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    Metroid101's Avatar
    Metroid101 Posts: 3, Reputation: 1
    New Member
     
    #1

    Feb 23, 2006, 05:36 PM
    2 more questions
    From the information below where does the rent revenue come in at? I am trying to figure out the income summary, but I can't figure it out so I can finish journalizing it.

    On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the
    Year ended October 31 for Shore Co. journalize the four closing entries.

    Cash-- Dr. 21,500
    Accounts Receivable--Dr.45,200
    Supplies--Dr.5,000
    Equipment-- Dr.169,900
    Accumulated Depreciation--Cr. 69,000
    Accounts Payable--Cr.42,500
    Stan Shore, capital--Cr.152,600
    Stan Shore, drawing--Dr.30,000
    Fees Earned--Cr.404,500
    Salary Expense--Dr.300,500
    Rent Expense--Dr.60,000
    Depreciation Expense--Dr.25,000
    Supplies Expense--Dr.9,500
    Miscellaneous Expense--Dr.2,000

    Totals-- Dr.668,600 Cr.668,600
    ------------------------------------------------------------------------
    Next question:
    I must do a bank reconciliation, I am having problems with part 5 where it talks about credit memorandum. Also, looking at the book I am confused on journalizing it.

    On September 30 of the current year, Dumont Co.'s checkbook showed a balance of $7,540, and thebank statement showed a balance of $8,510. A comparison of the bank statement and Dumont's records as of September 30 revealed the following:

    A deposit of $1,900, mailed to the bank by Dumont on September 29, was not included in the bankstatement of September 30.

    The following checks were outstanding: Check # 255 for $325, Check # 280 for $100, and Check # 295
    For $700.

    Check # 289 in payment of a voucher had been written for $140 and had been recorded at that amount by the bank. However, Dumont had recorded it in the check register as $410.

    A check for $910 received from a customer was deposited in the bank. The bank recorded it at the correctamount, but Dumont recorded it at $190.

    Included with the bank statement was a credit memorandum for $780, representing proceeds of a $700 note receivable left at the bank for collection. This had not been recorded on Dumont's books.

    Included with the bank statement was a debit memorandum for $25 for service charges that had not been recorded on Dumont's books.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
     
    #2

    Feb 23, 2006, 11:27 PM
    Quote Originally Posted by Metroid101
    From the information below where does the rent revenue come in at? I am trying to figure out the income summary, but I can't figure it out so I can finish journalizing it.

    On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the
    year ended October 31 for Shore Co., journalize the four closing entries.

    Cash-- Dr. 21,500
    Accounts Receivable--Dr.45,200
    Supplies--Dr.5,000
    Equipment-- Dr.169,900
    Accumulated Depreciation--Cr. 69,000
    Accounts Payable--Cr.42,500
    Stan Shore, capital--Cr.152,600
    Stan Shore, drawing--Dr.30,000
    Fees Earned--Cr.404,500
    Salary Expense--Dr.300,500
    Rent Expense--Dr.60,000
    Depreciation Expense--Dr.25,000
    Supplies Expense--Dr.9,500
    Miscellaneous Expense--Dr.2,000

    Totals-- Dr.668,600 Cr.668,600

    Rent Revenue seems to be a part of:

    Fees Earned--Cr.404,500
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
     
    #3

    Feb 24, 2006, 04:13 PM
    Next question:
    I must do a bank reconciliation, I am having problems with part 5 where it talks about credit memorandum. Also, looking at the book I am confused on journalizing it.

    On September 30 of the current year, Dumont Co.'s checkbook showed a balance of $7,540, and thebank statement showed a balance of $8,510. A comparison of the bank statement and Dumont's records as of September 30 revealed the following:


    Dumont Co's Books
    7,540

    Bank's Books
    8,510


    A deposit of $1,900, mailed to the bank by Dumont on September 29, was not included in the bankstatement of September 30.


    Dumont Co's Books
    7,540

    Bank's Books
    8,510
    +1,900


    The following checks were outstanding: Check # 255 for $325, Check # 280 for $100, and Check # 295
    For $700.

    Dumont Co's Books
    7,540

    Bank's Books
    8,510
    +1,900
    -325
    -100
    -700


    Check # 289 in payment of a voucher had been written for $140 and had been recorded at that amount by the bank. However, Dumont had recorded it in the check register as $410.

    Dumont Co's Books
    7,540
    +410
    -140

    Bank's Books
    8,510
    +1,900
    -325
    -100
    -700


    A check for $910 received from a customer was deposited in the bank. The bank recorded it at the correctamount, but Dumont recorded it at $190.

    Dumont Co's Books
    7,540
    +410
    -140
    -190
    +910

    Bank's Books
    8,510
    +1,900
    -325
    -100
    -700



    Included with the bank statement was a credit memorandum for $780, representing proceeds of a $700 note receivable left at the bank for collection. This had not been recorded on Dumont's books.

    Dumont Co's Books
    7,540
    +410
    -140
    -190
    +910
    +780

    Bank's Books
    8,510
    +1,900
    -325
    -100
    -700


    Included with the bank statement was a debit memorandum for $25 for service charges that had not been recorded on Dumont's books.

    Dumont Co's Books
    7,540
    +410
    -140
    -190
    +910
    +780
    -25

    Bank's Books
    8,510
    +1,900
    -325
    -100
    -700


    Totals

    Dumont Co's Books
    7,540
    +410
    -140
    -190
    +910
    +780
    -25
    Total = 9,285

    Bank's Books
    8,510
    +1,900
    -325
    -100
    -700
    Total = 9,285

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