Liberty ACCT 211 Connect Homework Chapter 6 Problems Answers Complete Solutions
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Question 1
Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal year).
1. Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. (Round your answers to 2 decimal places.)
Question 2
Nakashima Gallery had the following petty cash transactions in February of the current year.
1. Prepare the journal entry to establish the petty cash fund.
2. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. Sort the payments into the appropriate categories and total the expenditures in each category.
3. Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount.
Question 3
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017.
1. Prepare the bank reconciliation for this company as of July 31, 2017.
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Question 4
2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)
Question 5
Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, No. 5888 for $1,078 and No. 5893 for $513. The following information is available for its September 30, 2017, reconciliation.
Additional Information Check No. 5904 is correctly drawn for $2,118 to pay for computer equipment; however, the recordkeeper misread the amount and entered it in the accounting records with a debit to Computer Equipment and a credit to Cash of $2,075. The NSF check shown in the statement was originally received from a customer, S. Nilson, in payment of her account. Its return has not yet been recorded by the company. The credit memorandum is from the collection of a $1,610 note for Chavez Company by the bank. The bank deducted a $20 collection fee. The collection and fee are not yet recorded.
1. Prepare the September 30, 2017, bank reconciliation for this company.
Question 6
2. Prepare the journal entries to adjust the book balance of cash to the reconciled balance. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)
