In excel, complete the following two bank reconciliations and entries

1. In excel, complete the following two bank reconciliations and entries:

 A. Prepare Bank Reconciliation

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Stevens Company’s August 31st bank statement shows a balance of $14,750. McKnight’s books show a August 31st cash balance of $13,600. Stevens also has the following information: Deposits in transit as of August 31st, $1,000 Outstanding checks as of August 31st, $2,500 $100 service charge reported on the bank statement NSF check returned with bank statement, $1,500 Interest on note receivable collected by the bank, $1,250

Required: Hide Prepare Stevens Company’s bank reconciliation as of August 31st.

Prepare any necessary journal entries resulting from the reconciliation.

B. Prepare Bank Reconciliation

Ella Company’s September 30 bank statement shows a balance of $53,810. Ella’s September 30 cash balance is $45,800. Hayley also has the following information: Deposits made but not appearing on the September bank statement, $5,500. Check written but not appearing on the September bank statement, $12,200. One check written for the purchase of Supplies was erroneously recorded for $890 but appears on the bank statement at $980. Monthly service charges listed on the bank statement are $230. Hayley had already recorded the effect of $130 of those charges. A customer payment for a $1,500 receivable was collected by the bank but not yet recorded by Ella.

Required: Hide Prepare Ella’s bank reconciliation as of September 30.

Prepare any necessary journal entries resulting from the reconciliation.

2. Complete the following allowance for doubtful accounts assignment:

Cookie Company, Inc. offers credit terms to its customers. At the end of 2021, accounts receivable totaled $625,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $32,000 at the beginning of 2021 and $21,000 in receivables were written off during the year as uncollectible. Also, $1,200 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year.
Required:
1.Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense.

 3. Inventory Costing Methods

Bay Path Hardware provides the following information relating to its June inventory activity. Hahn uses a perpetual inventory system.

DateTransactionUnitsUnit CostTotal Cost
1-JunInventory13$8.00$104
7-JunPurchase22$9.50$209
12-JunSale20
18-JunPurchase10$10.25$102.50
20-JunSale14
26-JunPurchase16$11.00$176
30-JunSale15

Compute the ending inventory and cost of goods sold using the FIFO, LIFO, AND, Weighted Average Cost costing method. Submit in excel with each method on a separate tab.

4. Depreciation Methods (show each method in a separate excel tab)

Appliance Steel purchases a machine on January 1 for $25,000. The machine has an estimated useful life of seven years, during which time it is expected to produce 114,800 units. Salvage value is estimated at $1,500. The machine produces 16,500 and 15,200 units in its first and second years of operation, respectively.

Required:

Calculate depreciation expense for the machine using the straight-line method of depreciation.
$ / yr.

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