Miler Corporation's December 31, 2016, bank statement showed a $2.054 25 balance. On this date, Miler's Cash account refected a $326.60 overdrat In reconciling these amounts, the following information is discovered 1. Cash on hand for undeposited sales receipts, December 31, $133 25. 2 Customer NSF check returned with bank statement, 5424 20. Cash sales of 5627 25 for the week ended December 18 were recorded on the books. The cashier 3. reports this amount missing, and it was not deposited in the bank 4 Note receivable of S2.300.00 and interest of S23 collected by the bank and not recorded on the books. 5. Depost in transt December 31, $340.00. 6. A customer check for $380.30 in payment of its account was recorded on the books at 5830.30 Outstanding checks, 52.032 55. Includes a duplicate check of 585.85 to C. Brown, who notfied Miler 7. mat the original was lost. Miler stopped payment on the original check and has already adjusted the cash account in the accounting records for this amount Required: 1. Prepare a December 31 bank reconciliation for Miler. 2. Prepare any joumal entries necessary by Miler to record the information from Requirement 1.

Miler Corporation's December 31, 2016, bank statement showed a $2.054 25 balance. On this date, Miler's Cash account refected a $326.60 overdrat In reconciling these amounts, the following information is discovered 1. Cash on hand for undeposited sales receipts, December 31, $133 25. 2 Customer NSF check returned with bank statement, 5424 20. Cash sales of 5627 25 for the week ended December 18 were recorded on the books. The cashier 3. reports this amount missing, and it was not deposited in the bank 4 Note receivable of S2.300.00 and interest of S23 collected by the bank and not recorded on the books. 5. Depost in transt December 31, $340.00. 6. A customer check for $380.30 in payment of its account was recorded on the books at 5830.30 Outstanding checks, 52.032 55. Includes a duplicate check of 585.85 to C. Brown, who notfied Miler 7. mat the original was lost. Miler stopped payment on the original check and has already adjusted the cash account in the accounting records for this amount Required: 1. Prepare a December 31 bank reconciliation for Miler. 2. Prepare any joumal entries necessary by Miler to record the information from Requirement 1.

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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