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2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in a. 2010 July 31 Accounts Receivable b. July 31 Feedback x Check My Work Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, because these have not been 3. What is the amount of cash that should appear on the balance sheet as of July 31, 20YO?

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in a. 2010 July 31 Accounts Receivable b. July 31 Feedback x Check My Work Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, because these have not been 3. What is the amount of cash that should appear on the balance sheet as of July 31, 20YO?

FINANCIAL ACCOUNTING
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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CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: Date Amount Date July 2 July 12 5 16 19 614 615 616 617 9 618 CHECKS WRITTEN: Number and amount of each check issued in July: Check No. Amount Check No. 621 622 623 624 625 626 627 $569.50 701.80 819.24 395.50 435.40 619 320.10 620 238.87 Total amount of checks issued in July BANK RECONCILIATION FOR PRECEDING MONTH: Adjusted balance $243.50 350.10 279.90 Sunshine Interiors Bank Reconciliation June 30, 20YO Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Cash balance according to company's records Deduct: Bank service charges Adjusted balance JULY BANK STATEMENT: No. 580 No. 602 No. 615 No. 617 No. 619 No. 621 No. 625 No. 627 No. 630 No. 632 MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS 92.50 243.50 CHECKS AND OTHER DEBITS 310.10 85.50 350.10 395.50 320.10 309.50 158.63 319.73 No. 612 No. 614 No. 616 No. 618 279.90 435.40 No. 620 238.87 No. 624 707.01 No. 626 550.03 329.90 No. 629 882.80 No. 631 325.40 No. 634 1,081.56 241.71 EC-ERROR CORRECTION SC Amount 36.00 $580.70 600.10 701.26 Amount $309.50 Void Void 707.01 158.63 550.03 391.73 ($310.10) (85.50) (92.50) (137.40) Date July 23 26 31 Check No. $9,424.70 $780.80 (625.50) $9,580.00 $9,607.70 (27.70) $9,580.00 NSF 370.00 628 629 630 631 632 633 634 ACCOUNT NUMBER FROM 7/01/20YO $9,580.00 6,465.42 Amount BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE OD OVERDRAFT -- $713.45 601.50 1,177.87 Amount $837.70 329.90 882.80 1,081.56 325.40 310.08 241.71 $8,389.42 PAGE 1 TO 7/31/20YO 9,424.70 6,086.35 7,657.74 3,754.00CR 11,607.31 DEPOSITS DATE 780.80 07/01 9,802.90 569.50 07/03 10,043.40 701.80 10,115.20 07/06 819.24 07/11 10,103.54 580.70 MS 4,000.00 MS 160.00 600.10 07/13 07/14 07/14 07/17 07/20 07/21 701.26 731.45 07/24 601.50 BALANCE 10,125.27 13,108.76 12,560.10 12,510.57 10,176.21 10,310.36 11,041.81 07/28 11,643.31 07/31 11,607.31
Transcribed Image Text:CASH ACCOUNT Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: Date Amount Date July 2 July 12 5 16 19 614 615 616 617 9 618 CHECKS WRITTEN: Number and amount of each check issued in July: Check No. Amount Check No. 621 622 623 624 625 626 627 $569.50 701.80 819.24 395.50 435.40 619 320.10 620 238.87 Total amount of checks issued in July BANK RECONCILIATION FOR PRECEDING MONTH: Adjusted balance $243.50 350.10 279.90 Sunshine Interiors Bank Reconciliation June 30, 20YO Cash balance according to bank statement Add: Deposit of June 30 not recorded by bank Deduct: Outstanding Check No. 580 Outstanding Check No. 602 Outstanding Check No. 612 Outstanding Check No. 613 Total deductions Cash balance according to company's records Deduct: Bank service charges Adjusted balance JULY BANK STATEMENT: No. 580 No. 602 No. 615 No. 617 No. 619 No. 621 No. 625 No. 627 No. 630 No. 632 MEMBER FDIC AMERICAN NATIONAL BANK OF DETROIT DETROIT, MI 48201-2500 (313) 933-8547 SUNSHINE INTERIORS 92.50 243.50 CHECKS AND OTHER DEBITS 310.10 85.50 350.10 395.50 320.10 309.50 158.63 319.73 No. 612 No. 614 No. 616 No. 618 279.90 435.40 No. 620 238.87 No. 624 707.01 No. 626 550.03 329.90 No. 629 882.80 No. 631 325.40 No. 634 1,081.56 241.71 EC-ERROR CORRECTION SC Amount 36.00 $580.70 600.10 701.26 Amount $309.50 Void Void 707.01 