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    Nama: Melvina Puhut Siregar Nim: 1932150049 E7-23 (Petty Cash) Mcmann, Inc. Decided To Establish A Petty Cash Fund To Help Ensure Internal

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    The petty cash fund was established with $200 on April 1. Expenditures of $188 were made and reimbursed on April 10, leaving a balance of $12. The fund was increased to $300 with a $100 deposit on April 20. Journal entries were prepared on December 31, 2015 to record the sale of services for £102,049 accepted as £40,000 cash and a 4-year, 11% interest note receivable of £62,049. Subsequent annual entries recorded cash receipts of £20,000 each year against the note and related interest revenue using the effective interest method. A bank reconciliation for Aguilar Co. as of June 30, 2015 identified

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    Nama: Melvina Puhut Siregar Nim: 1932150049 E7-23 (Petty Cash) Mcmann, Inc. Decided To Establish A Petty Cash Fund To Help Ensure Internal

    Uploaded by

    melvina siregar
    2K views6 pages
    The petty cash fund was established with $200 on April 1. Expenditures of $188 were made and reimbursed on April 10, leaving a balance of $12. The fund was increased to $300 with a $100 deposit on April 20. Journal entries were prepared on December 31, 2015 to record the sale of services for £102,049 accepted as £40,000 cash and a 4-year, 11% interest note receivable of £62,049. Subsequent annual entries recorded cash receipts of £20,000 each year against the note and related interest revenue using the effective interest method. A bank reconciliation for Aguilar Co. as of June 30, 2015 identified

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    5. TUGAS 19 OKT

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    The petty cash fund was established with $200 on April 1. Expenditures of $188 were made and reimbursed on April 10, leaving a balance of $12. The fund was increased to $300 with a $100 deposit on April 20. Journal entries were prepared on December 31, 2015 to record the sale of services for £102,049 accepted as £40,000 cash and a 4-year, 11% interest note receivable of £62,049. Subsequent annual entries recorded cash receipts of £20,000 each year against the note and related interest revenue using the effective interest method. A bank reconciliation for Aguilar Co. as of June 30, 2015 identified

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    Download as docx, pdf, or txt
    2K views6 pages

    Nama: Melvina Puhut Siregar Nim: 1932150049 E7-23 (Petty Cash) Mcmann, Inc. Decided To Establish A Petty Cash Fund To Help Ensure Internal

    Uploaded by

    melvina siregar
    The petty cash fund was established with $200 on April 1. Expenditures of $188 were made and reimbursed on April 10, leaving a balance of $12. The fund was increased to $300 with a $100 deposit on April 20. Journal entries were prepared on December 31, 2015 to record the sale of services for £102,049 accepted as £40,000 cash and a 4-year, 11% interest note receivable of £62,049. Subsequent annual entries recorded cash receipts of £20,000 each year against the note and related interest revenue using the effective interest method. A bank reconciliation for Aguilar Co. as of June 30, 2015 identified

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    Nama : Melvina Puhut Siregar

    Nim : 1932150049
    E7-23 (Petty Cash) McMann, Inc. decided to establish a petty cash fund to help ensure internal
    control over its small cash expenditures. The following information is available for the month of
    April.
    1. On April 1, it established a petty cash fund in the amount of $200.
    2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is
    as follows.
    Delivery charges paid on merchandise purchased $60
    Supplies purchased and used 25
    Postage expense 40
    I.O.U. from employees 17
    Miscellaneous expense 36
    The petty cash fund was replenished on April 10. The balance in the fund was $12.
    3. The petty cash fund balance was increased $100 to $300 on April 20.
    Instructions : Prepare the journal entries to record transactions related to petty cash for the month
    of April
    E7-23
    1. April 1 Petty Cash 200
    Cash 200
    2. April 10 Inventory 60
    Postage expense 40
    Miscellaneous expense 36
    Supplies expense 25
    Account Receivable-employees 17
    Cash over and short 10
    Cash 188
    3. April 20 Petty Cash 100
    Cash 100
    P7-9 (Notes Receivable Journal Entries) On December 31, 2015, Regent Inc. rendered services
    to Begin Corporation at an agreed price of £102,049, accepting £40,000 down and agreeing to
    accept the balance in four equal installments of £20,000 receivable each December 31. An
    assumed interest rate of 11% is imputed.
    Instructions
    Prepare the entries that would be recorded by Regent Inc. for the sale and for the receipts and
    interest on the following dates. (Assume that the effective-interest method is used for
    amortization purposes.)
    (a) December 31, 2015. (c) December 31, 2017. (e) December 31, 2019.
    (b) December 31, 2016. (d) December 31, 2018.

