05-03Pr_5e_s

# Survey of Accounting (Available Titles Cengagenow)

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Problem 5-3 Name: Section: Score: 0% Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) wil appear in the column to the right of an incorrect answer. 1. FRED'S SPORTS CO. Bank Reconciliation June 30, 2010 Balance per bank statement Add Deduct: Adjusted balance Balance per company's records Add: Deduct: Adjusted balance 2. Assets = Liabilities + Stockholders' Equity Notes Accounts Retained Cash + Receivable = Payable + Earnings a. Effects of additions to cash balance: b. Effects of subtractions from cash balance: Instructions

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Problem 5-3 Name: SOLUTION Section: Score: See student sheet for student's score Scoring: ON Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) wil appear in the column to the right of an incorrect answer.
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Unformatted text preview: 1. FRED'S SPORTS CO. Bank Reconciliation June 30, 2010 Balance per bank statement \$18,175 Add Deposit of June 30, not recorded by bank 4,275 \$22,450 Deduct: Outstanding checks \$6,840 Bank error in charging check as \$460 instead of \$640 180 7,020 Adjusted balance \$15,430 Balance per company's records \$13,065 Add: Proceeds of note col ected by bank, including \$240 interest \$3,240 Error in recording check 720 3,960 \$17,025 Deduct: Check returned because of insufficient funds \$1,560 Bank service charges 35 1,595 Adjusted balance \$15,430 2. Assets = Liabilities + Stockholders' Equity Notes Accounts Retained Cash + Receivable = Payable + Earnings a. Effects of additions to cash balance: \$3,960 \$(3,000) \$720 \$240 b. Effects of subtractions from cash balance: (1,595) 1,560 (35) Instructions...
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05-03Pr_5e_s - 1 FRED'S SPORTS CO Bank Reconciliation...

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