Business College

Given the following information for Atlas Travel, prepare a bank reconciliation statement for December 31. Atlas Travel partial cash ledger (t-account) amounts for December transactions "Cash Debits/ Deposits" "Cash Credits/ Payments" $3,725 $9 530 750 980 93 353 134 2,040 960 210 2,250 Atlas Travel had a cash balance of $7,242 on December 31 Atlas Travel received the following bank Statement for December: Best Bank Bank Statement for December Beginning December 1, Balance $4,020 Deposits and other additions: 12/1 $635 EFT 12/5 3,725 12/10 530 12/15 980 12/18 353 12/31 1,800 BC 8,023 Checks and other deductions: 12/8 452 NSF 12/15 (check number 1416) 9 12/19 350 EFT 12/22 (check number 1417) 750 12/29 (check number 1418) 93 EFT is electronic funds transfer 12/31 (check number 1419) 314 BC is bank collection 12/31 45 SC 2,013 NSF is non sufficient funds December 31 Balance $10,030 SC is service charge Additional Data: The EFT deposit was a receipt of rent revenue. The EFT deduction was payment of insurance expense. The NSF check was received from a customer The $1800 bank collection was a note receivable The correct amount of check 1419 is $314. Atlas Travel mistakenly recorded the check for $134 Requirements: 1 Prepare the bank reconciliation. Atlas Travel Bank Reconciliation December 31, 20## Best Bank Balance, Dec. 31 Atlas Travel Balance Dec 31

Answers

Answer 1

Atlas Travel Bank Reconciliation

December 31, 20##

Best Bank Balance, Dec. 31 $10,030

Atlas Travel Balance, Dec. 31 $7,242

Outstanding Checks:

Check Number 1416 $9

Check Number 1417 $750

Check Number 1418 $93

Check Number 1419 $314 (Corrected amount)

Add:

EFT Deposit $635

Bank Collection $1,800

Subtract:

NSF Check $452

EFT Deduction $210

Service Charge $45

Adjusted Atlas Travel Balance, Dec. 31 $8,281

Start with the Best Bank Balance from the bank statement: $10,030.

Compare it with the Atlas Travel Balance from the cash ledger: $7,242.

Identify any outstanding checks (checks issued but not yet cleared by the bank):

Check Number 1416: $9

Check Number 1417: $750

Check Number 1418: $93

Check Number 1419: $314 (Corrected amount)

Add any deposits or credits that have not yet been recorded in the cash ledger:

EFT Deposit: $635

Bank Collection: $1,800

Subtract any deductions or payments that have not yet been recorded in the cash ledger:

NSF Check: $452

EFT Deduction: $210

Service Charge: $45

Calculate the adjusted Atlas Travel Balance by adding the outstanding checks, subtracting the deductions, and adding the deposits: $8,281.

Therefore, after reconciling the bank statement with the cash ledger, the adjusted Atlas Travel Balance on December 31 is $8,281.

For more questions on: reconciliation

https://brainly.com/question/30187013

#SPJ8

Related Questions

price elasticity of demand for electricity​

Answers

The price elasticity of demand for electricity reflects the sensitivity of electricity consumption to price changes.

The price elasticity of demand for electricity is a measure of the responsiveness of electricity consumption to changes in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.

Understanding the price elasticity of demand for electricity is important for policymakers, electricity providers, and regulators in making informed decisions.

In the short run, the price elasticity of demand for electricity tends to be relatively low or inelastic. This means that changes in the price of electricity have a relatively small effect on the quantity demanded.

Electricity is considered a necessary and essential good for many households and businesses, and there are limited substitutes available in the short run.

In the long run, the price elasticity of demand for electricity becomes more elastic. Consumers and businesses have more flexibility to respond to price changes by adjusting their behavior, investing in energy-efficient technologies, or switching to alternative energy sources.

The availability of substitutes and technological advancements play a significant role in increasing the elasticity of demand over time.

It is important to note that the price elasticity of demand for electricity can vary across different consumer segments and regions. Industrial and commercial consumers often have more options to adjust their electricity consumption patterns and tend to have a higher elasticity of demand.

Residential consumers, on the other hand, may have fewer alternatives and exhibit a lower elasticity of demand.

