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.)
How do I solve for problem 1?
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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During the bank reconciliation process at Fontes & Barone Consulting, LLP, on May 2, 20X1, the following two errors were discovered in the firm's records. a. The checkbook and the general journal indicated that Check 2206 dated April 17 was issued for $696 to make a cash purchase of supplies. However, examination of the canceled check and the listing on the bank statement showed that the actual amount of the check was $96. b. The checkbook and the general journal indicated that Check 2247 dated April 20 was issued for $140 to pay a utility bill. However, examination of the canceled check and the listing on the bank statement showed that the actual amount of the check was $410. Required: 1. Prepare the adjusted book balance section of the firm's bank reconciliation statement as of April 30, 20X1. The book balance as of April 30 was $25,275. The errors listed above are the only two items that affect the book balance. 2. Prepare general journal entries to correct the errors. Check 2206…
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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…
Using the following information, prepare a bank reconciliation. • Bank balance: $6,988 • Book balance: $6,706 • Deposits in transit: $1,770 • Outstanding checks: $599 and $1,423 • 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 $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance