Metroid101
Feb 23, 2006, 05:36 PM
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
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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.
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.