Start by reading and following these instructions:
1. Quickly skim the questions or assignment below and the assignment rubric to help you focus.
2. Read the required chapter(s) of the textbook. Some answers may require you to do additional research on the Internet or in other reference sources. Choose your sources carefully.
3. Consider the discussion and the any insights you gained from it.
4. Produce the Assignment submission in a single Microsoft Word or Open Office document. Be sure to cite your sources, use APA style as required, check your spelling.
Assignment:
1. The books have been closed for the first year of business for Sanchez Computer Center. The company ended up with a marginal profit for the first three months in operation. Tony expects faster growth as he enters a busy season.
Following is a list of transactions for the month of October, 201X. Petty Cash account #1010 and Miscellaneous Expense account #5100 have been added to the chart of accounts.
Oct. 1 Paid rent for November, December, and January, $1,200 (check no. 8108).
Oct. 2 Established a petty cash fund for $100.
Oct. 4 Collected $3,600 from a cash customer for building five systems.
Oct. 5 Collected $2,600, the amount due from A. Pitale’s invoice no. 12674, customer on account.
Oct. 6 Purchased $25 worth of stamps using petty cash voucher no. 101.
Oct. 7 Withdrew $2,000 (check no. 8109) for personal use.
Oct. 8 Purchased $22 worth of supplies using petty cash voucher no. 102.
Oct. 12 Paid the newspaper carrier $10 using petty cash voucher no. 103.
Oct. 16 Paid the amount due on the September phone bill, $65 (check no. 8110).
Oct. 17 Paid the amount due on the September electric bill, $95 (check no. 8111).
Oct. 22 Performed computer services for Taylor Golf; billed the client $4,200 (invoice no. 12675).
Oct. 23 Paid $20 for computer paper using petty cash voucher no. 104.
Oct. 30 Took $15 out of petty cash for lunch, voucher no. 105.
Oct. 31 Replenished the petty cash. Coin and currency in drawer total $8.
Because Tony was so busy trying to close his books, he forgot to reconcile his last three months of bank statements. A list of all deposits and checks written for the past three months (each entry is identified by chapter, transaction date, or transaction letter) and the bank statements for July through September are provided. The statement for October won’t arrive until the first week of November.
Task
a. Record the transactions in general journal or petty cash format.
b. Post the transactions to the general ledger accounts.
c. Prepare a trial balance.
d. Compare the Computer Center’s deposits and checks with the bank statements and complete a bank reconciliation as of September 30, 201X.
Chapter
Transaction
Payor/Payee
Amount
Deposits
1
a
Tony Freedman
$4,500
1
f
Cash customer
250
1
i
Taylor Golf
1,200
1
g
Cash Customer
200
2
p
Cash Customer
900
3
Sept. 2
Tonya Parker Jones
325
3
Sept. 6
Summer Lipe
220
3
Sept. 12
Jeannine Sparks
850
3
Sept. 26
Mike Hammer
140
Chapter
Transaction
Check #
Payor/Payee
Amount
Checks
1
b
8095
Multi Systems, Inc.
$1,200
1
c
8096
Office Furniture, Inc.
600
1
e
8097
Capital Management
400
1
j
8098
Tony Freedman
100
2
l
8099
Insurance Protection, Inc.
150
2
m
8100
Office Depot
200
2
n
8101
Computer Edge Magazine
1,400
2
q
8102
San Diego Electric
85
2
r
8103
U.S. Postmaster
50
3
Sept. 1
8104
Capital Management
1,200
3
Sept. 8
8105
Pacific Bell USA
155
3
Sept. 15
8106
Computer Connection
200
3
Sept. 16
8107
Multi Systems, Inc.
1,200
Bank Statement
First Union Bank 322 Glen Ave. Escondido, CA 92025
Sanchez Computer Center
Statement Date: July 22, 201X
Checks Paid:
Deposits and Credits:
Date paid
Number
Amount
Date received
Amount
7-4
8095
1,200.00
7-1
4,500.00
7-7
8096
600.00
7-10
250.00
7-15
8097
400.00
7-20
1,200.00
7-21
200.00
Total 3 checks paid: $2,200.00
Total Deposits
$6,150.00
Ending balance on July 22: $3,950.00
Received statement: July 29, 201X.
