Build a query to 1: (4 Marks) A. What is a bank reconciliation and why is it crucial for companies to affect it periodically? B. Put together a Bank Reconciliation Observation for XYZ firm that has: Bank commentary of $9,000.Cash myth of $7,500.Extra records for the reconciliation: Deposit in transit.NSF Review.Worthy check.Collections made by the bank.Required: provide an quantity of each records to raise the adjusted balances to be equal. Build a query to 2: (3 Marks) Mediate that you just’ve got got a firm. And the administration estimates that 2.5% of gross sales will in all probability be uncollectible. Give any quantity of gross sales and put together the journal entry the utilization of the p.c of gross sales method. Build a query to three: (5 Marks) Ahmed Co. bought a machine in 2024 for 50,000 that has a priceless existence of 5 years with a salvage value of 5,000. Calculate the depreciation expense, gathered depreciation, book value trusty thru its priceless existence the utilization of: 1- Straight-line Manner. 2- Units of Manufacturing Manner if the machine produces 100,000 objects. Here’s a desk of objects produced once a year: First 2d Third Fourth Fifth 23,000 25,000 – 30,000 22,000 3- Double Declining Steadiness Manner. Build a query to 4: (3 Marks) On June 1, 2024, ABC Company signed a $25,000, 120-day, 6% show hide payable to hide a late myth payable.a. What is the total quantity of hobby to be paid on this show hide?b. Put together ABC Company’s general journal entry to document the issuance of the show hide payablec. Put together ABC Company’s general journal entry to document the associated price of the show hide onSeptember 29, 2024. Fragment on Facebook Tweet Apply us Pattern Resolution Build a query to 1: Bank Reconciliation A. What is a bank reconciliation and why is it crucial for companies to affect it periodically? A bank reconciliation is a project that compares the money stability in a firm’s accounting files to the money stability reported by the bank. It’s a truly crucial step in making sure the accuracy of economic files. By reconciling the 2 balances, companies can name discrepancies, errors, and attainable fraud. Plump Resolution Fraction B. Bank Reconciliation Observation Merchandise Bank Observation Steadiness E book Steadiness Adjustment Steadiness per Bank Observation $9,000 Add: Deposit in Transit $X $X Much less: Worthy Checks $Y $Y Adjusted Steadiness Steadiness per Books $7,500 Add: Collections made by bank $Z $Z Much less: NSF Review $W $W Adjusted Steadiness Export to Sheets To equalize the adjusted balances, it is most life like to resolve the values of X, Y, Z, and W in defending with the suppose records equipped. Build a query to 2: Allowance for Uncertain Accounts Given: Gross sales = $X Estimated Uncollectible Accounts: 2.5% of Gross sales Journal Entry: Yarn Titles and Explanation Debit Credit Imperfect Debt Expense $0.025X Allowance for Uncertain Accounts $0.025X To document estimated hazardous debt expense Export to Sheets Build a query to three: Depreciation Expense 1. Straight-Line Manner Annual Depreciation: ($50,000 – $5,000) / 5 = $9,000 per year 2. Units of Manufacturing Manner Depreciation per Unit: ($50,000 – $5,000) / 100,000 objects = $0.forty five per unit Year Units Produced Depreciation Expense Accumulated Depreciation E book Designate 1 23,000 $10,350 $10,350 $39,650 2 25,000 $11,250 $21,600 $28,400 3 – $0 $21,600 $28,400 4 30,000 $13,500 $35,100 $14,900 5 22,000 $9,900 $forty five,000 $5,000 Export to Sheets 3. Double-Declining Steadiness Manner Depreciation Payment: (1 / 5) * 2 = 40% Year Depreciation Expense Accumulated Depreciation E book Designate 1 $20,000 (40% * $50,000) $20,000 $30,000 2 $12,000 (40% * $30,000) $32,000 $18,000 3 $7,200 (40% * $18,000) $39,200 $10,800 4 $4,320 (40% * $10,800) $43,520 $6,480 5 $2,480 (Closing E book Designate – Salvage Designate) $46,000 $5,000 Export to Sheets Build a query to 4: Relate Payable a. Complete Passion: Passion = Main * Payment * Time Passion = $25,000 * 6% * (120/360) = $500 b. Journal Entry for Issuance: Yarn Titles and Explanation Debit Credit Cash 25,000 Notes Payable 25,000 To document issuance of show hide payable Export to Sheets c. Journal Entry for Payment: Yarn Titles and Explanation Debit Credit Notes Payable 25,000 Passion Expense 500 Cash 25,500 This question has been answered. Pick up Resolution
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