Hosung Company’s Cash Account Assignment Help With Solution

Hosung Company’s Cash account Assignment Help

1.Hosung Company’s Cash account shows a balance of $801.65 as of August 31 of this year. The balance on the bank statement on that date is $1,383. Checks for $260.50, $425.10, and $331.00 are outstanding. The bank statement shows a check issued by another depositor for $237.25 (in other words, the bank made an error and charged Hosung Company for a check written by another company). The bank statement also shows an NSF check for $180 received from one of Hosung’s customers.Service charges for the month were $18. What is the adjusted ledger balance of cash as of August 31?
2.You are doing a bank reconciliation for June 20×3. You have a $3,250 unadjusted ledger Cash balance and the following information: Deposit in transit, $900, Outstanding checks: No. 651, $640; No. 660, $450; No. 661, $35, Check No. 655 was written for $795 to purchase office supplies but was incorrectly recorded as $975 , NSF check from a customer, $600, Automatic payment on a note payable that your company owes to the bank recorded on the June bank statement but not recorded in your company’s Cash ledger account ,$1,200, Another company’s check was deducted from your company’s June bank statement,$500, Bank service charge, $25 What was the bank statement balance on June 30, 20×3?
3.The Malamura Company deposits all receipts in the bank and makes all payments by check. On November 30 its Cash account has a balance of $2,289. The bank statement on November 30 shows a balance of $2,894. You are given the following information with which to reconcile the bank statement:
(a)A deposit of $320 was placed in the night depository on November 30 and did not appear on the bank statement.
(b) The reconciliation for October, the previous month, showed three checks outstanding on October 31: no. 1727 for $81.30; no. 1730 for $127.40; and no. 1732 for $62.40. Checks no. 1727 and 1730 were returned with the November bank statement; however, check no. 1732 was not returned.
(c) Check no. 1742 for $98.50, no. 1743 for $46.27, no. 1744 for $37.92, and no. 1745 for $200.91 were written during November but were not returned by the bank.
(d) You compare the cancelled checks with the entries in the checkbook and find that check no. 1737 for $58, payable to C.R. Malamura, the owner, for her personal use, was written correctly. However, the check was recorded in the checkbook as $85.
(e) Included in the bank statement was a bank debit memo for service charges, $12.
(f) A bank credit memo was also enclosed for the collection of a note signed by L. B. Norman, $464, including $436 principal and $28 interest.
Prepare a bank reconciliation as of November 30, assuming that the debit and credit memos had not been recorded.

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4.A company purchased a machine for $75,000 that was expected to last 6 years and to have a salvage value of $6,000. At the beginning of the machine’s fourth year the company decided that the machine’s estimated useful life should be revised to a total of 10 years instead of 6 years. Also, the salvage value was re-estimated to be $5,500. Straight-line depreciation was used throughout the machine’s life. Calculate the depreciation expense for the fourth year of the machine’s useful life.
5.a)At July 31, Kuhlmann Company has the following bank information:
cash balance per bank $7,948
outstanding checks $816
deposits in transit $2,050
bank service charge $26
Determine the adjusted cash balance per bank at July 31.
b)At July 31, Ramirez Company has the following bank information:
cash balance per bank $7,420
outstanding checks $762
deposits in transit $1,620
bank service charge $20.
Determine the adjusted cash balance per bank at July 31.

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