In addition to keeping an eye on her inventory Rita is also a little bit worried about theamount of cash she has available. The most recent bank statement for Perfect CoverInsurance Brokers showed a credit balance of $11 232 but this seems quite differentfrom her most cash at bank ledger which is showing a debit balance of $9 440.Following a review of her records, Rita has found that there were several items on thebanak statement that she was unaware of and hand recorded including a direct depositfor $1988, a returned(dishonoured), cheque for $500 and account fees for $16.Rita has also notice the bank has not recorded the $1140 cash she received on the lastday of the month (and hasn't actually deposited yet) or 3 cheques she wrote out lastmonth for $544, $496 and $420.Using all this information update the Cash Payment and Cash receipts journal and postthese amounts to the Cash at Bank account ledger.

Cash payments journal is journal used to record all the cash payments in the business. Cash receipts…

for $1988, a returned(dishonoured) cheque for $500 and account fees for $16. Rita has also notice the bank has not recorded the $1140 cash she received on the last day of the month (and hasn't actually deposited yet) or 3 cheques she wrote out last month for $544, $496 and $420. Using all this information update the Cash Payment and Cash receipts journal and post these amounts to the Cash at Bank account ledger.

for $1988, a returned(dishonoured) cheque for $500 and account fees for $16. Rita has also notice the bank has not recorded the $1140 cash she received on the last day of the month (and hasn't actually deposited yet) or 3 cheques she wrote out last month for $544, $496 and $420. Using all this information update the Cash Payment and Cash receipts journal and post these amounts to the Cash at Bank account ledger.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month of August, Year 3. As of August 31, the bank statement shows a balance of $13,995. The August 31 unadjusted balance in the Cash account of Hall's Cards is $9,933. A review of the bank statement revealed the following information: A deposit of $1,700 on August 31, Year 3, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $3,970 but was recorded on the books as $4,870. When checks written during the month were compared with those paid by the bank, three checks amounting to $4, 935 were found to be outstanding. A debit memo for $73 was included in the bank statement for the purchase of a new supply of checks. Required Prepare a bank reconciliation at the end of August showing the true cash balance. (Negative amounts should be indicated with minus sign.) HALL'S CARDS Bank Reconciliation August…
You are the training director for tellers at a large local bank. As part of a new training program you are developing, you have given your trainees this "sample" check register. It is filled out but some of the balances are incorrect. Check Number Date 4/7 4/14 4/16 1208 4/17 4/21 PLEASE BE SURE TO DEDUCT ANY BANK CHARGES THAT APPLY TO YOUR ACCOUNT. Description of Transaction To: Deposit For: To: Mario's Market Debit Card For: To: ATM Withdrawal For: To: Bargain Properties For: To: Electronic Payroll Deposit For: Amount of payment or withdrawal (-) 48 65 135 00 870 00 ✓ Amount of Deposit or interest (+) 755 80 1,350 00 Balance Forward Bal. Bal. Bal. Bal. 469 30 1,225 10 1,176 45 996 45 181 45 Bal. 1,531 45 You instruct your trainees to find and correct the errors in the balances. If your trainees do so, what should the corrected final balance be (in $)? $
On March 20, Novak's petty cash fund of $118 is replenished when the fund contains $20 in cash and receipts for postage $47, supplies $19, and travel expense $32. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Mar. 20 Debit Credit
Very confused with this chart. So lost. Please help me fill it out.
The U.S. Chamber of Commerce provides a free monthly bank reconciliation template at business.uschamber.com/tools/bankre_m.asp. Paula Hein just received her bank statement notice online. She wants to reconcile her checking account with her bank statement and has chosen to reconcile her accounts manually. Her checkbook shows a balance of $698. Her bank statement reflects a balance of $1,348. Checks outstanding are No. 2146, $25; No. 2148, $58; No. 2152, $198; and No. 2153, $464. Deposits in transit are $100 and $50. There is a $15 service charge and $5 ATM charge in addition to notes collected of $50 and $25. Reconcile Annie's balances. BANK RECONCILIATION Annie's checkbook balance Bank balance Add: Add: Subtotal Subtotal Deduct: Deduct: Subtotal Reconciled balance Reconciled balance aw 4 of 15
