ACC111 Financial Accounting

 

Question 1

 

  1. Following is the adjusted trial balance of Post Company.  Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings.

 

 

 

 

POST COMPANY

ADJUSTED TRIAL BALANCE

 

Debit 

Credit

Cash

80,000

 

Accounts Receivable

11,100

 

Prepaid Insurance

1,500

 

Equipment

5,000

 

Accumulated Depreciation 

 

1,000

Supplies

500

 

Accounts Payable

 

900

Wages Payable

 

300

Unearned Revenue

 

1,500

Contributed Capital

 

80,000

Retained Earnings

 

0

Sales

 

17,000

Gas Expense

400

 

Supply Expense

200

 

Insurance Expense

200

 

Depreciation Expense

200

 

Wage Expense

600

 

Dividends

1,000

 

 

99,700

99,700

 

 

 

Question 2

 

  1.  

 

MATRIX INC. BANK RECONCILIATION

Cash balance per bank

$8,500

Cash balance per books (general ledger)

$7,320

Outstanding checks

$2,000

Check mailed to the bank for deposit had

 

 not reached the bank by the statement

 

 date.

$450

NSF check returned by the bank for 

 

 accounts receivable

$200

July interest earned on the bank statement

$10

Check no. 700 for misc. expense cleared

 

 the bank for $200; erroneously recorded

 

 in the Matrix books for $20

 

 

 

 

 

Prepare a bank reconciliation.

 

 

 

Shown the accounting entries that must be made by Matrix in journal entry and T-Account format.

 

 
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