Problems: 1. Accounting terminology - Match the following serms with the enpliat

Question

Problems: 1. Accounting terminology - Match the following serms with the enpliations belonw A) Accounts Receivable Turnover Rat B) Allowance for Doubtful Accounts (1)Ameans of accountingfor doubdd accoun wich-tutmapi=any e- receivables are determined to be worthless and is not GAAP (2) An account showing the amount of estimated ncollectibic oeivablies (3) The process of estimating uncollectiblccs b diing groups. 4) Dividing net sales by average roceivables to crte a mio to mu the iqpaiding of receivable. 2. You have received the bank statement for your cor=smondo ledger cash account. Your records show an ending bailance for the monh of Siz wible the ' show an ending balance of $12,340· The burk charged S22 n servicefo smrissn-s. All but three checks written during the month were processed by hak "ihar mib"-tt-he- exceptions were 1) Check #850 for S365 had not yet been processed byte bak 2) Check #851 for S440 had not yet been processed by the All but two of the deposits made during the month were processod ty the bunk without incit exceptions were: 1) A customer check for $250, which had been deposined during thewa meturmed NS 2) A deposit totaling $250 had not yet been processed by the hurik Using the information provided above, prepare a bunk reconcilasion

Explanation / Answer

Bank balance 12340

Add: Bank charge 22

Less : Interest 35

Less: Cheque 850 365

Less: Cheque 851 440

Add: Cheque NSF 250

Add: Cheque not yet processed 250

Balance as per book 12022

Balance as per books 12022

Less: Bank charge 22

Add : Interest 35

Add: Cheque 850 365

Add: Cheque 851 440

Less: Cheque NSF 250

Less: Cheque not yet processed 250

Balance as per bank 12340

  

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.