Professional Documents
Culture Documents
M63.
$9,400
282
$9,118
$10,500
500
10,000
100
9,900
$19,018
E623.
Req. 1
JACKSON COMPANY
Bank Reconciliation, June 30, 2011
Company's Books
Bank Statement
account
$6,000
statement
$6,060
Additions:
Additions:
Deposit in transit
None
1,900*
7,960
Deductions:
Deductions:
40
$5,960
Outstanding checks
2,000
$5,960
Req. 2
Bank service charge expense (+E, SE) ...................................
40
Cash (A)........................................................................
40
Req. 3
The correct cash balance per the bank reconciliation ($6,000 $40), $5,960
Req. 4
Balance sheet (June 30, 2011):
Current assets:
Cash ...................................................................................
$5,960
AP61.
Req. 1
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(l)
(m)
Total
Sales
Revenue
+227,000
+12,000
+23,500
NE
+26,000
NE
NE
NE
NE
+18,500
NE
NE
NE
+$307,000
Sales Discounts
(taken)
NE
NE
NE
+240
NE
-10
+1,800*
NE
+400
NE
NE
NE
NE
+$2,430
Sales Returns
and Allowances
NE
NE
NE
NE
NE
+500
NE
+3,500
NE
NE
NE
NE
NE
+$4,000
Bad Debt
Expense
NE
NE
NE
NE
NE
NE
NE
NE
NE
NE
NE
NE
+3,040**
+$3,040
$80,000
4,000
$76,000
4%
$3,040
Req. 2
Income statement:
Sales revenue ........................................................... $307,000
Less: Sales returns and allowances ..............
4,000
2,430
$300,570
Operating expenses
Bad debt expense ...................................................
$3,040
AP71.
a)
Unit
Total
Units
Cost
Cost
390
$32
$12,480
700
34
23,800
460
37
17,020
1,550
$53,300
b) and c)
1.
2.
Average cost:
Average unit cost
$53,300 1,550=$34.39.
Ending inventory
$25,105
($53,300 $25,105)
$28,195
First-in, first-out:
Ending inventory
$26,200
($53,300 $26,200)
$27,100
3.
Last-in, first-out:
Ending inventory
4.
$24,040
($53,300 $24,040)
$29,260
Specific identification:
Ending inventory
$25,036
($53,300 $25,036)
$28,264