Jossica Corp. used the following information in recording itn bank reconcilistion for the month of JulyBalance per books July 31$ 25,312Balance per bank statement July 31$ 26,772(1)Checks written in July but still outstanding $3,650.(2)Deposits of July 31 not yet recorded by bank $2,820.(3)Check No. 705 for $350 was correctly issued and paid by bank but was recorded as $530 in the cash payments journal.(4)Bank commission charge for July was $82.(5)The bank collected a note receivable for the company of $1,600 plus $117 interest revenue.(6)NSF check of customer returned by bank $285.(7)Jessica deposited $2,150 into the bank and properly recorded it in Cash at Bank accounts but the bank credited this amount for only $1,250.InstructionsPrepare a bank reconciliation at July 31.

Bank reconciliation statement: Bank reconciliation statement is a statement drafted to match the…

irang ils bank reconciliation for the month of July Balance per books July 31 S 25,312 Balance per bank statement July 31 $ 26,772 Checks written in July but still outstanding $3,650. Deposits of July 31 not yet recorded by bank $2,820. Check No. 705 for $350 was correctly issued and paid by bank but was recorded as $530 in the cash payments journal. Bank commission charge for July was $82. The bank collected a note receivable for the company of $1,600 plus $117 interest revenue. NSF check of customer returned by bank $285. Jessica deposited $2,150 into the bank and properly recorded it in Cash at Bank accounts but the bank credited this amount cructions nare a bank reconciliation at July 31.

irang ils bank reconciliation for the month of July Balance per books July 31 S 25,312 Balance per bank statement July 31 $ 26,772 Checks written in July but still outstanding $3,650. Deposits of July 31 not yet recorded by bank $2,820. Check No. 705 for $350 was correctly issued and paid by bank but was recorded as $530 in the cash payments journal. Bank commission charge for July was $82. The bank collected a note receivable for the company of $1,600 plus $117 interest revenue. NSF check of customer returned by bank $285. Jessica deposited $2,150 into the bank and properly recorded it in Cash at Bank accounts but the bank credited this amount cructions nare a bank reconciliation at July 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bank reconciliation and entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours.The data required to reconcile the bank statement as of July 31, 20Y0, have been taken from various documents and records and are reproduced as follows.The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of July 1 $9,578.00 CASH RECEIPTS FOR MONTH OF JULY 6,465.42 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: Date Amount Date Amount Date Amount July 2 $569.50 July 12 $580.70 July 23 $713.45 5 701.80 16 600.10 26 601.50 9 819.24 19 701.26 31 1,777.87 CHECKS WRITTEN: Number and amount of each check issued in July: BANK RECONCILIATION FOR PRECEDING MONTH: Sunshine Interiors Bank Reconciliation June 30,20Y0 Cash balance according to bank statement $9,422.80…
Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,337.11. The bank statement shows an ending balance of $2,136.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, and noting the service charges and other debit and credit memos shown on the bank statement, the following were found: An ATM withdrawal of $153.00 on November 18 by Lyle for personal use was not recorded on the books. A bank debit memo issued for an NSF check from a customer of $19.40. A bank credit memo issued for interest of $19.00 earned during the month. On November 30, a deposit of $1,201.00 was made, which is not shown on the bank statement. A bank debit memo issued for $18.00 for bank service charges. Checks No. 549, 561, and 562 for the amounts of $167.00, $23.00, and $9.60, respectively, were written during November but have not yet been received by the bank.…
Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,370. During May, the total cash deposited was $71,780 and checks written totaled $66,650. The bank statement indicated a balance of $24,330 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $10,840. A deposit of $8,830, representing receipts of May 31, had been made too late to appear on the bank statement. The bank had collected for Brentwood Bike Co. $4,670 on a note left for collection. The face of the note was $4,310. A check for $490 returned with the statement had been incorrectly charged by the bank as $940. A check for $520 returned with the statement had been recorded by Brentwood Bike Co. as $250. The check was for the payment of an obligation to Adkins Co. on account. Bank service charges for May amounted to $50. A check for $1,080 from Jennings…
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $7,150 Adjustments: Outstanding checks $3,430 Error by Chesner Co. in recording Check No. 1056 as $830 instead of $380 450 Note for $11,200 collected by bank, including interest 11,650 Deposit in transit on July 31 (7,280) Bank service charges (40) Total adjustments 8,210 Cash balance according to bank statement $15,360 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank acc4df036010fde_1 fill in the…
Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $8,112.62. On that date, the bank statement indicated a balance of $9,098.55. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $3,358.19. 2. Outstanding checks July 31 totaled $1,251.12. 3. The bank erroneously charged a $215.00 check of Solomon Company against the Sullivan bank account. 4. A $15 bank service charge has not yet been recorded by Sullivan Company. 5. Sullivan neglected to record $3,000.00 borrowed from the bank on a ten percent six-month note. The bank statement shows the $3,000.00 as a deposit. 6. Included with the returned checks is a memo indicating that J. Martin's check for $640.00 had been returned NSF. Martin, a customer, had sent the check to pay an account of $660.00 less a $20 discount. 7. Sullivan Company recorded a $107.00 payment for repairs as $1,070.00 Required a. Prepare a bank reconciliation for…
Duke Company's unadjusted bank balance at March 31 is $3,850. The bank reconciliation revealed outstanding checks amounting to $580 and deposits in transit of $460. What is the true cash balance? Multiple Choice $3,730 $3,530 $3,930 $4,230
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Bank Reconciliation and Entries The cash account for American Medical Co. at April 30 indicated a balance of $10,405. The bank statement indicated a balance of $12,130 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,370. A deposit of $4,550, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,370 on a $2,240 note, including interest of $130. A check for $770 returned with the statement had been incorrectly recorded by American Medical Co. as $700. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. A check drawn for $40 had been erroneously charged by the bank as $400. Bank service charges for April amounted to $35. Required: 1. Prepare a bank reconciliation.
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $11,100 $ 3,585 Add: Outstanding checks Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590...... Note for $12,000 collected by bank, including interest 360 12,480 16,425 $27,525 $ 7,200 Deduct: Deposit in transit on August 31.. Bank service charges .... Cash balance according to bank statement.. 25 7,225 $20,300 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?
Please prepare a bank reconciliation and journal entries for the month ended April 30th for Bannon Co. 1) Balance per bank statement $ 9,915 2) Balance per cash general ledger account (books) $ 8,954 3) April 30th deposit of $ 2,600 is not on the bank statement (Deposit in Transit) 4) Check numbers #219 for $ 1000 and # 222 for $ 1,100 written in April do not appear on the April bank statement (Outstanding Checks) 5) Debit memo for a $ 20 service charge appeared on the bank statement 6) The bank incorrectly deducted $ 400 from Bannon's checking account 7) The bank collected a note on behalf of the company in April, a credit memo for net proceeds óf $ 2,000 included the principal of $1,900, interest of $ 150, less a collection fee of $ 50 accompanied the bank statement 8) A check from Apple Co. for $ 150 was returned by the bank marked NSF 9) The bank added $40 of interest earned directly to the checking account balance 10) A Cash Sale in the amount of $ 297 was erroneously journalnized…