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Chapter 7

Problem 1 – Prepare a bank reconciliation
The following information relates to M Park Corporation for the month of March 2022:
1. Cash balance per books, March 31 was $20,647.00
2. Deposits in transit, March 31 were $8,140.00
3. The March bank service charge was $34.00 and has not been recorded by the company.
4. Outstanding checks, March 31 were $3,905.00
5. An electronic funds transfer (EFT) collected by the bank was $590. The collection has not been recorded by M Park Corporation.
6. The bank made an error and recorded a $3,000 deposit twice.
7. Cash balance per bank, March 31 was $19,968.00
Purpose
The purpose of this problem is to demonstrate an understanding of preparing a bank reconciliation.
Instructions
After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st. Reconcile the cash balance per the bank first
and list items that increase the cash balance first. Also, round amounts to two decimal places.
Guidance
For formatting guidance, see the bank reconciliation example that is provided in Chapter 7 of the textbook.
Your Answer:

Chapter 8a

Problem 2 – Record accounts receivable transactions
Here are the details of transactions that occurred between Garfield Company and MiKi, Inc.:
(a) On August 1, Garfield Company sold merchandise on account to MiKi, Inc. for $80,000, terms 5/15, n/30.
(b) On August 6, MiKi, Inc. returned merchandise worth $13,000 to Garfield Company.
(c) On August 20, MiKi, Inc. paid for the merchandise.
Purpose
The purpose of this problem is to demonstrate an understanding of recognizing and recording accounts receivable transactions.
Instructions
After analyzing the transactions, record the journal entries for Garfield Company.
Guidance
For formatting guidance, see the journal entry examples that are provided in Chapter 8 of the textbook.
Your Answers:

Chapter 8b

Problem 3 – Determine the maturity date and interest for a notes receivable
Amplify Bank establishes a $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its
maturity date.
Purpose
The purpose of this problem is to demonstrate an understanding of determining the maturity date and interest for a notes receivable
transaction.
Instructions
After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity
date.
Guidance
For guidance, see the examples that are provided in Chapter 8 of the textbook.
Your Answers:
1. What is the maturity date of the note (include the month, day and year)?
2. What is the amount of interest that is due at the maturity date (round answer to two decimal places)?
2(a). Show the work for your interest calculation:

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