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Acc 300 Week 5 Team Assignment Problem Set Pe 2, E7 5, E7 6, E7 9

2283 words - 10 pages

Team A Week 5 Problems

PE-2, page 862

In January 2012, the administration of Sarah Company determined that it has enough
money to buy transient investments in debt and stock securities. In the course of the year,
these are the transactions that happened.

Feb. 1 Purchased 1,200 shares of NJF common stock for $50,600 plus brokerage
fees of $1,000.
Mar. 1 Purchased 500 shares of SEK common stock for $18,000 plus brokerage
fees of $500.
Apr. 1 Purchased 70 $1,000, 8% CRT bonds for $70,000 plus $1,200 brokerage
fees. Interest is payable semiannually on April 1 and October 1.
July 1 Received a cash dividend of $0.80 per share on the NJF common stock.
Aug. 1 Sold 200 ...view middle of the document...

2 |
|Add: Deposits in Transit | | | |590 |
| | | | | | |4267.2 |
|Less: Outstanding Checks | | |770 |770 |
|ADJUSTED CASH BALANCE PER BANK | | |3497.2 |
| | | | | | | |
|Cash Balance per books | | | |3975.2 |
|Less |NSF | | | |450 | |
| |Bank Service | | |28 |478 |
|ADJUSTED CASH BALANCE PER BOOKS | | |3497.2 |
| | | | | | | |
| | | | | | | |

|  |  |  |  |  |  |
| |  |  |  |  |  |  |
| | |Bank Reconciliation | | | | |
| | |September 30 2012 | | | | |
| | | | | | | | |
|Cash Balance per bank statement | | |16500 | |
|Add: Deposits in Transit | | | |4738 | |
| | | | | | |21238 | |
|Less: Outstanding Checks | | |2383 |  | |
|ADJUSTED CASH BALANCE PER BANK | | |18855 | |
| | | | | | | | |
|Cash Balance per books | | | |17600 | |
|Add: Collection of note receivable for | | | | |
| |1800 plus interest 30.00 | |1830 | | |
| Interest earned on checking | |45 |1875 | |
|Less |NSF | | | |560 | ...

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