Bank Statement
First Union Bank 322 Glen Ave. Escondido, CA 92025
Sanchez Computer Center
Statement Date: August 21, 201X
Checks Paid:
Deposits and Credits:
Date paid
Number
Amount
Date received
Amount
8-2
8098
100.00
8-12
900.00
8-3
8099
150.00
8-10
8100
200.00
8-15
8101
1,400.00
8-20
8102
85.00
Total 3 checks paid: $1,935.00
Total Deposits
$900.00
Beginning balance on July 22: $3,950.00
Ending balance on August 21: $2,915.00
Received statement: August 27, 201X.
Bank Statement
First Union Bank 322 Glen Ave. Escondido, CA 92025
Sanchez Computer Center
Statement Date: July 22, 201X
Checks Paid:
Deposits and Credits:
Date paid
Number
Amount
Date received
Amount
9-2
8098
50.00
9-4
325.00
9-6
8099
1,200.00
9-7
220.00
9-12
8100
155.00
9-14
850.00
Total 3 checks paid: $1,405.00
Total Deposits
$1,395.00
Beginning balance on August 21: $2,915.00
Ending balance on September 21: $2,905.00
Received statement: September 29, 201X.
2. From the following in 201X, record the transactions in Burbanks’s auxiliary petty cash record and general journal as needed:
Oct. 1 A check was drawn (no. 444) payable to Jane Janiak, petty cashier, to establish a $180 petty cash fund.
Oct. 5 Paid $26 for postage stamps, voucher no. 1.
Oct. 9 Paid $10 for delivery charges on goods for resale, voucher no. 2.
Oct. 12 Paid $18 for donation to a church (miscellaneous expense), voucher no. 3.
Oct. 14 Paid $12 for postage stamps, voucher no. 4.
Oct. 17 Paid $21 for delivery charges on goods for resale, voucher no. 5.
Oct. 27 Purchased computer supplies from petty cash for $18; voucher no. 6.
Oct. 28 Paid $20 for postage, voucher no. 7.
Oct. 29 Drew check no. 592 to replenish petty cash and a $12 shortage.
3. Slacks.com received a bank statement from French Bank indicating a balance of $8,200. Based on Slacks.com’s check stubs, the ending checkbook balance was $9,000. Your task is to prepare a bank reconciliation for Slacks.com as of July 31, 201X, from the following information (journalize as needed):
a. Checks outstanding: no. 122, $850; no. 130, $720.
b. Deposits in transit, $2,100.
c. Slacks.com forgot to record a $1,300 equipment purchase made with a debit card.
d. Bank service charges, $55.
e. French bank collected a note for Slacks.com, $1,090, less a $5 collection fee.
4. From the following in 201X, record the transactions in Burbank’s auxiliary petty cash record and general journal as needed:
Oct. 1 A check was drawn (no. 444) payable to Eileen Cooper, petty cashier, to establish a $200 petty cash fund.
Oct. 5 Paid $20 for postage stamps, voucher no. 1.
Oct. 9 Paid $11 for delivery charges on goods for resale, voucher no. 2.
Oct. 12 Paid $16 for donation to a church (miscellaneous expense), voucher no. 3.
Oct. 14 Paid $10 for postage stamps, voucher no. 4.
Oct. 17 Paid $20 for delivery charges on goods for resale, voucher no. 5.
Oct. 27 Purchased computer supplies from petty cash for $25, voucher no. 6.
Oct. 28 Paid $13 for postage, voucher no. 7.
Oct. 29 Drew check no. 715 to replenish petty cash and a $5 shortage.
Our Service Charter
-
Excellent Quality / 100% Plagiarism-Free
We employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers. -
Free Revisions
We keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed. -
Confidentiality / 100% No Disclosure
We make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service. -
Money Back Guarantee
If the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit. -
24/7 Customer Support
We have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.