Accounting Equation Bank Reconciliation Statement Preparation Homework Help
- November 29, 2017
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- Category: Accounting
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1. Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
Jan. 9 Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows:
Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding.
Feb. 28 Purchased 40,000 shares of the corporation’s own common stock at $28, recording the stock at cost.
May 1 Declared semiannual dividends of $0.80 on 75,000 shares of preferred stock and $0.12 on the common stock to stockholders of record on June 1, payable on July 10.
Jul. 10 Paid the cash dividends.
Sep. 7 Sold 30,000 shares of treasury stock at $34, receiving cash.
Oct. 1 Declared semiannual dividends of $0.80 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36.
Dec. 1 Paid the cash dividends and issued the certificates for the common stock dividend.
2.The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations.
Using the following data, complete the bank statement reconciliation. (Use the format shown on page 251 of your textbook.) (25 points)
Prepare a bank reconciliation using B & B’s Restaurant Supply Inc.’s information for August 31.•
A NSF check from Johnny Jones for $3,164.•
Two deposits made on August 31 were not on the bank statement, totaling $2,897.•
The bank collected an EFT payment for Rent for $2,600.•
August 31 balance in Cash was $2,005.•
The owner had written check #1598 for $500 and recorded this check as $5,000.•
The balance on the bank statement as of August 31 was $5,316.•
Bank service charge of $28 was shown on the bank statement.•
Checks #1572, 1606, 1116, and 1242 for $419, $126, $650, and $1,105, respectively, were not shown on the bank statement, even though the company had sent the checks.
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3. What are rules for solving accounting equation?
4. What is the effect of interest received on the accounting equation?
5.Define and explain liabilities and owner’s equity.
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