Question#01: 06 The following information pertains to TNT Company for July 2017: 1. Cash balance per bank, July 31, Tk.7,586 2. July bank service charge not recorded by the depositor Tk.30 3. Bank Debited TK. 30 for printing cheque book. 4. Cash balance per books, July 31, Tk. 7,374 5. Deposits in transit, July 31, Tk.1,000 6. The note collected by the bank was Tk.700, 3-month, 12% note in July, less fee Tk. 14. The collection has not been recorded by Crane, and no interest has been accrued. 7. Outstanding checks, July 31, Tk.591 8. A TNT Company check for TK.362, dated July 10, cleared by the bank on July 25. The company recorded this check, which was a payment on account, for TK. 326. Instructions: a) Prepare bank reconciliation as at July 31. b) Journalize the entries required by the reconciliation.

The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.

On 30 June 2016, the cash at bank account for Holmes Traders showed a debit balance of $13,398 and the bank statement showed a credit balance of 20,008. A comparison of the two sets of records disclosed: that there was a bank service fee of $10 the bank had collected $1000 on behalf of Holmes Traders on the maturity of a note unpresented cheques totalling $8340 that the date of a deposit of $2740 was shown by Holmes Traders as 30 June 2016, whereas the bank did not record the deposit until 1 July 2016 the bank statement shows interest received on bank account, $20   Required: 1.Prepare the bank reconciliation statement for Holmes Traders for the month ended at 30 June 2016. 2.Do you agree with the statement: “Internal control of cash is strengthened by requiring that each day’s receipts are deposited intact and that all payments are made by cheque or electronic transfer”? Discuss.

Bank Reconciliation and Adjusting Entries (Appendix 6.1)   Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal         X Instructions     Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement.   The following checks mailed to creditors had not been processed by the bank on March…