It helps policymakers and stakeholders anticipate the impact of price fluctuations and design effective policies related to pricing structures, subsidies, energy efficiency programs, and the promotion of renewable energy sources.

Understanding the price elasticity of demand for electricity is crucial for balancing economic, environmental, and social goals in the energy sector.

For more such question on demand. visit :

https://brainly.com/question/18550230

#SPJ8

2. Who pays the tariffs on imports on foreign steel into the United States? How does the payee deal with the additional costs that the tariffs represent

Answers

Answer: The importer of steel pays the tariffs on the steel then the importer then pays the additional costs of the tariffs to the payee.

Project financial management description

Answers

Project financial management involves the planning, monitoring, and control of financial resources within a project to ensure its successful execution.

What does project financial management cover ?

It encompasses various activities and processes related to budgeting, forecasting, cost estimation, financial analysis, and reporting.

In the initial stages of project financial management, the project team collaborates to develop a comprehensive budget that outlines the estimated costs of resources, materials, labor, and other project-related expenses.

Regular financial reporting is also an essential component of project financial management. Project stakeholders, including senior management, investors, and sponsors, rely on accurate and timely financial reports to assess the financial health of the project.

Find out more on project financial management at https://brainly.com/question/14566477

#SPJ1

The full question is:

Discuss the following :

Project financial management description

Draw a production possibility frontier for a society that's produces shoes and clothing using 10 units of labor and indicate the point of efficient and inefficient or combination

Answers

To draw a production possibility frontier (PPF) for a society that produces shoes and clothing using 10 units of labor, we need to assume a simplified scenario where the society can allocate its labor between the two goods.

Let's assume that society can produce shoes and clothing with the following labor requirements:

Shoes: 2 units of labor per unit produced

Clothing: 1 unit of labor per unit produced

To construct the PPF, we can vary the allocation of labor between shoes and clothing and observe the maximum output combinations.

Here is an example of a PPF with labor (input) on the x-axis and output (shoes and clothing) on the y-axis:

       |          /

       |         /

       |        /

       |       /

       |      /

       |     /  Inefficient

       |    /

       |   /

       |  /

       | /

       |________________________________

                     Efficient

The curve represents the production possibility frontier. Points on or below the curve represent achievable combinations of shoes and clothing, given the available labor. Points above the curve are unattainable with the given resources.

The point on the curve labeled "Efficient" represents the combination of shoes and clothing that maximizes output given the available labor. It reflects the most effective use of resources.

Points below the curve, such as the one labeled "Inefficient," represent combinations where resources are not fully utilized, resulting in lower output levels. These combinations could indicate the underutilization of labor or inefficiency in production.

Please note that the actual shape and position of the PPF can vary depending on various factors, such as technological advancements, resource availability, and the specific production processes for shoes and clothing. The example provided here is a simplified representation to illustrate the concept of a PPF.

