The Following Information Is Available for Ashley Company for the Month

question 114

Essay

The following information is available for Ashley Company for the month ending June 30,2019.
$* \quad$ Balance as per the bank statement is $\$ 11,240$ .
* Balance as per books is $\$ 10,200$ .
* Check #506 for $1,200 and check #510 for $900 were not show on the June 30 bank statement.
* A deposit in transit of $\$ 3,110$ had not been received by the bank when the bank statement was generated.
* A bank debit memo indicated an NSF check for $\$ 85$ written by Maddie Wolfe to Ashley Company on June 13 .
* A bank credit memo indicated a note collected by the bank of $\$ 2,100$ and interest revenue of $\$ 55$ on June 20 .
* The bank statement indicated service charges of $\$ 20$ .
Prepare bank reconciliation for Ashley Company for June 30,2019.

Master the concept and use of special and general journals in transaction recording.

Identify and correct common entry errors in accounting records to ensure accuracy.

Explain the significance of a subsidiary ledger and its role in detailed account management.

Understand the process of journalizing transactions in appropriate journals based on the nature of the transaction.

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Definitions:

Factory Overhead

All manufacturing costs that are not directly attributable to the product, including indirect materials, indirect labor, and other production-related expenses.

Product Cost

The total amount spent to produce a product, including the cost of materials, labor, and overhead directly related to the making of the product.

Lawn Service

A business that provides maintenance services for lawns and gardens, including mowing, fertilizing, and weed control.

Office Grounds

The outdoor area or surroundings of an office building, which can include landscaping, parking lots, and other external features.