5489 Bank Reconciliation- CQuiz The cash account for CAP Co. at October 31, 2016, indicated a balance of $12,525. The bank statement indicated a balance of $16,050 on October 31, 2016. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3000. A deposit of $2,000, representing receipts of June 30, had been made too late to appear on the bank statement. The bank had collected $2,600 on a note left for collection. The face of the note was $2,500. A check for $100 returned with the statement had been incorrectly recorded by CAP Co. as $10. The check was for the purchase of supplies. A check received for $100 had been erroneously recorded by the bank as $150. Bank service charges for June amounted to $35.

5489 Bank Reconciliation- CQuiz The cash account for CAP Co. at October 31, 2016, indicated a balance of $12,525. The bank statement indicated a balance of $16,050 on October 31, 2016. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3000. A deposit of $2,000, representing receipts of June 30, had been made too late to appear on the bank statement. The bank had collected $2,600 on a note left for collection. The face of the note was $2,500. A check for $100 returned with the statement had been incorrectly recorded by CAP Co. as $10. The check was for the purchase of supplies. A check received for $100 had been erroneously recorded by the bank as $150. Bank service charges for June amounted to $35.

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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