Wk2 answers a2 - Week One Assignment One Solutions Regina Ivory Page 3 ACC 201 Week One Assignment One Solutions EXERCISE 1-2 a Investors put

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ACC 201 WEEK TWO SOLUTIONS – ASSIGNMENT TWO PROBLEM 4-20 Superior Auto Supply, Inc. Bank Reconciliation May 31, 2012 Unadjusted Bank Balance, May 31, 2012 $8,000 Add: Deposits in Transit $ 975 Bank Error 650 1,625 Less: Outstanding Checks #3013 385 3054 735 3056 1,900 (3,020) True Cash Balance, May 31, 2012 $6,605 Unadjusted Book Balance, May 31, 2012 1
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$5,565* Add: Note Collected by Bank $ 500 Error in recording payment for utilities 700 1,200 Less: Collection Fee 10 Bank Service Charge 25 NSF Checks 125 (160) True Cash Balance, May 31, 2012 $6,605 PROBLEM 4-21 Reconciling Items Book Balance Adjusted? Added or 2
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Subtracted? a. No NA b. No NA c. Yes - $9 d. Yes + $330 e. No NA f. Yes - $22 g. No NA h. Yes - $31 Housekeeping Details!!!! Regina Ivory Week Three Deliverables!!!! Regina Ivory
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Unformatted text preview: Week One Assignment One Solutions Regina Ivory Page 3 ACC 201 Week One Assignment One Solutions EXERCISE 1-2 a. Investors put assets into the company with the expectation of sharing profits. Creditors lend assets to the company with the expectation of repayment of the principal plus interest on the loan. b. Kennedy Company Accounting Equation Event Assets = Liabilities + Stockholders’ Equity Cash Notes Payable Common Stock Retained Earnings Acquired assets $3,400 $1,600 $1,800 Incurred loss (1,600) 4 EXERCISE 2-22 a. Directly matched b. Period expense c. Period expense d. Directly matched EXERCISE 2-25 Item Statement Item Statement a. BS i. BS b. IS j. BS c. IS k. SE d. BS l. CF e. CF Page 5 m. BS,SE f. IS n. IS g. NA o. BS/CF h. BS 6...
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This note was uploaded on 09/08/2011 for the course ACC 201 taught by Professor Alao during the Spring '10 term at Ashford University.

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Wk2 answers a2 - Week One Assignment One Solutions Regina Ivory Page 3 ACC 201 Week One Assignment One Solutions EXERCISE 1-2 a Investors put

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