On 30th June, 2015, D’s Cash Book showed that he had an overdraft of $ 300 on his Current Account at the bank. On checking the Cash Book with the bank statement you find the following: (a) Cheques drawn amounting to $ 500 had been entered in the Cash Book but had not been Presented; (b) Cheques received, amounting to $ 400, had been entered in the Cash Book but had not been credited by the bank ; (c) On instructions from D the bank had transferred interest, $ 60, from his deposit account to his current account recording the transfer on 5th July 2015. This amount had, however, been credited in the Cash Book as on 30th June, 2015. (d) Bank charges, $ 35, shown in the Bank statement had not been entered in the Cash Book; (e) The payment side of the Cash Book had been undercast by $ 10 ; (f) Dividends amounting to $ 200 had been paid direct to the Bank and not entered in the Cash Book ; (g) A cheque of $ 50 drawn on deposit account had been shown in…
Rick Hall owns a cord shop, Hall's Cards. The following cash information is available for the month of August Year 1 As of August 31, the bank statement shows a balance of $13,235, The August 31 unadjusted balance in the Cash account of Hall's Cords is $9,223 A review of the bank statement revealed the following information 1. A deposit of S1,040 on August 31, Year 1, does not oppear on the August bank statement 2 It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $2,955 but was recorded on the books as $3,855. 3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,250 were found to be outstanding. 4. A debit memo for $98 was included in the bank statement for the purchase of a new supply of checks. Required Prepare a bank reconciliation at the end of August showing the true cash balance. (Negative amounts should be indicated with minus sign.) HALL'S CARDS Bank Reconcillalion…
prepare a bank reconciliation report.
Lowell Bank reported the following checking account fees: $2 to see a real-live teller, $20 to process a bounced check, and $1 to $3 if you need an original check to prove you paid a bill or made a charitable contribution. This past month you had to transact business through a tellet six times-a total $12 cost to you. Your bank statement shows a $305,33 balance your checkbook shows a $1,009.76 balance. You received $1.10 in interest. An $80115 deposit was not recorded on your statement. The following checks were outstanding: No. 413. $28.30, No. 414, $18.60, and No. 418, $60.72. Prepare your bank reconciliation (Input all amounts as positive values. Round your answers to 2 decimal places) Checkbook balance Add: Interest Subtotal Deduct Teller fee Reconciled balance Y BANK RECONCILIATION $ 1,009 76 Bank balance Add: 1.10 $1,010.86 12.00 $ 998 58 Deposit in transit Subtotal Deduct Outstanding checks (total) Reconciled balance - ** $ 74 $ 305.33 801.15 1,106.48 107,62 998.86
K Adjusted Bank Balance. Mary's last bank statement showed an ending balance of $156.45. This month, she deposited $548.61 in her account and withdrew a total of $230.67. Furthermore, Mary wrote a total of five checks, two of which have cleared. The two checks that have cleared total $133 55 The three remaining checks total $100.44. Mary pays no fees at her bank. What is the balance shown this month on Mary's bank statement? What is the adjusted bank balance? CETTS The balance show this month on Mary's bank statement is 5 (Round to the nearest cent)
Rick Hall owns a card shop, Hall’s Cards. The following cash information is available for the month of August, Year 3.As of August 31, the bank statement shows a balance of $11,365. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $7,875. A review of the bank statement revealed the following information: A deposit of $1,960 on August 31, Year 3, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $2,830 but was recorded on the books as $3,730. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,600 were found to be outstanding. A debit memo for $50 was included in the bank statement for the purchase of a new supply of checks. Required Prepare a bank reconciliation at the end of August showing the true cash balance. (Negative amounts should be indicated with minus sign.) HALL'S CARDS…
Naomi Greenwell fills out a deposit slip for her saving account. She deposits a check for $445.96. She also has $215.44 in cash and $23.17 in coins. What is her total deposit?