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(solution) Please complete the following in the Valley Publishing Company


Please complete the following in the Valley Publishing Company text. Assignment #2, "Cash in Banks and on Hand." The work papers to be completed are as follows: A-1, A-2, A-3, A-4, A-5, A-6, and A-7. Please also provide a list of adjusting entries.


A-1

 

VALLEY PUBLISHING COMPANY

 

#111 - Central State Bank

 

12/31/20x2

 

[Prepared by client] Balance per bank, 12/31/x2

 

Add: Deposits in transit

 

Bank error - check paid by bank wasn't our check 227,069

 

33,224

 

7,784

 

41,008

 

268,077 Less: Outstanding checks

 

Check #

 

1720

 

Dec. 8

 

1790

 

Dec. 23

 

1793

 

Dec. 23

 

1794

 

Dec. 28

 

1795

 

Dec. 28

 

1797

 

Dec. 30

 

1798

 

Dec. 30

 

1800

 

Dec. 31

 

1801

 

Dec. 31 Amount

 

340

 

1,204

 

13,025

 

3,800

 

3,640

 

842

 

45

 

6,590

 

140,000

 

169,486 Balance per General Ledger, 12/31/x2 98,591 A-2

 

VALLEY PUBLISHING COMPANY

 

RB #112 - Central State Bank - Payroll

 

12/31/20x2

 

[Prepared by client] Balance per bank, 12/31/x2 1/16/x3 2,000 C, U Add: Deposits in transit 0V Less: Outstanding checks 0V Balance per general ledger 2,000 TB-1

 

T T Footings checked C Confirmed by bank, A-3 U Traced to the cut-off bank statement V Auditor agrees that there are no deposits in transit or outstanding checks at year end.

 

All December deposits and checks per client's journal have cleared the December bank statement. NOTE: Obtained bank statement cut-off through 1/12/x3 directly from the bank.

 

A review of the cut-off bank statement revealed that the only deposits during the cut-off period were

 

two transfers from account #111, which cleared the bank on Jan. 2, 20x3 and Jan. 6, 20x3, respectively.

 

NOTE: All checks were payroll checks dated January 2, 20x3 or route carrier checks dated January 6, 20x3.

 

All January 2 payroll checks cleared the bank with the cut-off statement except check #1429 to Alan

 

Thompson for $1,086. See A-7.

 

All January 6 route carrier checks cleared the bank with the cut-off statement.

 

NOTE: No other items were included with the cut-off bank statement. A-4

 

VALLEY PUBLISHING COMPANY

 

#113 - Albany National Bank

 

12/31/20x2

 

[Prepared by client] Balance per bank, 12/31/x2

 

Add: Deposits in transit 135,270

 

35,000

 

170,270 Less: Interest

 

Balance per General Ledger, 12/31/x2 (3,170)

 

167,100 VALLEY PUBLISHING COMPANY

 

#115 - Petty Cash

 

12/31/20x2 Fund counted by auditor with cashier, Ms. Mabel Styles:

 

CURRENCY: UNIT

 

$

 

$

 

$

 

$ 20

 

10

 

5

 

1 QUANTITY

 

4

 

2

 

3

 

22 $

 

$

 

$

 

$ 0.25

 

0.10

 

0.05

 

0.01 60

 

40

 

20

 

100 COINS: CHECKS:

 

As of 1/2/x3: Alan Thompson [petty cash voucher for $1,086, dated 12/31/x2

 

and marked 'PAID', attached] PETTY CASH VOUCHERS:

 

ACCOUNT

 

Misc Expense

 

Supplies

 

Repair & Maint

 

Newsprint Exp PAYEE

 

City Ice

 

Apple Valley Supply

 

City Welders

 

Motor Carriers DATE

 

1/2/x3

 

12/31/x2

 

12/31/x2

 

1/5/x3 TOTAL FUND BALANCE:

 

The above fund was counted in my presence and returned

 

to me intact on January 6, 20x3. X Mabel Styles [W] Per Ms. Styles, a payroll advance was made to Alan Thompson, a reporter, on 12/30/x2 for the amoun

 

check. He covered the petty cash voucher with his payroll check #1429, on 1/2/x3. Mabel plans to ca

 

check when she next reimburses the petty cash fund. A-7 $

 

$

 

$

 

$ $

 

$

 

$

 

$ 80.00

 

20.00

 

15.00

 

22.00

 

$ 137.00 $ 21.00 15.00

 

4.00

 

1.00

 

1.00 086, dated 12/31/x2

 

$ 1,086.00 [W]

 

$ 1,244.00

 

AMOUNT

 

$ 28.00

 

$ 281.00

 

$ 380.00

 

$ 67.00

 

$ 756.00 $ 2,000.00 Mabel Styles er, on 12/30/x2 for the amount of his net

 

on 1/2/x3. Mabel plans to cash the payroll

 


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