    P7-9
    a). Dec 31, 2015 Cash 40,000
    Notes receivable 62,049
    Service Receivable 102,049
    To record revenue at the present value of the noteplus the immediate cash payment:
    PV of $20,000annuity @ 11% for 4 years
    ($20,000 X 3.10245) 62,049
    Down payment 40,000
    Capitalize value of service 102,049

    b). Dec 31, 2016 Cash 20,000


    Notes receivable 20,000
    Discount on Notes Receivable 6,825
    Interest revenue 6,825
    Schedule of Note Discount Amortization

    Date Cash Received Interest Revenue Carrying Amount of


    Note
    12/31/15 62,049
    12/31/16 20,000 6,825 48,874
    12/31/17 20,000 5,376 34,250
    12/31/18 20,000 3,768 18,018
    12/31/19 20,000 1,982 -

    c). Dec 31, 2017 Cash 20,000


    Notes receivable 20,000
    Discount on Notes Receivable 5,376
    Interest revenue 5,376
    d). Dec 31, 2018 Cash 20,000
    Notes receivable 20,000
    Discount on Notes Receivable 3,768
    Interest revenue 3,768
    e). Dec 31, 2019 Cash 20,000
    Notes receivable 20,000
    Discount on Notes Receivable 1,982
    Interest revenue 1,982

    P7-13 (Bank Reconciliation and Adjusting Entries) The Cash account of Aguilar Co. showed a
    ledger balance of $3,969.85 on June 30, 2015. The bank statement as of that date showed a
    balance of $4,150. Upon comparing the statement with the cash records, the following facts were
    determined.
    1. There were bank service charges for June of $25.
    2. A bank memo stated that Bao Dai’s note for $1,200 and interest of $36 had been collected on
    June 29, and the bank had made a charge of $5.50 on the collection. (No entry had been made on
    Aguilar’s books when Bao Dai’s note was sent to the bank for collection.)
    3. Receipts for June 30 for $3,390 were not deposited until July 2.
    4. Checks outstanding on June 30 totaled $2,136.05.
    5. The bank had charged the Aguilar Co.’s account for a customer’s uncollectible check
    amounting to $253.20 on June 29.
    6. A customer’s check for $90 had been entered as $60 in the cash receipts journal by Aguilar on
    June 15.
    7. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check
    no. 747 in the amount of $58.20 had been entered as $582. Both checks had been issued to pay
    for purchases of equipment.
    Instructions
    (a) Prepare a bank reconciliation dated June 30, 2015, proceeding to a correct cash balance.
    (b) Prepare any entries necessary to make the books correct and complete.

    P7-13

    a)

    AGUILAR CO.
    Bank Reconciliation
    June 30, 2015

    Cash balance per back statement 4,150


    Add: Deposits in transit 3,390
    7,540
    Less: Outstanding checks 2,136.05

    Adjusted cash balance per bank 5,403.95


    Cash balance per books 3,969.85

    Add: Error in recording deposit (90-60) 30

    Error on check no. 747 (582-58.20) 523.8

    Note collection (1,200+36) 1,236 1,789.8

    Less: NFS check 253.20

    Error on check no. 742 (491-419) 72

    Bank service charges (25=5.50) 30.5 355.7

    Adjusted cash balance per books 5,403.95

    b)

    Cash 1,789.80

    Accounts Receivable 30

    Accounts Payable 523.8

    Notes Receivable 1,200

    Interest Revenue 36

    Accounts Receivable 253.2

    Accounts Payable 72

    Office Expense-Bank charges 30.5

    Cash 355.7

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