Apex Company's bank statement for the month of September showed a balance per bank of S6,190. The company's Cash account in the general ledger had a balance of $4,830 at September 30. Other information is as follows: 26. Cash receipts for September 30 recorded on the company's books were $5,040 but this amount does not appear on the bank statement. This amount is a deposit in transit. 27. The bank statement shows a debit memorandum for $30 for check printing charges. 28. The total amount of checks still outstanding at September 30 amounted to $4,420. 29. Check No. 138 was correctly written and paid by the bank for $590. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for S660. 30. The bank returned an NSF check from a customer for $320. 6. The bank included a credit memorandum for $2,260 which represents collection of a customer's note by the bank for the company; principal amount of the note was $2,200 and interest was $60. Interest has not been accrued. Instructions (b) Prepare any adjusting entries necessary as a result of the bank reconciliation

Apex Company's bank statement for the month of September showed a balance per bank of S6,190. The company's Cash account in the general ledger had a balance of $4,830 at September 30. Other information is as follows: 26. Cash receipts for September 30 recorded on the company's books were $5,040 but this amount does not appear on the bank statement. This amount is a deposit in transit. 27. The bank statement shows a debit memorandum for $30 for check printing charges. 28. The total amount of checks still outstanding at September 30 amounted to $4,420. 29. Check No. 138 was correctly written and paid by the bank for $590. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for S660. 30. The bank returned an NSF check from a customer for $320. 6. The bank included a credit memorandum for $2,260 which represents collection of a customer's note by the bank for the company; principal amount of the note was $2,200 and interest was $60. Interest has not been accrued. Instructions (b) Prepare any adjusting entries necessary as a result of the bank reconciliation

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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A Moving to another question will save this response. Question 11 On a bank reconciliation, the amount of NSF checks not yet recorded by the company should be: A. Added to the bank balance of cash. В. Deducted from the bank balance of cash. C. Deducted from the book balance of cash. D. Added to the book balance of cash. Moving to another question will save this response.
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The problem below with Corrected Bank reconciliation
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