6:07 ◄ MonopolyGO Wie Conversation Window to you 's Help Ex 8-12 Prepare bank reconciliation and adjusting entries The information below relates to the Cash account in the ledger of Quicksilver Company. Balance July 1-$20,530, Cash deposited - $61,250. Balance July 30-$22,200; Checks written - $59,580. The July bank statement shows a balance of $23,450 on July 30 and the following memoranda. Credits Collection of $3,850 note plus interest $50 Interest earned on checking account Debits $3,900 $200 NSF check: Dr. Fate Safety deposit box rent $630 $270 At July 30, deposits in transit were $6,275 and outstanding checks totaled $4,625. Instructions: (a) Prepare the bank reconciliation at July 30 (b) Prepare the adjusting entries at July 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". (e) QUICKSILVER COMPANY Bank Reconciliation July 30 Cash balance per bank statement Add: Less: Adjusted cash balance per bank Cash balance per books Add: Adjusted cash balance per books (b) July 30 30 30 30 ° Send message
6:07 ◄ MonopolyGO Wie Conversation Window to you 's Help Ex 8-12 Prepare bank reconciliation and adjusting entries The information below relates to the Cash account in the ledger of Quicksilver Company. Balance July 1-$20,530, Cash deposited - $61,250. Balance July 30-$22,200; Checks written - $59,580. The July bank statement shows a balance of $23,450 on July 30 and the following memoranda. Credits Collection of $3,850 note plus interest $50 Interest earned on checking account Debits $3,900 $200 NSF check: Dr. Fate Safety deposit box rent $630 $270 At July 30, deposits in transit were $6,275 and outstanding checks totaled $4,625. Instructions: (a) Prepare the bank reconciliation at July 30 (b) Prepare the adjusting entries at July 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". (e) QUICKSILVER COMPANY Bank Reconciliation July 30 Cash balance per bank statement Add: Less: Adjusted cash balance per bank Cash balance per books Add: Adjusted cash balance per books (b) July 30 30 30 30 ° Send message
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.4.3P
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
Transcribed Image Text:6:07
◄ MonopolyGO
Wie
Conversation Window
to you 's
Help
Ex 8-12 Prepare bank reconciliation and adjusting entries
The information below relates to the Cash account in the ledger of Quicksilver Company.
Balance July 1-$20,530, Cash deposited - $61,250.
Balance July 30-$22,200; Checks written - $59,580.
The July bank statement shows a balance of $23,450 on July 30 and the following memoranda.
Credits
Collection of $3,850 note plus interest $50
Interest earned on checking account
Debits
$3,900
$200
NSF check: Dr. Fate
Safety deposit box rent
$630
$270
At July 30, deposits in transit were $6,275 and outstanding checks totaled $4,625.
Instructions:
(a)
Prepare the bank reconciliation at July 30
(b)
Prepare the adjusting entries at July 30, assuming (1) the NSF check was from a
customer on account, and (2) no interest had been accrued on the note.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?".
(e)
QUICKSILVER COMPANY
Bank Reconciliation
July 30
Cash balance per bank statement
Add:
Less:
Adjusted cash balance per bank
Cash balance per books
Add:
Adjusted cash balance per books
(b)
July 30
30
30
30
°
Send message
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