Homework Help is Here – Start Your Trial Now!
Business
Accounting
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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
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.
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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS