Examen final - Exercise I On October 1, Grayson Companys...

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On October 1, Grayson Company’s petty cash fund of $120 is replenished. The fund contains cash of $40, and receipts for supplies of $55 and postage of $25. Prepare the journal entry to record the replenishment of the petty cash fund. Dr. Cr. Dr. Cr. Oct. 1 Petty Cash 120 Oct. 1 Supplies Expense 55 Cash 120 Postage Expense 25 Petty Cash of Grayson Company Cash 80 Expenses of Grayson Company Exercise II Identify whether each of the following items would be (a) Added to the book balance, (b) Deducted from The book Balance in a Bank Reconciliation, (c) Added to the bank balance, or (d) Deducted from the bank balance. 1. Deposit in transit- Added to the bank balance. 2. Bank service charge- Deducted from the balance. 3. Collection of note and interest by bank or company’s behalf- Deducted from the book balance in bank reconciliation. 4. NSF check- Deducted from the book balance. 5.
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This note was uploaded on 02/02/2012 for the course ACCO 3000 taught by Professor Rein during the Spring '11 term at American International.

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Examen final - Exercise I On October 1, Grayson Companys...

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