asset presentation on the balance sheet during the reconciliation process
Order Instructions
***Cover Page and Reference Page not needed***
Assignment:
Follow the directions for each question. Question #1, will help you understand the asset presentation on the balance sheet during the reconciliation process. Presentation is as important as accuracy for financial statements.
**Note: Remember to use the Excel file and watch the video attached to this module to assist you with the assignment.
Identify each account as “Cash (C)” or “Cash Equivalent (CE).”
Savings Account (C) or (CE)
Checking Account (C) or (CE)
Credit Card Account (C) or (CE)
Stock Account (C) or (CE)
Money Market Account (C) or (CE)
As the bookkeeper of Parker’s Plowing, you have been asked to complete the entire accounting cycle for Parker from the following information. Journalize each transaction and create an Income Statement.
Jan. 1 Parker invested $14,000 cash and $9,000 worth of snow equipment into the plowing company.
Jan. 1 Paid rent for five months in advance for garage space, $3,500
Jan. 4 Purchased office equipment on account from Liliis Corp., $12,600
Jan. 6 Purchased snow supplies for $500 cash
Jan. 8 Collected $15,000 from plowing local shopping centers
Jan. 12 Parker Muroney withdrew $5,000 from the business for his personal use
Jan. 20 Plowed Holiday Co. parking lots, payment not to be received until March, $7,000
Jan. 26 Paid salaries to employees, $1,400
Jan. 28 Paid Liliis Corp. one-half amount owed for office equipment
Jan. 29 Advertising bill received from Carter Co. but will not be paid until March, $600
Jan. 30 Paid telephone bill, $200
Jan. 30 Employee provided a receipt of $50 of supplies used in petty cash
Jan. 30 Company replenished petty cash account of $50
Parker’s Plowing Bank Reconciliation
Finish the bank reconciliation below. Also, see the example below.
Example:
Bank Cash Activity
Company General Ledger Activity
Bank Balance
$3,000
Ledger Balance
$3,500
Deposits Outstanding
$1,000
Checks Outstanding
-$500
Reconciliation
$3,500
Reconciliation
$3,500
Ending bank balance is $2,900
Ending general ledger balance is $5,000
Outstanding deposits of $4,000
Outstanding checks of $2,000
A bank fee of $100 is not recorded in the general ledger.
References:
Severson, C. (2018, November 9). Accounting – Cash and Internal Controls – Severson. https://www.youtube.com/watch?v=_ERMrhR-tgE
Miller, M. (2021, November 19). MAT200 Module 4. https://www.youtube.com/watch?v=2OyXnPGjtNg
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