Rent Receipt Template for Excel - DOC

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Rent Receipt Template for Excel - DOC Powered By Docstoc
					PROBLEM 7-3A_______________________________________________________________


The cash receipts and the cash payments of Veralux Interiors for March 20X5 follow:

                   Cash Receipts                        Cash Payments
               (Posting reference is CR)            (Posting reference is CP)

                  Date          Cash Debit              Check No. Cash Credit

               March 4            $2,716                  1413         $ 1,465
                      9              544                  1414            1,004
                     11            1,655                  1415              450
                     14              896                  1416                8
                     17              367                  1417              775
                     25              890                  1418               88
                     31            2,038                  1419            4,126
               Total              $9,106                  1420              970
                                                          1421              200
                                                          1422            2,267
                                                          Total        $ 11,353

The Cash account of Veralux Interiors shows the following information on March 31, 20X5:

                                       CASH

                                  Journal
          Date           Item     Reference     Debit       Credit      Balance

       March      1   Balance                                            12,188
                 31                CR. 10       9,106                    21,294
                 31                CP. 16                   11,353        9,941
PROBLEM 7-3A
Continued


On March 31, 20X5, Veralux Interiors received this bank statement:

                              Bank Statement for March 20X5
                      Beginning balance                     $ 12,188
                      Deposits and other Credits:
                          March 1                 $ 625 EFT
                                  5                2,716
                                 10                  544
                                 11                1,655
                                 15                  896
                                 18                  367
                                 25                  890
                                 31                1,000 BC    8,693

                      Checks and other Debits:
                          March 8                  $ 441 NSF
                                  9                 1,465
                                13                  1,004
                                14                    450
                                15                      8
                                19                    340 EFT
                                22                    775
                                29                     88
                                31                  4,216
                                31                     25 SC         (8,812)

                      Ending Balance                              $12,069

                      Explanation: BC      bank collection
                                   EFT     electronic funds transfer
                                   NSF     nonsufficient funds check
                                   SC      service charge.

Additional data for the bank reconciliation:

   a. The EFT deposit was a receipt of rent. The EFT debit was payment of insurance.

   b. The NSF check was received late in February from Mark Anthony.

   c. The $1,000 bank collection of a note receivable on March 31 included $122 interest
      revenue.
PROBLEM 7-3A
Continued


   d. The correct amount of check number 1419, a payment on account, is $4,216. (The
      Veralux Interiors accountant mistakenly recorded the check for $4,126.)

Required:

1. Prepare the bank reconciliation of Veralux Interiors at March 31, 20X5.

2. Describe how a bank account and the bank reconciliation help Veralux managers control the
   business’s cash.

Instructions:

1. Review the printed template called Problem 7-3A that follows these instructions. Most of
   the problem data have been entered for you in the data input section of the spreadsheet.

   Enter the amounts and titles where indicated.

2. There is 1 FORMULA in the template that you need to provide to complete your analysis.
   Using the space provided below, write the formula where requested in the template.

       FORMULA       1 _________________

3. Click the Excel icon from the program manager screen to start the spreadsheet program.
   Click on the Open File SmartIcon/Button to retrieve the template for the problem. Enter
   the missing amounts and titles in the appropriate cells on the template. Then enter the 1
   FORMULA where indicated on the template.

   Type the answer where indicated.

4. Click the Save File SmartIcon/Button to save your work.

5. Click the Print Button to print your work.

				
DOCUMENT INFO
Description: Rent Receipt Template for Excel document sample