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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
 Jan 31 Bal       23,115
 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      
 Draper’s bank statement dated February 28, 2013, follows:
 Bank Statement for February 2013
 Beginning Balance, January 31, 2013
 Deposits and Other Credits:
 Feb 1.
 Feb 8.
 Feb 14. 
 Feb 20. EFT Hip Hop Hats – a customer
 Feb 22.
 Feb 28.  Interest credit
 22        11,652    
 Checks and Other Debits:
 Feb 2. EFT to Paper Products
 Feb 2. ck#206
 Feb 18. ck#207
 Feb 19. ck#209
 Feb 28. EFT to The Cable Co.
 Feb 28. ck#208
 Bank Service Charge
 Ending Balance, February 28, 2013
 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.
 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.       


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