Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 11 views

    P 87p 2

    Uploaded by

    Jalaj Gupta
    r

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    P 87p 2

    Uploaded by

    Jalaj Gupta
    11 views3 pages
    r

    Original Title

    p-87p-2

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    r

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    11 views3 pages

    P 87p 2

    Uploaded by

    Jalaj Gupta
    r

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Ques 1

    Music Is Us Inc
    Bank Reconciliation
    31-Dec-09
    Balance per bank statement, December 31, 2009 $ 49,980
    Add: Deposits in transit not recorded by bank $ 16,800
    $ 66,780
    Deduct: Outstanding checks
    No. 508 $ 4,000
    No. 511 $ 9,100
    No. 521 $ 7,800 $ 20,900
    Adjusted cash balance $ 45,880

    Balance per depositor's records, December 31, 2009 $ 48,000


    Deduct:
    Bank service charge $ 20
    NSF check from Iggy Bates $ 2,100 $ 2,120
    Adjusted cash balance (as above) $ 45,880
    Ques 2

    General Journal

    a. Bank Service Charges $ 20


    Accounts Receivable $ 2,100
    Cash $ 2,120
    To record bank service charges for December and
    the NSF check received from Iggy Bates.

    b. Marketable Securities $ 2,100


    Unrealized Holding Gain on Investments $ 2,100
    30100-28000

    c. Uncollectible Accounts Expense $ 2,400


    Allowance for Doubtful Accounts $ 2,400
    7900-5500

    d. Cost of Goods Sold $ 1,100


    Inventory $ 1,100
    To record inventory shrinkage of missing guitars.

    e. Office Supplies Expense $ 930


    Office Supplies $ 930
    To record office supplies used in December.
    1800-870

    f. Insurance Expense $ 560


    Prepaid Insurance $ 560
    6160/11

    g. Depreciation Expense $ 4,000


    Accumulated Depreciation $ 4,000
    To record depreciation expense for December.

    h. Unearned Customer Deposits $ 3,100


    Sales $ 3,100
    To record revenue earned from advance special
    orders.
    7100-4000

    i. Income Tax Expense $ 9,000


    Income Tax Payable $ 9,000
    To account for accrued income taxes in
    December.
    82000-73000
    Ques 3
    Music Is Us Inc
    Adjusted Trial Balance
    As of December 31, 2009
    Cash $ 45,880
    Marketable securities $ 30,100
    Accounts receivable $ 135,100
    Allowance for doubtful accounts $ 7,900
    Merchandise inventory $ 251,900
    Office supplies $ 870
    Prepaid insurance $ 5,600
    Building and fixtures $ 1,793,000
    Accumulated depreciation $ 801,000
    Land $ 72,800
    Accounts payable $ 62,000
    Unearned customer deposits $ 4,000
    Income taxes payable $ 82,000
    Capital stock $ 910,000
    Retained earnings $ 239,200
    Unrealized holding gain on investments $ 8,000
    Sales $ 1,722,020
    Cost of goods sold $ 959,100
    Bank service charges $ 180
    Uncollectible accounts expense $ 11,000
    Salary and wages expense $ 390,000
    Office supplies expense $ 1,330
    Insurance expense $ 6,360
    Utilities expense $ 2,900
    Depreciation expense $ 48,000
    Income tax expense $ 82,000
    $ 3,836,120 $ 3,836,120

    You might also like