Homework 5 Solution

# Homework 5 Solution - LAST NAME FIRST NAME_PUID Management...

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LAST NAME : _____________ F IRST NAME ______________PUID_________________ Management 200 – Introductory Financial Accounting– Maymester 2010 Krannert School of Management - Purdue University Homework 5 – due Thursday, June 3, 2010 - SOLUTION IMPORTANT: This homework must be turned in on this sheet of pages (please staple). It is preferred that you print it out two-sided if at all possible. Assignments not completed on this form will not be graded. The grade for this assignment will be based on the correctness of a partial portion of the assignment – the full assignment will not be graded. Please print your name and PUID clearly and legibly in the spaces above. PART A: The following information is available to assist you in preparing the bank reconciliation for Plate Inc. for April 2010. All cash receipts are banked intact twice a week (Tuesday and Saturday) and all payments are made by check. The firm’s ledger account for cash and the bank statement for April 2010 are available below. Listed on the March 2010 bank reconciliation were un-presented checks # 817 for \$500, #825 for \$2,100 and #826 for \$2,280. BANK STATEMENT Date Details Checks Deposits Balance Mar. 31 \$14,680 Apr. 5 #829 440 6,200 20,440 Apr. 7 #825 2,100 18,340 Apr. 10 #832 600 5,440 23,180 Apr. 12 #826 2,280 #831 1,650 7,750 27,000 Apr. 14 #830 1,200 NSF Check 2/3/10 780 25,120 Apr. 17 3,250 28,370 Apr. 19 #834 3,200 5,710 30,880 Apr. 20 #835 5,000 25,880 Apr. 24 #833 6,250 3,290 22,920 Apr. 26 #837 1,210 4,660 26,370 Apr. 28 Interest 20 Bank service fees 70 26,220 ____________________________Cash __________________________ Balance 3/31/10 9,800 4//10Check #829 440 4/4/10 6,200 4/7/10 #830 1,200 4/8/10 5,440 4/8/10 #831 1,650 4/10/10 7,750 4/11/10 #832 600 4/15/10 3,250 4/13/10 #833 6,250 4/18/10 5,710 4/18/10 #834 3,200 4/22/10 3,290 4/20/10 #836 3,520 4/25/10 4,660 4/25/10 #837 1,210 4/29/10 1,940 4/29/10 #838 1,300 Balance 4/30/10 28,670

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Homework 5 continued over . . . Homework 5 continued. Required: a. Why is the opening balance in the cash ledger account (\$9,800) different than the opening balance on the bank statement (\$14,680)?
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