skip to Main Content
The smarter way
to do assignments.

Please note that this is just a preview of a school assignment posted on our website by one of our clients. If you need assistance with this question too, please click on the Order button at the bottom of the page to get started.

Acc205 Module 5 (P7-42 and P8-42)      
                 
                 
              
                 
                 
P7-42 Preparing a bank reconciliation and journal
entries [20–25 min]         
                 
          Draper performs systems
consulting. Draper’s February Cash from its general ledger is as
follows:                
                 
           
 Cash
                                     
 Jan 31 Bal       23,115
          
 ck207
           
 4,300  Feb 1
Feb 6   2,930  ck208
           
 825      Feb 14
Feb 13 2,800  ck209
           
 1,455  Feb 14
Feb 20 4,800  ck210
           
 190      Feb 28
Feb 27 3,690  ck211
           
 550      Feb 28
 Feb 28 Unadj Bal      
 30,015              
                 
                 
            
 Draper’s bank statement dated February 28, 2013, follows:
                                               
 Bank Statement for February 2013
                                     
 Beginning Balance, January 31, 2013
                                  
 23,510
          
 Deposits and Other Credits:
                                    
 Feb 1.
                       
 700
               
 Feb 8.
                       
 2,930
            
 Feb 14. 
                    
 2,800
            
 Feb 20. EFT Hip Hop Hats – a customer
                 
 400
               
 Feb 22.
                     
 4,800
            
 Feb 28.  Interest credit
                     
 22        11,652    
                 
                 
 Checks and Other Debits:
                                        
 Feb 2. EFT to Paper Products
                      
 9
                   
 Feb 2. ck#206
                      
 1,095
            
 Feb 18. ck#207
                    
 4,300
            
 Feb 19. ck#209
                    
 1,455
            
 Feb 28. EFT to The Cable Co.
                     
 85
                 
 Feb 28. ck#208
                    
 825
               
 Bank Service Charge
                       
 18      
 (7,787)           
 Ending Balance, February 28, 2013
                        
 $27,375              
                 
     
 Requirements
                                               
 1. Prepare the February bank reconciliation.
                                    
 2. Journalize and post any transactions required from the
bank reconciliation. Key all items by date. Compute each account
balance, and denote the balance as Bal.        
                 
                
P8-42 Accounting for uncollectible accounts using the
allowance method [15–20 min]      
Draper reviewed the receivables list from the January
transactions (from Chapter 6). Draper identified on February 15
that a customer was not going to pay his receivable of $200 from
December 9. Draper uses the allowance method for receivables,
estimating uncollectibles to be 5% of January credit sales.
           
 Requirements
           
 1. Journalize the entry to record and establish the
allowance using the percentage method for January credit sales.
           
 2. Journalize the entry to record the identification of
the customer’s bad debt.       

GET HELP WITH THIS ASSIGNMENT TODAY

Clicking on this button will take you to our custom assignment page. Here you can fill out all the additional details for this particular paper (grading rubric, academic style, number of sources etc), after which your paper will get assigned to a course-specific writer. If you have any issues/concerns, please don’t hesitate to contact our live support team or email us right away.

How It Works        |        About Us       |       Contact Us

© 2018 | Intelli Essays Homework Service®

Back To Top