you are going to To prepare a bank reconciliation,To prepare accounts receivable journal entries and To determine the maturity date and c
you are going to To prepare a bank reconciliation,To prepare accounts receivable journal entries and To determine the maturity date and calculate interest for a notes receivable '
Chapter 7
| Problem 1 – Prepare a bank reconciliation | |
| The following information relates to M Park Corporation for the month of March 2022: | |
| 1. | Cash balance per books, March 31 was $20,647.00 |
| 2. | Deposits in transit, March 31 were $8,140.00 |
| 3. | The March bank service charge was $34.00 and has not been recorded by the company. |
| 4. | Outstanding checks, March 31 were $3,905.00 |
| 5. | An electronic funds transfer (EFT) collected by the bank was $590. The collection has not been recorded by M Park Corporation. |
| 6. | The bank made an error and recorded a $3,000 deposit twice. |
| 7. | Cash balance per bank, March 31 was $19,968.00 |
| Purpose | |
| The purpose of this problem is to demonstrate an understanding of preparing a bank reconciliation. | |
| Instructions | |
| After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st. Reconcile the cash balance per the bank first | |
| and list items that increase the cash balance first. Also, round amounts to two decimal places. | |
| Guidance | |
| For formatting guidance, see the bank reconciliation example that is provided in Chapter 7 of the textbook. | |
| Your Answer: |
Chapter 8a
| Problem 2 – Record accounts receivable transactions | |
| Here are the details of transactions that occurred between Garfield Company and MiKi, Inc.: | |
| (a) | On August 1, Garfield Company sold merchandise on account to MiKi, Inc. for $80,000, terms 5/15, n/30. |
| (b) | On August 6, MiKi, Inc. returned merchandise worth $13,000 to Garfield Company. |
| (c) | On August 20, MiKi, Inc. paid for the merchandise. |
| Purpose | |
| The purpose of this problem is to demonstrate an understanding of recognizing and recording accounts receivable transactions. | |
| Instructions | |
| After analyzing the transactions, record the journal entries for Garfield Company. | |
| Guidance | |
| For formatting guidance, see the journal entry examples that are provided in Chapter 8 of the textbook. | |
| Your Answers: |
Chapter 8b
| Problem 3 – Determine the maturity date and interest for a notes receivable |
| Amplify Bank establishes a $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its |
| maturity date. |
| Purpose |
| The purpose of this problem is to demonstrate an understanding of determining the maturity date and interest for a notes receivable |
| transaction. |
| Instructions |
| After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity |
| date. |
| Guidance |
| For guidance, see the examples that are provided in Chapter 8 of the textbook. |
| Your Answers: |
| 1. What is the maturity date of the note (include the month, day and year)? |
| 2. What is the amount of interest that is due at the maturity date (round answer to two decimal places)? |
| 2(a). Show the work for your interest calculation: |
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