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Chapter 8 TEST document:
PROBLEM #1 – 22 points
Greenview Food Store developed the following information in recording its bank statement for the month of March 20XX.
Balance per books on March 31 $ 829
Balance per bank on March 31 $ 7,030
1) Checks written in March but still outstanding, $5,200.
2) Checks written in February but still outstanding, $1,200.
3) Deposits of March 30 and 31 not yet recorded by bank, $3,100.
4) NSF check of customer returned by bank, $400.
5) Check #210 for $675 was correctly issued and paid by the bank but incorrectly entered in the cash payments journal as payment on account for $657, for payment to a creditor.
6) Bank service charge for March was $31.
7) A payment on account was incorrectly entered into the cash payments journal and posted to the accounts payable subsidiary ledger for $854 when check #318 was correctly prepared for $584. The check cleared the bank in March.
8) The bank collected a note receivable for the company for $3,000 plus $80 interest.
a) Prepare a bank reconciliation for the Greenview Food Store for the month of March 31, 20XX.
b) Journalize the adjusting entries for Greenview Food Store on March 31, 20XX.
PROBLEM #2 – 18 points
Jenrob Company completed the following selected transactions during January 20XX.
January 1 Established a petty cash fund of $500
15 The cash sales for the day per the register tape were $3,018.
The actual cash received from cash sales were $3,011.
31 Petty cash on hand was $123. Replenished the petty cash fund for the following
Jan 2 Office supplies, $45
10 Postage due on letter, $29 (Miscellaneous Expense)
14 Office supplies, $56.
17 Postage stamps, $42 (Office Supplies).
20 Express charges on merchandise sold, $136 (Delivery Expense).
22 Repair to desk, $63 (Miscellaneous Expense).
30 Office supplies, $12.
31 The cash sales for the day per the register tape were $2,812.
The actual cash received from cash sales were $2,822.
31 Decreased the petty cash fund by $100.
What is the balance in the cash short/over account (DR or CR & $ amount)? Is it a revenue or an expense?
Balance in Cash Short/Over? ______________________________
Revenue or Expense? ____________________________________