Business
Business, 03.03.2020 17:27, brebun4742

Continue with the account balances provided in Exhibit 1 for Flint Photography Services found on pg. 1. Consider that on January 8, 2019 Maya received the December 2018 bank statement in the mail. After a careful comparison to the accounting records, the following items were noted: a. The bank assessed a $5 service charge for December and credited the company's account for $10 of interest income earned during this same period. b. In late November, Flint collected and deposited $1,800 received from customer J. S. Bully, as payment on account. The December bank showed the $1,800 as NSF meaning J. S. Bully lacked sufficient funds to support their November payment. The bank assessed Flint a $20 service fee for time spent processing the NSF payment. c. Check #2250 for $1,100, Check #2258 for $180 both written in December had not yet cleared the bank. d. The November bank reconciliation showed two checks as outstanding: Check #2218 for $90 and Check #2210 for $365. Check #2210 cleared the bank in December while check #2218 did not. e. At 4:45 pm on Monday, December 31st Maya made a $3,000 deposit at the bank and it is not included on the December statement (this is consistent with the bank's "after 4 pm" policy in which any business conducted after 4 pm on a particular day is recorded by the bank on the next business day). f. Check #2265 cleared the bank for $385 which was the amount it was written for. The payment was for a repair on one of Maya's cameras and the repairman only charged $358. Maya was distracted when she paid for the repair and accidently made the check for $385 instead of $358! She got the amount right in her journal entry (see below) but she still overpaid for the repair. Repair & Maintenance Expense $358 Cash $358 Requirement 1(6 points): Using good form, prepare Flint's December bank reconciliation, clearly labeling all reconciling items. Requirement 2(2 points): What cash balance will Flint report on its 12/31/2018 balance sheet? Requirement 3(3 points) Prepare the adjusting journal entry for item (b). Requirement 4(3 points) Prepare the adjusting journal entry for the $5 service fee (a.) assessed during December and circle the category that would describe it: A. Error Correction B. Adjustment of an existing deferred expense or C. Accrued expense.

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Continue with the account balances provided in Exhibit 1 for Flint Photography Services found on pg....

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