Start by reading and following these instructions:
- Quickly skim the questions or assignment below and the assignment rubric to help you focus.
- Read the required chapter(s) of the textbook and any additional recommended resources. Some answers may require you to do additional research on the Internet or in other reference sources. Choose your sources carefully.
- Consider the course discussions so far and any insights gained from it.
- Create your Assignment submission and be sure to cite your sources if needed, use APA style as required, and check your spelling.
Assignment:
Follow the directions for each question. Question #1, will help you understand the asset presentation on the balance sheet during the reconciliation process. Presentation is as important as accuracy for financial statements.
**Note: Remember to use the Excel file and watch the video attached in this module to assist you with the assignment.
- Identify each account as “Cash (C)” or “Cash Equivalent (CE).”
- Savings Account (C) or (CE)
- Checking Account (C) or (CE)
- Credit Card Account (C) or (CE)
- Stock Account (C) or (CE)
- Money Market Account (C) or (CE)
- As the bookkeeper of Parker’s Plowing, you have been asked to complete the entire accounting cycle for Parker from the following information. Journalize each transaction and create an Income Statement.
- Jan. 1 Parker invested $14,000 cash and $9,000 worth of snow equipment into the plowing company.
- Jan. 1 Paid rent for five months in advance for garage space, $3,500
- Jan. 4 Purchased office equipment on account from Liliis Corp., $12,600
- Jan. 6 Purchased snow supplies for $500 cash
- Jan. 8 Collected $15,000 from plowing local shopping centers
- Jan. 12 Parker Muroney withdrew $5,000 from the business for his personal use
- Jan. 20 Plowed Holiday Co. parking lots, payment not to be received until March, $7,000
- Jan. 26 Paid salaries to employees, $1,400
- Jan. 28 Paid Liliis Corp. one-half amount owed for office equipment
- Jan. 29 Advertising bill received from Carter Co. but will not be paid until March, $600
- Jan. 30 Paid telephone bill, $200
- Jan. 30 Employee provided a receipt of $50 of supplies used in petty cash
- Jan. 30 Company replenished petty cash account of $50
- Parker’s Plowing Bank Reconciliation
Finish the bank reconciliation below. Also, see the example below.
Example:
| Bank Cash Activity | Company General Ledger Activity | ||
| Bank Balance | $3,000 | Ledger Balance | $3,500 |
| Deposits Outstanding | $1,000 | ||
| Checks Outstanding | -$500 | ||
| Reconciliation | $3,500 | Reconciliation | $3,500 |
- Ending bank balance is $2,900
- Ending general ledger balance is $5,000
- Outstanding deposits of $4,000
- Outstanding checks of $2,000
- A bank fee of $100 is not recorded in the general ledger.
- Write a summary describing what you did in this assignment.
- Record audio and video showing your work (approximately 6-8 minutes). please make exel video
Requirements: 4 pages | .doc file
