were purchased. The stock investments will be sold in the next 6 to 12
months. The plant expansion project will begin in 3 years.
What amount should Nayak report as ―Cash and cash equivalents‖ on
its balance sheet? ............
P7-3A: On May 31, 2014, Terrell Company had a cash balance per
books of $6,781.50. The bank statement from Home Town State Bank
on that date showed a balance of $6,804.60. A comparison of the
statement with the cash account revealed the following facts. ............
a)
Prepare the bank reconciliation at May 31, 2014. ............
b)
Prepare the necessary adjusting entries for Terrell Company at
May 31, 2014............
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ACC 557 Week 5, Chapter 8 (E8-3, E8-5, E8-14, P8-7A)
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ACC 557 Week 5, Chapter 8 (E8-3, E8-5, E8-14, P8-7A)
E8-3: The ledger of Elburn Company at the end of the current year
shows Accounts Receivable $110,000, Sales Revenue $840,000, and
Sales Returns and Allowances $28,000. ............
E8-5: At December 31, 2013, Crawford Company had a balance of
$15,000 in Allowance for Doubtful Accounts. During 2014, Crawford
wrote off accounts totaling $14,100. One of those accounts ($1,800)
was later collected. At December 31, 2014, an aging schedule indicated
that the balance in Allowance for Doubtful Accounts should be
$19,000. ............