Using Financial Accounting Information
10th Edition
ISBN: 9781337276337
Author: Porter, Gary A.
Publisher: Cengage Learning,
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Question
Chapter 3, Problem 3.15.2AAMCP
To determine
Introduction: The classified
To prepare: The classified balance sheet on July 31, and to predict the
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Check out a sample textbook solutionStudents have asked these similar questions
a) Update the cash receipts and cash payments journals by adding the necessary adjustments and
calculate the total cash receipts and cash payments for June.
b) Post from cash receipts and cash payments journals to the Cash at Bank ledger account and
balance the account.
c) Prepare a bank reconciliation statement at 30 June.
d) What is the amount of cash that should be reported on the 30 June balance sheet?
Required:a. Prepare proof of cash using the adjusted balance method?b. What is the adjusted bank disbursement in December?
Instructions:
Use the below bank account receipts and payments summary to create a
statement of cash flows. Use the direct method and follow the format in your
textbook, chapter 6.
Transaction Description
Date
1/1/20 Cash deposit to start business
1/1/20 Three month's rent
1/1/20 Cash register paid for
1/1/20 Store furniture paid for
1/31/20 Receipts for sales in January 2020
2/7/20 Widgets supplied in January paid for
2/25/20 Cash withdrawn for your own expenses
2/29/20 Receipts for sales in February 2020
3/15/20 Widgets supplied in February paid for
3/16/20 Store utility charges for Jan, Feb, Mar 2020
3/31/20 Receipts for sales March 2020
3/31/20 Balance in bank on March 31st 2020
Receipts
10,000
6,500
9,000
12,000
37,500
Payments
2,400
450
8,500
4,500
3,000
6,000
300
12,350
37,500
Chapter 3 Solutions
Using Financial Accounting Information
Ch. 3 - Prob. 3.1ECh. 3 - Prob. 3.2ECh. 3 - Prob. 3.3ECh. 3 - Prob. 3.4ECh. 3 - Prob. 3.5ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10E
Ch. 3 - Prob. 3.11MCECh. 3 - Prob. 3.12MCECh. 3 - Prob. 3.13MCECh. 3 - Prob. 3.14MCECh. 3 - Prob. 3.15MCECh. 3 - Prob. 3.16MCECh. 3 - Prob. 3.17MCECh. 3 - Prob. 3.18MCECh. 3 - Prob. 3.1PCh. 3 - Prob. 3.2.1PCh. 3 - Prob. 3.2.2PCh. 3 - Prob. 3.2.3PCh. 3 - Prob. 3.2.4PCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.2PCh. 3 - Prob. 3.3.3PCh. 3 - Prob. 3.3.4PCh. 3 - Prob. 3.4PCh. 3 - Prob. 3.5.1MCPCh. 3 - Prob. 3.5.2MCPCh. 3 - Prob. 3.5.3MCPCh. 3 - Prob. 3.6.1MCPCh. 3 - Transaction Analysis and Financial Statements Blue...Ch. 3 - Prob. 3.6.3MCPCh. 3 - Prob. 3.6.4MCPCh. 3 - Prob. 3.7.1MCPCh. 3 - Prob. 3.7.2MCPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.8MCPCh. 3 - Prob. 3.9.1MCPCh. 3 - Problem 3-9 Transaction Analysis and Journal...Ch. 3 - Prob. 3.10.1MCPCh. 3 - Prob. 3.10.2MCPCh. 3 - Prob. 3.10.3MCPCh. 3 - Prob. 3.10.4MCPCh. 3 - Prob. 3.11MCPCh. 3 - Prob. 3.12.1MCPCh. 3 - Prob. 3.12.2MCPCh. 3 - Prob. 3.13.1MCPCh. 3 - Prob. 3.13.2MCPCh. 3 - Prob. 3.14.1MCPCh. 3 - Prob. 3.14.2MCPCh. 3 - Prob. 3.14.3MCPCh. 3 - Prob. 3.14.4MCPCh. 3 - Prob. 3.14.5MCPCh. 3 - Prob. 3.15.1MCPCh. 3 - Prob. 3.15.2MCPCh. 3 - Prob. 3.15.3MCPCh. 3 - Prob. 3.15.4MCPCh. 3 - Prob. 3.1AAPCh. 3 - Prob. 3.2.1AAPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.1AAPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.4AAPCh. 3 - Prob. 3.4AAPCh. 3 - Prob. 3.5.1AAMCPCh. 3 - Prob. 3.5.2AAMCPCh. 