3. Melissa Jackson , Bookkeeper for Kinko Company, cannot prepare a bank reconciliation. From the following facts, assist her in completing the June 30, 2009 reconciliation. The bank statement showed a $2,955.82 balance while the check book transaction log shows a balance of $3,301.82. Melissa placed a $510.19 deposit in the bank's night depository on June 30. The deposit did not appear on the statement. The bank included two DM's one $690.65 DM for a NSF, and an $8.50 DM for the service charge. The bank included one CM for $400.00 for collecting a non-interest bearing note for that amount before they then deducted a $10 service fee for collection. Further the following checks were written: June 28 #811 for $110.94 and #912 for $82.50 were written but did not appear on the statement. The book keeper had correctly written check #844 for $1000 to the business machines shop for a new cash register but had inexplicably written $1069 in the transaction log. Further, in the May reconciliation check #748 for $210.90 and check #710 for $195.80 did not show. June statement shows these checks now. Transaction Log Bank Balance Description Debit Credit Description Debit Credit

3. Melissa Jackson , Bookkeeper for Kinko Company, cannot prepare a bank reconciliation. From the following facts, assist her in completing the June 30, 2009 reconciliation. The bank statement showed a $2,955.82 balance while the check book transaction log shows a balance of $3,301.82. Melissa placed a $510.19 deposit in the bank's night depository on June 30. The deposit did not appear on the statement. The bank included two DM's one $690.65 DM for a NSF, and an $8.50 DM for the service charge. The bank included one CM for $400.00 for collecting a non-interest bearing note for that amount before they then deducted a $10 service fee for collection. Further the following checks were written: June 28 #811 for $110.94 and #912 for $82.50 were written but did not appear on the statement. The book keeper had correctly written check #844 for $1000 to the business machines shop for a new cash register but had inexplicably written $1069 in the transaction log. Further, in the May reconciliation check #748 for $210.90 and check #710 for $195.80 did not show. June statement shows these checks now. Transaction Log Bank Balance Description Debit Credit Description Debit Credit

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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Cheyenne Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. (a) Deposit in transit $6,590. (b) Bank service charges $27. (Use Office Expense account.) (c) Interest credited to Cheyenne's account $41. (d) Outstanding checks $7,670. (e) NSF check returned $480. Prepare entries necessary to make Cheyenne's accounting records correct and complete. (If no entry is required, selec Do not indent manually.)
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Using the following information, prepare a bank reconciliation. Bank balance: $6,788 Book balance: $6,525 Deposits in transit: $1,688 Outstanding checks: $569 and $1,523 Bank charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) $fill in the blank 1 Add: Deposits in Transit Outstanding Checks Less: - Select - Adjusted Bank Balance $fill in the blank 8 Book Balance at (date) $fill in the blank 9 Add: - Select - Less: - Select - Adjusted Book Balance $fill in the blank 14
The June 30 bank statement shows a balance of $7,100. The following information as discovered while the bank reconciliation was prepared: A bookkeeper error where a $400 check written to a supplier was incorrectly recorded as $500 Two outstanding checks totaling $840 A bank service charge of $29 A deposit in transit of $330 Bank interest revenue of $20 What is the adjusted bank balance?
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Required information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance #301 #302 #303 # 304 Checks Total Amount of Cash and Cash Equivalents $ 12,000 7,200 560 Cash (A) 21,500 9,000 11,000 7,200 5,200 21,840 BANK STATEMENT Deposits $ 9,000 12,000 7,200 560 5,200 1,900 11,000 Interest earned NSF check Service charge Credit Other # 301 May 2 # 302 May 4 #303 May 11 # 304 May 23 # 305 May 29 $ 180 340 90 Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 21,920 21,580…
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