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ch.-6drill sheets act - Chapter 6 Lab/Practice Exercises...

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Chapter 6 – Lab /Practice Exercises Bank Reconciliations M6-8 . Indicate whether the following items would be added (+) or subtracted (-) from the company’s books or bank statement side of a bank reconciliation. Reconciling item Bank Statement Company’s Books a. Outstanding checks of $12,000 __________________ _________________ b. Bank Service charge of $15 __________________ _________________ c. Deposit in transit of $2,300 __________________ _________________ d. Interest earned of $5 __________________ _________________ M6-9 Preparing Journal Entries after a Bank Reconciliation Using the information in M6-8, prepare any journal entries needed to adjust the company’s books. CP6-2 Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries : Bank Reconciliation BANK BOOKS Add: Add: Less: Less: Adjusted bank balance Adjusted book balance 1.Give any journal entries that the company should make as a result of the bank reconciliation. Why are they necessary? You can use this sheet for CP 6-3, CA 6-2, CA 6-3 fo r additional practice on Bank Reconciliations. Acc 2013 Chapter 6 Lab Practice, 3 rd edition Page 1 of 8
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Sales Journal Entries M6-13 Reporting Net Sales and Gross Profit with Sales Discounts Merchandise costing $1,500 is sold for $2,000 on terms 2/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit?
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