22.2XWilliam Kelly's cash book on 28 February 2007 showed a balance at bank of $456.48. On attempting a reconciliation with his bank statement, the following matters were discovered. (i) A payment from B. Green to W. Kelly of $40 by direct bank transfer had not been recorded in the cash book. (ii) Cheques drawn but not presented to the bank were: A. Roe, $21.62; C. Mils, $36.55. (iii) A paying-in slip dated 27 February 2007 totalling $372.31 was not credited by the bank until 1 March 2007. (iv) A standing order for $21.58 payable on 20 February 2007 for fire insurance had been paid by the bank but not entered in the cash book. (v) Bank charges $15 had not been entered in the cash book. (a) Open the cash book and make such additional entries as you consider necessary. (b) Prepare a statement reconciling your revised cash book balance with the balance shown by the

22.2XWilliam Kelly's cash book on 28 February 2007 showed a balance at bank of $456.48. On attempting a reconciliation with his bank statement, the following matters were discovered. (i) A payment from B. Green to W. Kelly of $40 by direct bank transfer had not been recorded in the cash book. (ii) Cheques drawn but not presented to the bank were: A. Roe, $21.62; C. Mils, $36.55. (iii) A paying-in slip dated 27 February 2007 totalling $372.31 was not credited by the bank until 1 March 2007. (iv) A standing order for $21.58 payable on 20 February 2007 for fire insurance had been paid by the bank but not entered in the cash book. (v) Bank charges $15 had not been entered in the cash book. (a) Open the cash book and make such additional entries as you consider necessary. (b) Prepare a statement reconciling your revised cash book balance with the balance shown by the

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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Which of the following items will not appear on the Books side of the reconciliation? A a non-sufficient funds check of $75 was returned to the bank and deduct it from the bank balance. Be a deposit was in transit in not yet deposited in the bank. See the bank charge a service fee of $20 on the bank statement. D the bank collected in notes receivable of $1000 for the business
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The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
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