Question : 169. Highlight Hotel deposits all cash receipts the day when : 1256905

 

169. Highlight Hotel deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on December 31, its Cash account shows a $18,393, debit balance. Highlight Hotel’s June 30 bank statement shows $15,921 on deposit in the bank. Prepare a bank reconciliation for Highlight Hotel using the following information:

 

 

1.Outstanding checks as of December 31 total $2,261.

2.The December 31 bank statement included a $35 debit memorandum for bank services.

3.Check No. 2519, listed with the canceled checks, was correctly drawn for $850 in payment of a utility bill on December 16. Highlight Hotel mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $805.

4.The December 31 cash receipts of $3,425 were placed in the bank’s night depository after banking hours and were not recorded on the December 31 bank statement.

5.The bank statement included a check from a customer’s payment of an account receivable that had been returned NSF in the amount of $1,228.

Prepare the bank reconciliation for December 31.

 

 

 

 

 

 

 

 

170. Highlight Hotel deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on December 31, its Cash account shows a $18,393, debit balance. Highlight Hotel’s June 30 bank statement shows $15,921 on deposit in the bank. Prepare the necessary adjusting journal entries using the following information:

 

1.Outstanding checks as of December 31 total $2,261.

2.The December 31 bank statement included a $35 debit memorandum for bank services.

3.Check No. 2519, listed with the canceled checks, was correctly drawn for $850 in payment of a utility bill on December 16. Highlight Hotel mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $805.

4.The December 31 cash receipts of $3,425 were placed in the bank’s night depository after banking hours and were not recorded on the December 31 bank statement.

5.The bank statement included a check from a customer’s payment of an account receivable that had been returned NSF in the amount of $1,228.

Prepare the necessary adjusting journal entries.

 

 

 

 

 

171. A company established a petty cash fund in May of the current year and experienced the following transactions affecting the fund during May:

May 1Establish petty cash account in the amount of $300.

May 5Paid for miscellaneous office supplies in the amount of $53.22.

May 9Reimbursed human resource manager for business lunch, $45.09.

May 15Paid for minor landscaping services, $75.00.

May 22Paid $65.00 for postage.

May 31           Counted remaining cash and discovered that $56.34 remained.

Prepare the journal entry to establish the fund on May 1.

 

 

 

172. A company established a petty cash fund in May of the current year and experienced the following transactions affecting the fund during May:

May 1Establish petty cash account in the amount of $300.

May 5Paid for miscellaneous office supplies in the amount of $53.22.

May 9Reimbursed human resource manager for business lunch, $45.09.

May 15Paid for minor landscaping services, $75.

May 22Paid $65.00 for postage.

May 31           Counted remaining cash and discovered that $56.34 remained.

Prepare the journal entry to reimburse the fund on May 31.

 

 

 

 

173. A company established a petty cash fund in May of the current year and experienced the following transactions affecting the fund during May:

May 1Establish petty cash account in the amount of $300.

May 5Paid for miscellaneous office supplies in the amount of $53.22.

May 9Reimbursed Human Resource Manager for business lunch, $45.09.

May 15Paid for minor landscaping services, $75.

May 22Paid $65.00 for postage.

May 31           Counted remaining cash and discovered that $56.34 remained.

The company decided to increase the petty cash balance to $450. Prepare the journal entry to increase the fund on May 31.

 

 

 

 

 

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