158.63 550.03 391.73 ($310.10) (85.50) (92.50) (137.40) Date July 23 26 31 Check No. $9,424.70 $780.80 (625.50) $9,580.00 $9,607.70 (27.70) $9,580.00 NSF 370.00 628 629 630 631 632 633 634 ACCOUNT NUMBER FROM 7/01/20YO $9,580.00 6,465.42 Amount BALANCE 9 DEPOSITS 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE OD OVERDRAFT -- $713.45 601.50 1,177.87 Amount $837.70 329.90 882.80 1,081.56 325.40 310.08 241.71 $8,389.42 PAGE 1 TO 7/31/20YO 9,424.70 6,086.35 7,657.74 3,754.00CR 11,607.31 DEPOSITS DATE 780.80 07/01 9,802.90 569.50 07/03 10,043.40 701.80 10,115.20 07/06 819.24 07/11 10,103.54 580.70 MS 4,000.00 MS 160.00 600.10 07/13 07/14 07/14 07/17 07/20 07/21 701.26 731.45 07/24 601.50 BALANCE 10,125.27 13,108.76 12,560.10 12,510.57 10,176.21 10,310.36 11,041.81 07/28 11,643.31 07/31 11,607.31
1. Prepare a bank reconciliation as of July 31, 20YO. If errors in recording deposits or checks are discovered, assume that the errors were made by the compa Sunshine Interiors Cash balance according to bank statement Add: Deposit in transit on July 31 Deduct: Outstanding Check no. 613 Deduct: Outstanding Check No. 628 Deduct: Outstanding Check No. 633 Total deductions Adjusted balance Total additions Cash balance according to company's records Add: Note collected by bank, including $160.00 interest -V Add: Error in recording July 23 deposit Add: Error in recording Check No. 627 Total deductions Adjusted balance Feedback Bank Reconciliation July 31, 20YO Deduct: Check returned because of insufficient funds Deduct: Bank service charges ✓ b. July 31 ✓ ✓ ✓ Feedback ✔ -V Feedback ✓ X 000 000 00 -137.40 -837.70 310.08 11,607.31 1,177.87 ✓ 1,285.18 11,500 7,656 Check My Work Set up two sections: one for the bank balance and the other for the company cash account. Determine the effect of the data on each section. Recall th 4,250 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in a. 20Y0 July 31 Accounts Receivable 406 ✓ 3. What is the amount of cash that should appear on the balance sheet as of July 31, 20YO? Incorrect Check My Work Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, because these have not bees 4. Assume that a canceled check for $160 has been incorrectly recorded by the bank as $1,600. Select how the error would be included in a bank reconciliati Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error
Transcribed Image Text:1. Prepare a bank reconciliation as of July 31, 20YO. If errors in recording deposits or checks are discovered, assume that the errors were made by the compa Sunshine Interiors Cash balance according to bank statement Add: Deposit in transit on July 31 Deduct: Outstanding Check no. 613 Deduct: Outstanding Check No. 628 Deduct: Outstanding Check No. 633 Total deductions Adjusted balance Total additions Cash balance according to company's records Add: Note collected by bank, including $160.00 interest -V Add: Error in recording July 23 deposit Add: Error in recording Check No. 627 Total deductions Adjusted balance Feedback Bank Reconciliation July 31, 20YO Deduct: Check returned because of insufficient funds Deduct: Bank service charges ✓ b. July 31 ✓ ✓ ✓ Feedback ✔ -V Feedback ✓ X 000 000 00 -137.40 -837.70 310.08 11,607.31 1,177.87 ✓ 1,285.18 11,500 7,656 Check My Work Set up two sections: one for the bank balance and the other for the company cash account. Determine the effect of the data on each section. Recall th 4,250 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in a. 20Y0 July 31 Accounts Receivable 406 ✓ 3. What is the amount of cash that should appear on the balance sheet as of July 31, 20YO? Incorrect Check My Work Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, because these have not bees 4. Assume that a canceled check for $160 has been incorrectly recorded by the bank as $1,600. Select how the error would be included in a bank reconciliati Treatment Addition to cash per bank statement ✔ To correct Request that the bank correct the error
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