3. Set up your bank reconciliation template. (Use the Ch. 7 Notes.) 4. Fill in the Bank Balance and Book Balance. 6/30 . Suggestions: 1. Take a few minutes to look through the information provided: Information for books, last month's bank reconciliation, and the bank statement. 2. Create a T-Account to determine the amount of Cash as of 6/30/Y2. 5. Have the Outstanding checks from last month cleared on the Bank Statement? 6. Has all the activity recorded in the Books reflected in the Bank Statement? 7. Pay attention to the numbers. Were there any errors by the Bank or the Books (Accountants) or anything missing? 13,624.71 . Instructions: • Prepare a Bank Reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume all deposits are from cash sales. A checks are written to satisfy Accounts Payable. Note that the 6/9 deposits for $3,500 and $210 on the Bank Statement are for Notes Receivable and interest earned that was paid directly to the bank and into the company's account. • Prepare the necessary journal entries. Please make one combined journal entry for all of the additions and another combined journal entry for all of the deductions,
3. Set up your bank reconciliation template. (Use the Ch. 7 Notes.) 4. Fill in the Bank Balance and Book Balance. 6/30 . Suggestions: 1. Take a few minutes to look through the information provided: Information for books, last month's bank reconciliation, and the bank statement. 2. Create a T-Account to determine the amount of Cash as of 6/30/Y2. 5. Have the Outstanding checks from last month cleared on the Bank Statement? 6. Has all the activity recorded in the Books reflected in the Bank Statement? 7. Pay attention to the numbers. Were there any errors by the Bank or the Books (Accountants) or anything missing? 13,624.71 . Instructions: • Prepare a Bank Reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume all deposits are from cash sales. A checks are written to satisfy Accounts Payable. Note that the 6/9 deposits for $3,500 and $210 on the Bank Statement are for Notes Receivable and interest earned that was paid directly to the bank and into the company's account. • Prepare the necessary journal entries. Please make one combined journal entry for all of the additions and another combined journal entry for all of the deductions,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Please follow instructions to better understand. Thank you.
Transcribed Image Text:1
. . .
I
1
Y....1
CASH ACCOUNT:
I
30, 20Y2, have been taken from various documents and records and are reproduced as
follows. The sources of the data are printed in capital letters. All checks were written for
payments on account.
June 1
3
8
CHECKS WRITTEN:
2
2 3 4 5
Balance as of June 1
CASH RECEIPTS FOR MONTH OF JUNE
DUPLICATE DEPOSIT TICKETS:
Date and amount of each deposit in June:
Date
Amount
Check No.
740
741
742
743
744
745
746
.
I
$1,080.50
854.17
840.50
Amount
Adjusted balance.....
Number and amount of each check issued in June:
Check No.
747
748
749
750
751
752
753
Total amount of checks issued in June
BANK RECONCILIATION FOR PRECEDING MONTH:
$237.50
495.15
501.90
761.30
506.88
117.25
298.66
***
Cash balance according to bank statement.
Add: Deposit in transit on May 31...
Deduct: Outstanding Check No. 731
Outstanding Check No. 736
Outstanding Check No. 738.
Outstanding Check No. 739
Total deductions
Date
I
****...
June 10
15
17
Cash balance according to company's records
Deduct: Bank service charges
Adjusted balance.....
Amount
Amount
Beeler Furniture Company
Bank Reconciliation
May 31, 2012
******
Void
$450.90
640.13
276.77
299.37
537.01
380.95
$996.61
882.95
1,606.74
Check No.
754
755
756
757
758
759
760
Date
June 22
24
30
$162.15
345.95
251.40
60.55
$9,317.40
9,223.76
Amount
$897.34
947.21
1,117.74
Amount
$ 449.75
272.75
113.95
407.95
259.60
901.50
486.39
$8,395.66
$9,447.20
690.25
(820.05)
$9,317.40
$9,352.50
(35.10)
$9,317.40
7.
Transcribed Image Text:NB
CHICAGO, IL 60603 (312) 441-1239
AMERICAN NATIONAL BANK
OF CHICAGO
BEELER FURNITURE COMPANY
No. 731
No. 739
No. 741
No. 743
No. 748
No. 748
No. 760
No. 762
No. 764
No. 767
162.18
60.88
496.18
671.30
117.28
460.90
276.77
637.01
449.75
407.96
ACCOUNT NUMBER
NSP 680.00
SC 76.00
FROM 6/01/20Y2
BALANCE
9 DEPOSITS
20 WITHDRAWALS
4 OTHER DEBITS
AND CREDITS
NEW BALANCE
---CHECKS AND OTHER DEBITS -----DEPOSITS ---DATE---BALANCE--.
No. 736 348.96
No. 740 237.50
No. 742 801.90
No. 744 606.88
No. 746 298.66
No. 749 640.13
No. 781 299.37
No. 763
380.96
No. 768 272.78
No. 760 486.39
690.28
1,080.60
864.17
840.50
MS 3,800.00
MS 210.00
896.61
882.96
1,606.74
897.34
942.71
TO 6/30/20Y2
6/01
6/02
6/04
6/09
6/09
6/09
6/11
6/16
6/18
6/23
6/28
6/28
6/30
9,447.20
8,691.77
7,599.26
3,086.00CR
13,624.71
9,629.38
10,411.80
10,268.92
9.931.24
13,018.33
12,134.30
12,484.77
12.419.76
13,304.00
13,307.00
14,249.71
13,699.71
13,624.71
• Suggestions:
1. Take a few minutes to look through the information provided: Information for books, last month's bank reconciliation, and the bank statement.
2. Create a T-Account to determine the amount of Cash as of 6/30/Y2.
3. Set up your bank reconciliation template. (Use the Ch. 7 Notes.)
4. Fill in the Bank Balance and Book Balance.
5. Have the Outstanding checks from last month cleared on the Bank Statement?
6. Has all the activity recorded in the Books reflected in the Bank Statement?
7. Pay attention to the numbers. Were there any errors by the Bank or the Books (Accountants) or anything missing?
. Instructions:
• Prepare a Bank Reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume all deposits are from cash sales. A
checks are written to satisfy Accounts Payable.
. Note that the 6/9 deposits for $3,500 and $210 on the Bank Statement are for Notes Receivable and interest earned that was paid directly to the bank and into the company's account.
• Prepare the necessary journal entries. Please make one combined journal entry for all of the additions and another combined journal entry for all of the deductions.
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