14 Aug

ac116 Unit 2 Wiley Assignment post has both wiley assignments

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Ursula Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period.

July 1

Established petty cash fund by writing a check on Scranton Bank for $225.00.

Replenished the petty cash fund by writing a check for $220.80. On this date the fund consisted of $4.20 in cash and the following petty cash receipts: freight-out $93.80, postage expense $41.40, entertainment expense $48.60, and miscellaneous expense $35.29.

Replenished the petty cash fund by writing a check for $216.70. At this date, the fund consisted of $8.30 in cash and the following petty cash receipts: freight-out $82.10, charitable contributions expense $45.60, postage expense $51.10, and miscellaneous expense $37.90.

Aug. 15

Replenished the petty cash fund by writing a check for $211.20. On this date, the fund consisted of $13.80 in cash and the following petty cash receipts: freight-out $74.20, entertainment expense $44.80, postage expense $34.10, and miscellaneous expense $59.90.

Increased the amount of the petty cash fund to $310.00 by writing a check for $85.00.

Replenished petty cash fund by writing a check for $292.60. On this date, the fund consisted of $17.40 in cash and the following petty cash receipts: postage expense $142.00, travel expense $92.60, and freight-out $56.40.

On May 31, 2012, Sabre Company had a cash balance per books of $7,259.50. The bank statement from New York State Bank on that date showed a balance of $6,882.60. A comparison of the statement with the cash account revealed the following facts.

1.		The statement included a debit memo of $46.00 for the printing of additional company checks.
2.		Cash sales of $933.00 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $983.00. The bank credited Sabre Company for the correct amount.
3.		Outstanding checks at May 31 totaled $1,054.25. Deposits in transit were $2,394.15.
4.		On May 18, the company issued check No. 1181 for $663 to Carol Stills on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Sabre Company for $636.
5.		A $2,978.00 note receivable was collected by the bank for Sabre Company on May 31 plus $86.00 interest. The bank charged a collection fee of $26.00. No interest has been accrued on the note.
6.		Included with the cancelled checks was a check issued by Rapier Company to Tom Lujak for $1,278.00 that was incorrectly charged to Sabre Company by the bank.
7.		On May 31, the bank statement showed an NSF charge of $674.00 for a check issued by Jo Bennett, a customer, to Sabre Company on account.

(a) Prepare the bank reconciliation at May 31, 2012.

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