O 790%The following is from Tyrone's bank statement forApril:April 1Beginning Balance.$ 136.003Check No. 79....$ 15.00121.00Deposit No. 10499$ 96.00217.005Check No. 80.261.32(44.32)5Automatic Loan.132.0087.685Deposit No. 1050045761545.2920NSF Check20.00525.2920Service Charge.15.00510.2930Interest1.21511.50Instructions: Prepare a reconciliation ofTyrone's bank account as of April 30. Show botha corrected balance per bank and a correctedbalance per books. Assume that any errors ordiscrepancies you find are Tyrone's fault, not thebank's. AnnotatiorThe following data were taken from Tyrone Tardieff'scheck register for the month of April. Tyrone's bankreconciliation for March showed one outstandingcheck, Check No. 78 for $57.00 (written on March 23),and one deposit in transit, Deposit No. 10499 for$96.00 (made on March 30).DateItemChecksDepositsBalance2015April1Beginning Balance$175.001Deposit No. 10500$451.61626.611Check No. 79.$ 15.00616614.Check No. 80.261.323555927Deposit No. 10501247.28602.8729Check No. 81.214.3538952The following is from Tyrone's bank statement forApril:

The following is from Tyrone's bank statement for April: April 1 Beginning Balance.... $ 136.00 3 Check No. 79.... $ 15.00 121.00 3 Deposit No. 10499 .. $ 96.00 217.00 Check No. 80... Automatic Loan... 5 Deposit No. 10500. 20 NSF Check.. 20 Service Charge... 30 Interest . 5 261.32 (44.32) 5 132.00 87.68 457.61 545.29 20.00 525.29 15.00 510.29 1.21 511.50 Instructions: Prepare a reconciliation of Tyrone's bank account as of April 30. Show both a corrected balance per bank and a corrected balance per books. Assume that any errors or discrepancies you find are Tyrone's fault, not the bank's.

The following is from Tyrone's bank statement for April: April 1 Beginning Balance.... $ 136.00 3 Check No. 79.... $ 15.00 121.00 3 Deposit No. 10499 .. $ 96.00 217.00 Check No. 80... Automatic Loan... 5 Deposit No. 10500. 20 NSF Check.. 20 Service Charge... 30 Interest . 5 261.32 (44.32) 5 132.00 87.68 457.61 545.29 20.00 525.29 15.00 510.29 1.21 511.50 Instructions: Prepare a reconciliation of Tyrone's bank account as of April 30. Show both a corrected balance per bank and a corrected balance per books. Assume that any errors or discrepancies you find are Tyrone's fault, not the bank's.

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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17. Find the ending balance if the original balance was $425.32 and the followingtransactions occurred over the space of a week: wrote a check, $16;paycheck deposit, $235.21; check deposit, $30; ATM, $20; wrote a check,$63.45; deposit, $30; maintenance fee, $11; interest, $0.32.A. $609.76B. $610.40C. $650.08D. $649.76
2. Your checkbook balance was $206.42 on March 3. The check register shows your transactions since then. What should your new balance be? Trans Type Date Description of Transaction or Check # 284 DEP AT Payment / Debit ✓ Deposit / Credit (+) (-) Balance Brought Forward 3/9 Osbourne Pharmacy 3/15 ATM Deposit 3/20 Auto trans: Gen Phone 19 32 50 80 120 49 Balance
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9. Ashley Martinez's checkbook balance was $149.21 on October 5. The checkbook register below shows her transactions since then. What is her balance after each transaction? Trans Type Date Description of Transaction or Check # 571 DEP 572 AT 10/6 Pettisvile Flowers 10/9 Deposit 10/10 Donald's Bookstore 10/19 Langley Phone Co. Payment / Debit ✔ Deposit / Credit (+) (-) Balance Brought Forward 45 79 16 94 75 25 213 80 Balance 149 21
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Balance per bank.. .$14,500 Balance per company records.... .13,875 Bank service charges. 75 Deposit in transit.. .3,750 NSF check... 800 Outstanding checks... 5,250 What is the adjusted balance on the bank reconciliation?
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37)At Dec 31, Michael Corp has the following bank information: Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for interest $50 Bank service charge $25 What is Michael's adjusted cash balance on Dec 31? A)$5,425. B)$4,425. C)$5,325. D)$5,300
3. Bank Reconciliation Barb Lee Inc. (BLI) is about to reconcile its bank statement for the month of May. Pertinent information follows: Bank statement balance $11,003.74. General ledger balance $8, 284.07. BLI mailed a deposit of $899.14 to the bank on May 28. The bank had not yet received it by month end. BLI issued cheques # 124 for $2,041.25; # 126 for $951.56; and #129 for $1,000 in May; however, these were not returned with the May 31 bank statement. BLI received notification that a cheque for $313 deposited to BLI's account was returned NSE. The bank levied a $32 returned cheque charge. The bank statement included a $29 service charge for the month.Required:a) Prepare the cash reconciliation for Barb Lee Inc. as at May 31. b) Prepare adjusting journal entries to correct for items noted in the cash reconciliations.
Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,277.77. The bank statement shows an ending balance of $2,109.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, an noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a. An ATM withdrawal of $150.00 on November 18 by Lyle for personal use was not recorded on the books. b. A bank debit memo issued for an NSF check from a customer of $19.20. c. A bank credit memo issued for interest of $20.00 earned during the month. d. On November 30, a deposit of $1,186.00 was made, which is not shown on the bank statement. e. A bank debit memo issued for $16.80 for bank service charges. f. Checks No. 549, 561, and 562 for the anounts of $181.00, $24.00, and $9.50, respectively, were written during November but have not yet been received…
2. DETAILS rise BRECMBC9 4.11.TB.011. On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. O $29.95 O $943.80 O $1,003.70 $1,108.88
3. The April 30 bank statement of 10A Company showed a balance of $$24,635 and the following memoranda: Credits Collection of $1,250 note plus interest $50 Interest earned on checking account $65 Debits $75 NSF check: Banana Wang $635 Safety deposit box rent: 10A Company's cash account in the general ledger had a balance of $26,100 on April 30 and other information is as follows: (1) Cash receipts for April 30 recorded on the company's books were $6,695 but this amount does not appear on the bank statement. (2) The total amount of checks still outstanding at April 30 amounted to $6,575, including $2,000 certified checks. (3) Check No. 119 payable to 10B Company was recorded in the cash payments journal and cleared the bank for $248 but the payment should be $284. Instructions (a) (b) Prepare the bank reconciliation at April 30. Prepare any adjusting entries necessary as a result of the bank reconciliation. (Hint: Record Safety deposit box rent as Miscellaneous (Misc.) Expense)