Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $13,982 debit balance and its bank statement shows $14,264 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,928. b. The June 30 bank statement lists a $25 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,630 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: Adjusted bank balance DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Deduct: Adjusted book balance

Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $13,982 debit balance and its bank statement shows $14,264 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,928. b. The June 30 bank statement lists a $25 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,630 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: Adjusted bank balance DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Deduct: Adjusted book balance

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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The cash account for American Medical Co. at April 30 indicated a balance of $84,457. The bank statement indicated a balance of $127,190 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $33,310. B. A deposit of $17,610, representing receipts of April 30, had been made too late to appear on the bank statement. C. The bank collected $28,248 on a $26,400 note, including interest of $1,848. D. A check for $1,100 returned with the statement had been incorrectly recorded by American Medical Co. as $110. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. E. A check drawn for $680 had been erroneously charged by the bank as $860. F. Bank service charges for April amounted to $45. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording…
Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,619 debit balance and its bank statement shows $15,239 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,083. b. The June 30 bank statement lists a $90 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $689 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $698. d. The June 30 cash receipts of $2,382 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct Adjusted bank balance i DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Deduct Adjusted book balance
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $85,920. The bank statement indicated a balance of $127,910 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $32,540. B. A deposit of $18,540, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $29,425 on a $27,500 note, including interest of $1,925. D. A check for $1,350 returned with the statement had been incorrectly recorded by Pala Medical Co. as $135. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. E. A check drawn for $570 had been erroneously charged by the bank as $750. F. Bank service charges for June amounted to $40. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact…
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The cash account for American Medical Co. at April 30 indicated a balance of $97,456. The bank statement indicated a balance of $127,960 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $30,050. B. A deposit of $19,720, representing receipts of April 30, had been made too late to appear on the bank statement. C. The bank collected $22,149 on a $20,700 note, including interest of $1,449. D. A check for $1,450 returned with the statement had been incorrectly recorded by American Medical Co. as $145. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. E. A check drawn for $290 had been erroneously charged by the bank as $920. F. Bank service charges for April amounted to $40. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording…
[The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $13,398 debit balance and its bank statement shows $13,568 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $ 2,384. The June 30 bank statement lists a $95 bank service charge. Check No. 919, listed with the canceled checks, was correctly drawn for $789 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $798. The June 30 cash receipts of $2, 128 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information.
Prepare BRS?
The cash account for Norwegian Medical Co. at April 30 indicated a balance of $89,775. The bank statement indicated a balance of $125,160 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $31,540. b. A deposit of $18,000, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $24,075 on a $22,500 note, including interest of $1,575. d. A check for $1,700 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $170. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. e. A check drawn for $290 had been erroneously charged by the bank as $920. f. Bank service charges for April amounted to $70. Required: 1. Prepare a bank reconciliation. Be sure to complete the statement heading. 2. Journalize the…
[The following information applies to the questions displayed below.]Del Gato Clinic's cash account shows a $13,209 debit balance and its bank statement shows $12,483 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $2,084. The June 30 bank statement lists a $75 bank service charge. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498. The June 30 cash receipts of $2,744 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement. Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation.
Required information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $13,511 debit balance and its bank statement shows $13,357 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,312. b. The June 30 bank statement lists a $40 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2.435 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-13 (Algo) Entries from bank reconciliation LO P3 Prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. Note:…