Mgmt 200 Assignment Soln 2-7-11

Mgmt 200 Assignment Soln 2-7-11 - EFT for rent −1,200...

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Management 200 – Introductory Financial Accounting– Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for February 7, 2011 Problem 4-2A Requirement 1: Oscar’s Red Carpet Store Bank Reconciliation February 28, 2012 Bank’s Cash Balance Company’s Cash Balance Before reconciliation $10,350 Before reconciliation $6,800 Deposits outstanding + 1,100 NSF check 300 Checks outstanding 1,700 Company error 800
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Unformatted text preview: EFT for rent −1,200 Interest on account + 150 Note collected +5,000 Interest on note + 200 Service charges − 100 After reconciliation $ 9,750 After reconciliation $9,750 Requirement 2: Debit Credit Cash 5,350 Notes Receivable 5,000 Interest Revenue 350 ( Reconcile cash increases ) Accounts Receivable 300 Advertising Expense 800 Rent Expense 1,200 Service Charge Expense 100 Cash 2,400 ( Reconcile cash decreases )...
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