

ACCT6174 Introduction to Financial Accounting

(6) The bank returned an NSF check from a customer for 530.

(7) The bank included a credit memorandum for 2,060 which represents
collection of a customer's note by the bank for the company; principal
amount of the note was 2,000 and interest was 60. Interest has not been
accrued.

Instructions

(a) Prepare a bank reconciliation for Laymon Boat Company at September 30.

(b) Prepare any adjusting entries necessary as a result of the bank

reconciliation.

Case 3
Remington Company had the following select transactions.

Apr. 1, 2013 Accepted Carter Company's 1-year, 8% note in settlement of a

30,000 account receivable.

July 1, 2013 Loaned 18,000 cash to David Pratt on a 9-month, 10% note.

Dec. 31, 2013 Accrued interest on all notes receivable.

Apr. 1, 2014 Received principal plus interest on the Carter note.

Apr. 1, 2014 David Pratt dishonored its note: Remington expects it will
eventually collect.

Instructions

Prepare journal entries to record the transactions. Remington prepares adjusting

entries once a year on December 31.

Case 4
Pine Boat Company often requires customers to sign promissory notes for major
credit purchases. Journalize the following transactions for Pine Boat Company.

Feb. 12 Accepted a $40,000, 6%, 60-day note from Bob Weiss for a 24-foot
motorboat built to his specifications.

April 14 Received notification from Bob Weiss that he was unable to honor his
promissory note but that he expects to pay the amount owed in May.

May 26 Received a check from Bob Weiss for the total amount owed.

June 10 Received notification by the bank that Bob Weiss check was being
returned "NSF" and that Mr. Weiss had declared personal bankruptcy.

ACCT6174 Introduction to Financial Accounting

Case 5
Scully Company had accounts receivable of 115,000 on January 1, 2014. The
only transactions that affected accounts receivable during 2014 were net credit
sales of 1,200,000, cash collections of 1,000,000, and accounts written off of
30,000.

Instructions

(a) Compute the ending balance of accounts receivable.

(b) Compute the accounts receivable turnover ratio for 2014.

(c) Compute the average collection period in days.

Case 6
On March 1, Jordan Company borrows $180,000 from Ottawa State Bank by
signing a 6-month, 8%, interest-bearing note.

Instructions

Prepare the necessary entries below associated with the note payable on the
books of Jordan Company.

(a) Prepare the entry on March 1 when the note was issued.

(b) Prepare any adjusting entries necessary on June 30 in order to prepare the
semi-annual financial statements. Assume no other interest accrual entries
have been made.

(c) Prepare the adjusting entry at August 31 to accrue interest.

(d) Prepare the entry to record payment of the note at maturity.

ACCT6174 Introduction to Financial Accounting