APATHY COMPANY provided the following information: Apathy Company Check No. Withdrawal Date Deposits 100,000.00 100,000.00 90,000.00 Balance 2 18 104 10,000.00 20 101 5,000.00 85,000.00 22 106 25,000.00 60,000.00 50,000.00 110,000.00 10,000.00 120,000.00 80,000.00 30,000.00 110,000.00 108,000.00 27 29 29 103 40,000.00 29 CM 31 Service Charge DM 2,000.00 First Bank 100,000.00 Dec 50,000.00 1 Deposit 21 Deposit 27 Deposit 31 Deposit 4 ck# 101 6 ck# 102 8 ck# 103 8 ck# 104 Dec 5,000.00 15,000.00 10,000.00 40,000.00 80,000.00 10,000.00 10 ck# 105 14 ck# 106 28 ck# 107 30,000.00 25,000.00 50,000.00 The credit made by the bank on December 29 represents the proceeds of a note received from customer which was given to the bank for collection by the entity on December 26. Required: a. Prepare a Bank Reconciliation using adjusted balance method, book to bank method and bank to book me b. Prepare adjusting entries.
APATHY COMPANY provided the following information: Apathy Company Check No. Withdrawal Date Deposits 100,000.00 100,000.00 90,000.00 Balance 2 18 104 10,000.00 20 101 5,000.00 85,000.00 22 106 25,000.00 60,000.00 50,000.00 110,000.00 10,000.00 120,000.00 80,000.00 30,000.00 110,000.00 108,000.00 27 29 29 103 40,000.00 29 CM 31 Service Charge DM 2,000.00 First Bank 100,000.00 Dec 50,000.00 1 Deposit 21 Deposit 27 Deposit 31 Deposit 4 ck# 101 6 ck# 102 8 ck# 103 8 ck# 104 Dec 5,000.00 15,000.00 10,000.00 40,000.00 80,000.00 10,000.00 10 ck# 105 14 ck# 106 28 ck# 107 30,000.00 25,000.00 50,000.00 The credit made by the bank on December 29 represents the proceeds of a note received from customer which was given to the bank for collection by the entity on December 26. Required: a. Prepare a Bank Reconciliation using adjusted balance method, book to bank method and bank to book me b. Prepare adjusting entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:APATHY COMPANY provided the following information:
Apathy Company
Check No. Withdrawal
Deposits
100,000.00 100,000.00
Date
Balance
2
18
104
10,000.00
90,000.00
101
5,000.00
85,000.00
60,000.00
50,000.00 110,000.00
10,000.00 120,000.00
20
22
106
25,000.00
27
29
80,000.00
30,000.00 110,000.00
108,000.00
29
103
40,000.00
29 CM
31 Service Charge DM
2,000.00
First Bank
1 Deposit
21 Deposit
27 Deposit
31 Deposit
100,000.00 Dec
4 ck# 101
5,000.00
15,000.00
Dec
6 ck# 102
8 ck# 103
8 ck# 104
50,000.00
10,000.00
40,000.00
80,000.00
10,000.00
10 ck# 105
30,000.00
14 ck# 106
25,000.00
28 ck# 107
50,000.00
The credit made by the bank on December 29 represents the proceeds
of a note received from customer which was given to the bank for
collection by the entity on December 26.
Required:
a. Prepare a Bank Reconciliation using adjusted balance method, book to bank method and bank to book method.
b. Prepare adjusting entries.
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