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Accounting Principles I - Online Exam IV - Chapters 8, 9 and 11

A set of solved exam questions covering key accounting principles from chapters 8, 9, and 11.

Claire Mitchell
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1Accounting Principles I-Online EXAM IV-Chapters 8, 9 & 11Part IIComplete the following exam and save this file on your hard drive. Then submit your file toyour instructor on Canvas.NAME___PART A (14 Points)1.Greenview Food Store developed the following information in recording its bank statement forthe month of March.a.Outstanding checks total $1,380.b.Deposits of March 30 and 31 not yet recorded by the bank $1,185.c.NSF check of Joe Goofy, a customer, returned by the bank $420.d.Check No. 210 for $161 was correctly issued and paid by the bank but incorrectly entered inthe cash payments journal as a payment of Supplies for $116.e.Bank service charge for March was $15.f.The bank collected a note receivable for the company for $3,000 plus $200 interest revenue.Required:Complete the bank reconciliation below to include proper explanations.Greenview Food StoreBank ReconciliationMarch 31Balance Per Bank Statement, March 31$ 9,365Add:Deposit in transit$1185

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2Subtotal:$10550Less:Outstanding checks1380Adjusted Balance Per Bank, March 31$9170Balance Per Books, March 31$ 6,450Add:Collection of notes receivable$3200Subtotal:$9650Less:Bank charges$15Error in check45NSF check420480Adjusted Balance Per Books, March 31$91702. Record the general journal entry or entries necessary to adjust Greenview Food Store records asof March 31 in relation tothe bank reconciliation above.DateAccount TitlesDebitCreditMarch 31Cash3200Notes receivable3000Interest revenue200March 31Bank charges15Cash15
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