3 - Prob. 3.5.3AAMCPCh. 3 - Prob. 3.6.1AAMCPCh. 3 - Prob. 3.6.2AAMCPCh. 3 - Prob. 3.7.1AAMCPCh. 3 - Prob. 3.7.2AAMCPCh. 3 - Prob. 3.8AAMCPCh. 3 - Prob. 3.9.1AAMCPCh. 3 - Prob. 3.9.2AAMCPCh. 3 - Prob. 3.10.1AAMCPCh. 3 - Prob. 3.10.2AAMCPCh. 3 - Prob. 3.10.3AAMCPCh. 3 - Prob. 3.10.4AAMCPCh. 3 - Prob. 3.11AAMCPCh. 3 - Prob. 3.12.1AAMCPCh. 3 - Prob. 3.12.2AAMCPCh. 3 - Prob. 3.13.1AAMCPCh. 3 - Prob. 3.13.2AAMCPCh. 3 - Prob. 3.14.1AAMCPCh. 3 - Prob. 3.14.2AAMCPCh. 3 - Prob. 3.15.1AAMCPCh. 3 - Prob. 3.15.2AAMCP
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- Open a ledger account for Cash in balance column format. Post general journal entries that impact cash from above transactions to the ledger account for cash.arrow_forwardWhich of the following accounts will get affected when cash is received from sale made on account in the last month? a. Cash and Service Revenue b. Cash and Accounts Receivable c. Cash and Salary Expense d. Cash and Notes Payablearrow_forwardPrepare the weekly entries for cash receipts from service fees and cash short and overarrow_forward
- Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,700 September 92,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 2$ % July: 2$ % 24 % August: 2$arrow_forwardBelow are the information provided by Mari&Ria Company for the preparation of proof of cash: Please prepare proof of cash and answer the following questions: How much is the adjusted cash balance for December 31? How much is the adjusted cash balance as of November 30?arrow_forwardWhich of the following is considered cash for financial reporting purposes? a. Accounts receivable.b. Investments with maturity dates greater than three months.c. Checks received from customers.d. Accounts payable.arrow_forward
- Indicate with Yes or No whether each of items should be included in the cash balance presented on the balance sheet. If yes is selected for the Included in Cash Balance column for NSF checks, Savings account,Compensating balance,post dated checks,IOU,cash on hand,cash in sinking fund, travel advance, bank draft and prepaid debit card. Include the Classification items excluded?arrow_forward1.How do you consider post-dated check in the statement of financial position? A.cash and cash equivalent B accounts receivable C accounts payable D cash in bank 2.Which of the following describes accrual accounting? A On September 20, the company record sales for the cash received from customers. Delivery of the items will be on October 5. B On September 20, the company record utility expense for the Meralco bills. Payment will be made on due date October 5. C On September 20, the company record sales for the items delivered and collected. D On September 20, the company record rent expense for the rental paid for the current month. 3. Which of the following describes merchandise inventory? A.Bought 5 cars for sale. B.Bought 5 cars for delivery services. C.Bought 5 cars for company's use. D.Bought 5 cars for raffle. 4. Which of the following expenses is a result of association cause and effect method? A.utility expense B. depreciation expense C.salaries expense D. sales…arrow_forwardThe time between cash disbursement and cash collection is which of the following? A- accounts payable period B- cash cycle C- operating cycle D- accounts receivable periodarrow_forward
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