Valentine Investigations has the following information for its cash account:

Particulars	Amount
Balance, 1/31	$7,444
Deposits during February	106,780
Checks written during February	102,341

Valentine’s bank statement for February contained the following information:

$$\begin{array}{lrr} \text{Balance per bank, 1/31}&&\$~~~~8,910\\ \text{Add: February deposits}&&\underline{~~104,950}\\ &&\$113,860\\ \text{Less:}\\ \hspace{10pt}\text{Checks paid in February}&\$(101,400)\\ \hspace{10pt}\text{Bank service charge}&(50)\\ \hspace{10pt}\text{Debit memo (electric bill)}&\underline{~~~~~~~~~~(800)}&\underline{(102,250)}\\ \text{Balance per bank, 2/28}&&\underline{\underline{\$~~~11,610}} \end{array}$$

A comparison of company records with the bank statement provided the following data:

$$\begin{array}{lcc} &\textbf{At 1/31}&\textbf{At 2/28}\\\hline \text{Deposits in transit}&\$2,750&\$4,580\\ \text{Outstanding checks}&~~4,216&~~5,157 \end{array}$$

Required:

1. Prepare a bank reconciliation as of February 28.

2. Prepare adjusting entries for Valentine based on the information developed in the bank reconciliation.

3. What is the amount of cash that should be reported on the February 28 balance sheet?

Elisa withdrew $\$ 20$ at a time from her bank account and withdrew a total of $\$ 140 .$ Francis withdrew $\$ 45$ at a time from his bank account and withdrew a total of $\$ 270 .$ Who made the greater number of withdrawals? Justify your answer.

A bank reconciliation takes time and must balance. An employee was struggling in balancing the bank reconciliation. Her supervisor told her to “plug” (make an unsupported entry for) the difference, record to Miscellaneous Expense, and simply move on. Discuss the internal controls problem with this directive.

An accounting clerk for Chesner Co. prepared the following bank reconciliation:

$$\begin{array}{cc} \begin{array}{c} \text{Chesner Co.}\\ \text{Bank Reconciliation}\\ \text{August 31}\\ \end{array}\\ \hline \begin{array}{lrr} \text{Cash balance according to company’s records . . . . . . . . . . . . . . . . . } && \$11,100\\ \text{Add: Outstanding checks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . } & \$ 3,585\\ \quad \text{Error by Chesner Co. in recording Check} \\ \quad\quad\text{No. 1056 as \$950 instead of \$590 . . . . . . . . . . . . . . . . . . . . . . . . } & 360\\ \quad\text{Note for \$12,000 collected by bank, including interest . . . . . . . . . } & \underline{12,480} & \underline{16,425}\\ && \$27,525\\ \text{Deduct: Deposit in transit on August 31. . . . . . . . . . . . . . . . . . . . . . } & \$ 7,200\\ \quad\quad\text{Bank service charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . } & \underline{\hspace{20pt}25} & \underline{7,225}\\ \text{Cash balance according to bank statement . . . . . . . . . . . . . . . . . . . . } && \underline{\underline{\$20,300}} \end{array} \end{array}$$

a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the illustrative problem.

b. If a balance sheet is prepared for Chesner Co. on August 31, what amount should be reported for cash?

We have given the relative frequencies for the null hypothesis of a chi-square goodness-of-fit test and the sample size. In each case, decide whether Assumptions 1 and 2 for using that test are satisfied. Sample size: n=100. Relative frequencies: 0.65, 0.30, 0.05.

A vertical bar moves horizontally at constant velocity through a uniform magnetic field. We observe that point $b$ is at a higher potential than point $a$. We can therefore conclude that the magnetic field must have a component that is directed
A. vertically downward.
B. vertically upward.
C. perpendicular to the plane of the paper, outward.
D. perpendicular to the plane of the paper, inward.

How did the attack on the second Bank of the United States lead to the formation of the Whig Party?

Water standing in the open at

$$10.0 ^ { \circ } \mathrm { C }$$

evaporates because of the escape of some of the surface molecules. The heat of vaporization (539 cal/g) is approximately equal to

$$\varepsilon n$$

, where

$$\varepsilon$$

is the average energy of the escaping molecules and n is the number of molecules per gram. (a) Find

$$\varepsilon$$

. (b) What is the ratio of

$$\varepsilon$$

to the average kinetic energy of

$$\mathrm { H } _ { 2 } \mathrm { O }$$

molecules, assuming the latter is related to temperature in the same way as it is for gases?

We have given the relative frequencies for the null hypothesis of a chi-square goodness-of-fit test and the sample size. In each case, decide whether Assumptions 1 and 2 for using that test are satisfied. Sample size: n=50. Relative frequencies: 0.65, 0.30, 0.05.

How many molecules are in one drop of water if $1.00 \mathrm{~g}$ of water contains $3.34 \times 10^{22}$ molecules? (Given: $1 \mathrm{~mL}=20$ drops)

Christine borrowed $5200 from a bank at a simple interest rate of 2.5% (or 0.025 ) for one year. (a) Determine how much interest Christine paid at the end of 1 year. (b) Determine the total amount Christine will repay the bank at the end of 1 year.

The body weight of a healthy 3-month-old colt should be about $\mu=60 \mathrm{kg}$. If you want to set up a statistical test to challenge the claim that $\mu=60 \mathrm{kg}$, what would you use for the null hypothesis $H_{0}$?

For each claim k, use the specified information to calculate the test statistic and determine whether there is enough evidence to reject the null hypothesis. Then make a statement regarding the original claim. $k: \mu \geq 39, \alpha=0.10, \bar{x}=38.6, s=2.6, n=42$

Show the derivation of Formula $(7–2)$ for each branch current in a parallel bank of two resistances. Hint: The voltage across the bank is $I_\text{T}\times R_\text{EQ}$ and $R_\text{EQ}$ is $\dfrac{R_1R_2}{(R_1+R_2)}$.