Prepare bank reconciliation for Unique Global Corp. , Inc., as of current month end.

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

 

 

Date Transaction Units Unit Cost Total Cost

 
 June 1 Inventory 1 3 $8.00 $104.00
June 7 Purchase

 

 22 9.50 209.00
June 12 Sale 20  

 

  
June 18 Purchase 10 10.25 102.50
June 20 Sale 14

 

    
June 26 Purchase 16 11 176

 
June 30

 

 Sale 15    

 

Required

  1. Compute the ending inventory and cost of goods sold using the FIFO, LIFO, and moving average costing methods. Round dollar amounts to the nearest penny.

 

 

  1. Calculate the sum of the ending inventory and cost of goods sold for each method.

 

  1. The following information is available for Unique Global Corp, as of end of this month:
  2. Cash on the books as of month end amounted to $44,287.52. Cash on the bank statement for the same date was $51,451.46.
  3. A deposit of $5,110.25, representing cash receipts of month end, did not appear on the bank statement.
  4. Outstanding checks totaled $3,936.80.
  5. A check for $1,920.00 returned with the statement was recorded incorrectly in the check register as $1,290.00. The check was for a cash purchase of merchandise.
  6. The bank service charge for the month amounted to $30.
  7. The bank collected $10,300.00 for Unique Global Corp., on a note. The face value of the note was $10,000.00 while the 3% interest on the note was $300.
  8. An NSF check for $298.56 from a customer, Evelyn Smith, was returned with the statement.
  9. The bank mistakenly charged to the company account a check for $1,500.00 drawn by another company.
  10. The bank reported that it had credited the account for $495.95 in interest on the average balance for the month.

Required

  1. Prepare bank reconciliation for Unique Global Corp. , Inc., as of current month end.

 

 

  1. Why is bank reconciliation considered an important control over cash?

Are you looking for a similar paper or any other quality academic essay? Then look no further. Our research paper writing service is what you require. Our team of experienced writers is on standby to deliver to you an original paper as per your specified instructions with zero plagiarism guaranteed. This is the perfect way you can prepare your own unique academic paper and score the grades you deserve.

Use the order calculator below and get started! Contact our live support team for any assistance or inquiry.

[order_calculator]