On December 1, 2010, Moreland Company had the following account balances

ACCT 100 : Introduction to Financial Accounting
San Francisco State University (SFSU)

Financial Accounting
Jerry J. Weygandt

Decision Making Across The Organization

Comprehensive Problem 7 (CP7) On December 1, 2010, Moreland Company had the following account balances.

AND SO ON

Instructions
(a) Journalize the December transactions. (Assume a perpetual inventory system.)
(b) Enter the December 1 balances in the ledger T accounts and post the December transactions. Use Cost of Goods Sold, Depreciation Expense, Insurance Expense, Salaries Expense, Sales, Sales Discounts, Income Tax Payable, and Income Tax Expense.
(c) The statement from Lyon County Bank on December 31 showed a balance of $22,164. A comparison of the bank statement with the cash account revealed the following facts.
1. The bank collected a note receivable of $2,500 for Moreland Company on December 15.
2. The December 31 receipts of $2,736 were not included in the bank deposits for December. The company deposited these receipts in a night deposit vault on December 31.
3. Checks outstanding on December 31 totaled $1,210.
4. On December 31 the bank statement showed a NSF charge of $800 for a check received by the company from C. Park, a customer, on account. Prepare a bank reconciliation as of December 31 based on the available information.
(Hint: The cash balance per books is $21,990. This can be proven by finding the balance in the Cash account from parts (a) and (b).)
(d) Journalize the adjusting entries resulting from the bank reconciliation and adjustment data.
(e) Post the adjusting entries to the ledger T accounts.
(f) Prepare an adjusted trial balance.
(g) Prepare an income statement for December and a classified balance sheet at December 31.

Check: (f) Totals $89,425; (g) Net income $ 1,325; Total assets $72,550

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On July 31, 2010, Fenton Company had a cash balance per books of $6,140

ACCOUNTING
Warren, Reeve and Duchac

Financial Accounting
Managerial Accounting
Carl Warren, James M. Reeve, Jonathan E. Duchac
Chapter 7
Problem 7-3A (P7-3A) On July 31, 2010, Fenton Company had a cash balance per books of $6,140. The statement from Jackson State Bank on that date showed a balance of $7,695.80. A comparison of the bank statement with the cash account revealed the following facts.
1. The bank service charge for July was $25.
2. The bank collected a note receivable of $1,500 for Fenton Company on July 15, plus $30 of interest. The bank made a $10 charge for the collection. Fenton has not accrued any interest on the note.
3. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to H. Coby, a creditor, for $384 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348.
5. Checks outstanding on July 31 totaled $1,980.10.
6. On July 31 the bank statement showed an NSF charge of $690 for a check received by the company from P. Figura, a customer, on account.
Instructions
(a) Prepare the bank reconciliation as of July 31.
(b) Prepare the necessary adjusting entries at July 31

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