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Alpha Company was preparing its month-end bank reconciliation.The cash balance per the general ledger was $1,645.
1.Alpha Company was preparing its month-end bank reconciliation. The cash balance per the general ledger was $1,645. Alpha's accountant discovered that the bank had charged $15 in service charges for the month, that outstanding checks were $60, and that there were no deposits in transit. the correct adjusted ending cash balance?
2.On 1/2/20X6, ALPHA acquired 100 shares of CHARLIE Corporation stock at $20 per share, 200 shares of DELTA Corporation stock at $40 per share, and 100 shares of ECHO Corporation stock at $30 per share. All of these shares were purchased as trading securities. The market price per share of these securities at the end of 20X6 and 20X7, respectively, are:
company 12/31/x6 12/31/x7
CHARLIE $8 $22
DELTA $38 $34
ECHO $34 $30
the balance sheet amount for trading securities at the end of 20X7?
3.Alpha Company sold goods to customers who used Under-the-Hill bank credit cards. Credit card sales on July 8, 2016 amounted to $12,000 and were subject to a 2.5% bank fee. Use this information to prepare the General Journal entry for July 8, 2016. If no entry is required then write "No Entry Required."
4.Alpha Company sells goods to customers who use Worldwide Express nonbank credit cards. Credit card sales on July 15, 2016 amounted to $25,000 and were subject to a 3.5% credit card company collection fee. Alpha Company collected payment from Worldwide Express on July 21. What amounts should be recorded for the following accounts for the July 21 collection?
- Cash
- Sales
- Service Charge
- Accounts Receivable
5.Alpha Company uses the direct write-off method of recording uncollectible accounts. On August 15, 2016, Yankee Zulu filed for bankruptcy and informed Alpha that he would be unable to pay $550 owed to Alpha. Alpha is certain that it will be unable to collect the $550. Use this information to prepare the General Journal entry for August 15. If no entry is required then write "No Entry Required."