For more questions on: production possibility frontier

https://brainly.com/question/30401925

#SPJ8

Other Questions
The vector (3,5) has terminal point (- 20,9). The initial point of the vector is:A vector with magnitude 8 points in a direction 115 degrees counterclockwise from the positive x axis. Write the vect Flexible Budgeting and Variance Analysis I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available:Standard Amount per CaseDark ChocolateLight ChocolateStandard Price per PoundCocoa12 lbs.8 lbs.$7.25Sugar10 lbs.14 lbs.1.40Standard labor time0.50 hr.0.60 hr.Dark ChocolateLight ChocolatePlanned production4,700 cases11,000 casesStandard labor rate$15.50 per hr.$15.50 per hr.I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results:Dark ChocolateLight ChocolateActual production (cases)5,00010,000Actual Price per PoundActual Pounds Purchased and UsedCocoa$7.33140,300Sugar1.35188,000Actual Labor RateActual Labor Hours UsedDark chocolate$15.25 per hr.2,360Light chocolate15.80 per hr.6,120Required:1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year: Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.Direct materials price variance, direct materials quantity variance, and total variance.Direct labor rate variance, direct labor time variance, and total variance.a.Direct materials price variance$Direct materials quantity variance$Total direct materials cost variance$b.Direct labor rate variance$Direct labor time variance$Total direct labor cost variance$2. The variance analyses should be based on the amounts at volumes. The budget must flex with the volume changes. If the volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the change in direct materials and direct labor that will be required for the production. In this way, spending from volume changes can be separated from efficiency and price variances. if y varies inversely with x and y=4.75 when x=38 find y when x=50 draw a detailed diagram of the reflux apparatus that is used for the suzuki cross-coupling reaction (refer to lab video). please label all parts of this drawing. For a producer of joint products X and Y with totalcosts CX and CY, an isocost curve:a.isolates CX and CY separately.b.shows points where CX = CY .c.shows points where cost cu 5. We watched "The Big Short." What are 2 factors that contributed to the housing crash? How can you protect yourself from a dip in housing prices if you buy a house? The ______ is a core Internet protocol that guarantees the reliable delivery of packets. A.FTP B.HTML C.IP D.UDP E.TCP. E. TCP. Instructions At the end of the current year, $26,255 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. Refer to the Chart of Accounts for exact wording of account titles. An inquiry that begins with a specific question or a direct statement alerts the receiver to a situation that could build or establish good will.TRUEFALSE The table below pertains to Wrexington, an economy in which the typical consumer's basket consists of 20 pounds of meat and 10 toys. Price of Price of a Year Meat Toy 2004 $3 per pound 2005 $1 per pound $7 2006 $4 per pound $5 Refer to Table 24-5 and answer all the following questions in the space provided below. (a) Calculate the cost of the basket in 2004 and 2005. Show all working. [8 points] (b) Calculate the CPI in 2004 and 2005. Use 2004 as the base year. Show all working. [8 points] (c) Calculate the inflation rate in 2005. Show all working. [8 points] (d) What is the difference between the CPI and the PPI? [1 point] $2 suppose that four microchips in a production run of fifty are defective. a sample of six is to be selected to be checked for defects. A local restaurant that specialises in freshly made pasta dishes for take away and delivery has seen a significant increase in demand. The restaurants own staff currently do the deliveries. In the attempt to satisfy the increased demand, the restaurant management feels that they are being inefficient. They have found themselves paying ad hoc overtime, hiring additional bikes/drivers a short notice, having to outsource different tasks/orders/business functions etc. They also have a small working team conducting various roles but with the increased orders some mistakes are being made resulting in additional costs to rectify issues (e.g. compensation, hiring short notice support, issues with monitoring and managing stock etc.). They have a rather basic information system and mainly use spreadsheets (MS Excel) for most operating functions.The company feel that they are in a position where they need to plan for the future and hire you as a consultant to consider means in which they can reduce average costs in the long run so that they can efficiently keep up with demand. Using your knowledge of economies of scale and diseconomies of scale consider means in which the company can reduce average costs over the long run. (N.B you should use diagrams to support your answer, you do not need to consider actual costs but you should consider initiatives that would aid reducing average costs over the long run that would be better suited to this company) What are the ways in which Spotify is creating value in the environment? Compare Free model and premium model and explain what are the ways in which value is created through these two models and how Spotify as an organization is contributing to the music space in the society. andrew jackson was important to the development of american political parties because Which detector in the following list has the highest sensitivity for determination of acetone? highest Nitroget-phosphorus detector not the highest Flame photometric detector not the highest Flame ionization detector not the highest Atomic emission detector If you know Julius Caesar please write a brief desription and include the hing in the photo The variable cost per unit was R7,75 for 15 000 units manufactured. Total costs incurred were R210 250 and it was found that the fixed overheads were R35 000 more than originally planned. What was the estimated amount for fixed costs? Select one: O A. R81 250 B. R175 250 O C. R75 000 O D. R59 000 Poin Consumers and companies populate two market environments today. One is the traditional and the other is the superstore; hypermarket B) online store; virtual store extranet: intranet D shopping mall: virtual mall marketplace; marketspace Kindly assist me with specific objectives/research questionsunder this general objective "to establish the effects of e-bankingon customer service delivery". How many moles of H2 can be produced from x grams of Mg in magnesium-aluminum alloy? The molar mass of Mg is 24.31 g mol1. Express your answer in terms of x to four decimal places (i.e., 0.5000x).