On December 31, The Gamekeeper Company has this bank information: cash balance per bank $9,450; outstanding checks $762;deposits in transit $1,700; interest revenue $8 and a check printing charge $20. In preparing the bank reconciliation, theGamekeeper's bookkeeper discovered that the bank had mistakenly charged the check printing charge twice for a total of $40.Prepare the required adjustments for The Gamekeeper in the table below:

Adjustment Entry-An adjusting entry is an entry made to assign the right amount of revenue and…

On December 31, The Gamekeeper Company has this bank informat eposits in transit $1,700; interest revenue $8 and a check printing charge $20. In preparing the bank reconciliation, the Samekeeper's bookkeeper discovered that the bank had mistakenly charged the check printing charge twice for a total of $40.

On December 31, The Gamekeeper Company has this bank informat eposits in transit $1,700; interest revenue $8 and a check printing charge $20. In preparing the bank reconciliation, the Samekeeper's bookkeeper discovered that the bank had mistakenly charged the check printing charge twice for a total of $40.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter8: Internal Control And Cash

Section: Chapter Questions

Problem 21E

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Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance: $6,626 Deposits in transit: $1,600 Outstanding checks: $599 and $1,423 Bank charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $234 but posted in the accounting records as $324. This check was expensed to Utilities Expense.
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
On December 31, The Gamekeeper Company has this bank information: cash balance per bank $9,450; outstanding checks $762; deposits in transit $1,700; interest revenue $8 and a check printing charge $20. In preparing the bank reconciliation, the Gamekeeper's bookkeeper discovered that the bank had mistakenly charged the check printing charge twice for a total of $40. Prepare the required adjustments for The Gamekeeper in the table below: -Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. -Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses. Assets Liabilities Stockholders' Equity $ Cash Retained Earnings 1700 $ eTextbook and Media -1700 $ Common Stock $ Revenues
The accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company's April 30 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company's computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items: a. The bank statement showed bank service fee of P800 b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250 was charged. c. Deposits in transit, P51,000. d. Checks outstanding on May 31, P79,100. e. The accountant found a check issued to Rhys Corp. for P4,50 that cleared the bank but was not in the cash ledger. Required: Prepare a Bank Reconciliation Statement
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 Book balance: $8,923 Deposits in transit: $1,875 Outstanding checks: $569 and $1,423 Bank service charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $123 but posted in the accounting records as $213. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
The accountant at Terry Farm Stores prepares a monthly bank reconciliation. On 31 August she received a bank statement from QBE Bank, which had a credit balance of $8 950. Terry Farm Stores' cash at bank account per the general ledger showed a debit balance of $15 050. A comparison of the bank statement with the cash payments and cash receipts journals revealed the following information: (1) Outstanding EFTs at 31 August totaled $1 550 (2) QBE bank mistakenly included a cheque payment on Terry Farm Stores' bank statement that related to Tolga Ltd. The cheque amount was for $2 180. The mistake will be corrected in September. (3) The bank statement included bank charges of $20. (4) In reviewing the cheque payments, a mistake was discovered on cheque no. 574 for the payment of rent expense. The amount of the cheque was for $5 510 but was recorded in the cash payments journal as $5 150. (5) Cash receipts recorded in the cash receipts journal on 30 August of $4 300 were not on the bank…
When a company's bookkeeper started to prepare the monthly bank reconciliation, the cash account showed a balance of P528,600. At the end of the month, the following information was available from the company records and the monthly bank statement: (1) Customer NSF checks listed on the bank statement - 40,800 (2) Bank service charges listed on the bank statement - 2,400 (3) Checks outstanding at the end of the month, determined by the bookkeeper - 178,000 (4) A deposit for P45,000 was recorded incorrectly on the bank statement as - 54,000 (5) The company wrote a check for P1,700 (the correct amount) but recorded it in the cash account as - 7,100 (6) Customer defaults on accounts receivable were determined by the bookkeeper to be - 12,600 The correct cash balance shown on the bank reconciliation should be:
The accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 Book balance: $8,730 Deposits in transit: $1,701 Outstanding checks: $579 and $1,423 Bank service charges: $25 Bank incorrectly charged the account $25. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank. Cash Cash Cash Cash - Select - - Select - - Select - - Select -
The accountant of Sophia Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Sophia Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.
Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance: $6,626 Deposits in transit: $1,600 Outstanding checks: $599 and $1,423 Bank charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $234 but posted in the accounting records as $324. This check was expensed to Utilities Expense.