1. The books have been closed for the first year of business for Sanchez Computer Center. The company ended up with a marginal profit for the first three months in operation. Tony expects faster growth as he enters a busy season.
Following is a list of transactions for the month of October, 201X. Petty Cash account #1010 and Miscellaneous Expense account #5100 have been added to the chart of accounts.
Oct. 1? Paid rent for November, December, and January, $1,200 (check no. 8108).
Oct. 2? Established a petty cash fund for $100.
Oct. 4? Collected $3,600 from a cash customer for building five systems.
Oct. 5? Collected $2,600, the amount due from A. Pitale?s invoice no. 12674, customer on account.
Oct. 6? Purchased $25 worth of stamps using petty cash voucher no. 101.
Oct. 7? Withdrew $2,000 (check no. 8109) for personal use.
Oct. 8? Purchased $22 worth of supplies using petty cash voucher no. 102.
Oct. 12????? Paid the newspaper carrier $10 using petty cash voucher no. 103.
Oct. 16????? Paid the amount due on the September phone bill, $65 (check no. 8110).
Oct. 17????? Paid the amount due on the September electric bill, $95 (check no. 8111).
Oct. 22????? Performed computer services for Taylor Golf; billed the client $4,200 (invoice no. 12675).
Oct. 23????? Paid $20 for computer paper using petty cash voucher no. 104.
Oct. 30????? Took $15 out of petty cash for lunch, voucher no. 105.
Oct. 31????? Replenished the petty cash. Coin and currency in drawer total $8.
Because Tony was so busy trying to close his books, he forgot to reconcile his last three months of bank statements. A list of all deposits and checks written for the past three months (each entry is identi?ed by chapter, transaction date, or transaction letter) and the bank statements for July through September are provided. The statement for October won?t arrive until the ?rst week of November.
a. Record the transactions in general journal or petty cash format.
b. Post the transactions to the general ledger accounts.
c. Prepare a trial balance.
d. Compare the Computer Center?s deposits and checks with the bank statements and complete a bank reconciliation as of September 30, 201X.
This question was answered on: Oct 07, 2020
Buy this answer for only: $15
This attachment is locked
We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy (Deadline assured. Flexible pricing. TurnItIn Report provided)
Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
About this QuestionSTATUS
Oct 07, 2020EXPERT
GET INSTANT HELP/h4>
We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.
You can also use these solutions:
- As a reference for in-depth understanding of the subject.
- As a source of ideas / reasoning for your own research (if properly referenced)
- For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
NEW ASSIGNMENT HELP?
Order New Solution. Quick Turnaround
Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.
WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.