AC/113 AC113 AC 113 UNIT 6 ASSIGNMENT 1

AC 113 UNIT 6 ASSIGNMENT 1

Unit 6 Assignment:

This week you have TWO Assignments. You need to complete the PowerPoint Assignment below, as well as your Homework Assignment from the textbook.

Assignment 1

This week's Assignment will introduce how to record sales from a service provided or sales of a product. Additionally, it will help you to prepare a bank reconciliation.

Your Assignment consists of the following:

Exercises 5-13 and 5-18

Templates are required to use for the Assignments. Download the template from the spreadsheet icon below. To assist you in making sure that you are on the right track with your Assignment, view the solutions to self-check your work. If you have questions, please contact your instructor.

Upload your Excel file to the Assignment Dropbox by the end of the unit.

Note: In order to ensure full functionality for these homework templates, it is recommended that you download/save each Excel template to your computer in the .xlsx format.

E5-13

Recording cash sales; cash over

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The actual cash received from cash sales was $14,356, and the amount indicated by the cash register total was $14,290.

• What is the amount deposited in the bank for the day's sales?
• What is amount recorded for the day's sales?
• How should the difference be recorded?
• If a cashier is consistently over or short, what action should be taken?

E5-18

Bank reconcilliation

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✓ Adjusted balance: $24,500

The following data were accumulated for use in reconciling the bank account of Camela Co. for July:

• Cash balance according to the company's records at July 31, $24,010.
• Cash balance according to the bank statement at July 31, $22,750.
• Checks outstanding, $7,350.
• Deposit in transit, not recorded by bank, $9,100.
• A check for $170 in payment of an account was erroneously recorded in the check register as $710.
• Bank debit memo for service charges, $50.

Prepare a bank reconciliation, using the format shown in Exhibit 6.