Question 1: 1- Record the necessary petty cash transactions in the general journal for the Real S. Tate company. 2- Prepare a summary of the petty cash disbursements. 09/01 Issued a cheque in the...

Question 1:

1-
Record the necessary petty cash
transactions in the general journal for the Real S. Tate company.

2- Prepare a summary of the petty cash disbursements.

09/01 Issued a cheque in the
name of Mark Tremblay to set up a petty cash fund: $400.

09/01 Sold merchandise on credit for $10,000 in
exchange for a 60-day note receivable bearing 4% interest.

09/03 Wrote
off Mr. Smith’s account in the amount of $800 using the allowance method.

09/04 Purchased office
supplies in the amount of $30.

09/04
Exchanged Mrs. White’s $3000 credit
account for a 60-day note receivable bearing 5% interest.

09/05 Collected a $2000, 60-day note receivable
bearing 3% interest, which was issued in July, from Mr. Jones.

09/06 Withdrawal from petty
cash by the owner to buy coffee and doughnuts for the staff meeting: $80.

09/06 Purchased stamps: $25.

09/12 Purchased office
supplies in the amount of $50.

09/16 Paid Livraison Cyr enr.
for merchandise delivered to a client: $50.

09/17 Paid to have the office
windows cleaned: $50.

09/20 Paid Purolator $80 to
deliver a package to a client.

09/23 Purchased stamps: 30$

09/29 Realizing
that there is only $8 left in the petty cash fund, Mark Tremblay sorts the
receipts and prepares a petty cash summary. The accounting department issues a
cheque to replenish the fund. The petty cash fund is increased by $75.

09/30 Recorded the accrued
interest on the note receivable

Question 2:

The unadjusted
trial balance of Conrad ltée included the following information:

Cash sales: $250 000

Credit sales: $600000

Accounts receivable: $160000

Prepare the
journal entries to adjust the Allowance for doubtful accounts (A.F.D.A.)
account under each of the following situations:

a)
The estimated bad debts are 2.5%
of credit sales and the A.F.D.A. account has a $2500 debit balance.

b)
The estimated bad debts are 3%
of accounts receivable and the A.F.D.A. account has a $2500 credit balance.

c)
The estimated bad debts are 3%
of accounts receivable and the A.F.D.A. account has a $2500 debit balance.

Question 3:

Lee Management Consulting’s bank statement dated
October 31, 2022, follows:

Lee
Management Consulting’s October Cash from its general ledger appears below:

Required

1-
Prepare the October 2022 bank
reconciliation.

2-
Journalize any transactions required
from the bank reconciliation.

Question 4:

Prepare
journal entries to record these transactions (round the answer to two decimal
places):

Oct. 31 Accepted a $20,000, six-month, 5% note dated today from our client Jim
Smith in granting a time extension on her past- due account receivable.

Dec. 31 Adjusted the books for the
interest due on Jim Smith’s note.

Apr. 30 Jim Smith honored the note
and paid it in full.