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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

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.18EX
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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
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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