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On October 31, 2024, Affleck Company's general ledger shows a cash account balance of $8,424. The company's cash recel for the month total $74,500, of which $71,340 has been deposited in the bank. In addition, the company has written checks f $72,494, of which $71,144 has been processed by the bank. The bank statement reveals an ending balance of $12,384 and includes the following items not yet recorded by Affleck: bank service fees of $240, note receivable collected by the bank of $5,900, and interest earned on the note of $770. After closer inspection, Affleck realizes that the bank incorrectly charged the company's account $660 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash.

On October 31, 2024, Affleck Company's general ledger shows a cash account balance of $8,424. The company's cash recel for the month total $74,500, of which $71,340 has been deposited in the bank. In addition, the company has written checks f $72,494, of which $71,144 has been processed by the bank. The bank statement reveals an ending balance of $12,384 and includes the following items not yet recorded by Affleck: bank service fees of $240, note receivable collected by the bank of $5,900, and interest earned on the note of $770. After closer inspection, Affleck realizes that the bank incorrectly charged the company's account $660 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash.

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 19E
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On October 31, 2024, Affleck Company's general ledger shows a cash account balance of $8,424. The company's cash receipt for the month total $74,500, of which $71,340 has been deposited in the bank. In addition, the company has written checks for $72,494, of which $71,144 has been processed by the bank. The bank statement reveals an ending balance of $12,384 and includes the following items not yet recorded by Affleck: bank service fees of $240, note receivable collected by the bank of $5,900, and interest earned on the note of $770. After closer inspection, Affleck realizes that the bank incorrectly charged the company's account $660 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash. Complete this question by entering your answers in the tabs below. Required 1 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2 Prepare a bank reconciliation for the Cousins checking account on October 31, 2024. (Amounts to be deducted should be indicated with a minus sign.). Per bank statement Bank's Cash Balance Deposits outstanding Bank error Checks outstanding Bank balance per reconciliation < Journal entry worksheet 1 < Note: Enter debits before credits. Transaction. 1 Record the amounts that increase cash. Cash Record entry 2 2 Transaction 2 $ Journal entry worksheet Note: Enter debits before credits. Record entry COUSINS VIDEO Bank Reconciliation October 31, 2024 12,976 Per general ledger 805 Company error EFT for note NSF check (571) (1,250) General Journal Record the amounts that decrease cash. Clear entry General Journal Company's Cash Balance Clear entry Company balance per reconciliation. Debit Debit Credit View general journal Credit > View general journal $ 12.351
Transcribed Image Text:On October 31, 2024, Affleck Company's general ledger shows a cash account balance of $8,424. The company's cash receipt for the month total $74,500, of which $71,340 has been deposited in the bank. In addition, the company has written checks for $72,494, of which $71,144 has been processed by the bank. The bank statement reveals an ending balance of $12,384 and includes the following items not yet recorded by Affleck: bank service fees of $240, note receivable collected by the bank of $5,900, and interest earned on the note of $770. After closer inspection, Affleck realizes that the bank incorrectly charged the company's account $660 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash. Complete this question by entering your answers in the tabs below. Required 1 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2 Prepare a bank reconciliation for the Cousins checking account on October 31, 2024. (Amounts to be deducted should be indicated with a minus sign.). Per bank statement Bank's Cash Balance Deposits outstanding Bank error Checks outstanding Bank balance per reconciliation < Journal entry worksheet 1 < Note: Enter debits before credits. Transaction. 1 Record the amounts that increase cash. Cash Record entry 2 2 Transaction 2 $ Journal entry worksheet Note: Enter debits before credits. Record entry COUSINS VIDEO Bank Reconciliation October 31, 2024 12,976 Per general ledger 805 Company error EFT for note NSF check (571) (1,250) General Journal Record the amounts that decrease cash. Clear entry General Journal Company's Cash Balance Clear entry Company balance per reconciliation. Debit Debit Credit View general journal Credit > View general journal $ 12.351
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