Austin Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2011, its Cash account shows an $15,671 debit balance. Austin Clinic's June 30 bank statement shows $15,382 on deposit in the bank. Prepare a bank reconciliation for Austin Clinic using the following information:. (Do not use a minus sign if your selection is to "Deduct" an item. Omit the "$" sign in your response): a. Outstanding checks as of June 30 total $2,700. b. The June 30 bank statement included a $65 debit memorandum for bank services. c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. Austin Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498. d. The June 30 cash receipts of $2,933 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. AUSTIN CLINIC Bank Reconciliation June 30, 2011 Bank statement balance $ Book balance $ (Click to select) Add Deduct : (Click to select) Error on Ck. No. 919 Deposit of June 30 Utilities expense Bank Service Charge Miscellaneous expense (Click to select) Deduct Add : (Click to select) Utilities expense Deposit of June 30 Outstanding Checks Error on Ck. No. 919 Miscellaneous expense (Click to select) Add Deduct : (Click to select) Miscellaneous expense Utilities expense Bank Service Charge Outstanding Checks Error on Ck. No. 919 (Click to select) Deduct Add : (Click to select) Utilities expense Miscellaneous expense Deposit of June 30 Bank Service Charge Outstanding Checks Adjusted bank balance $ Adjusted book balance $

Austin Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2011, its Cash account shows an $15,671 debit balance. Austin Clinic's June 30 bank statement shows $15,382 on deposit in the bank. Prepare a bank reconciliation for Austin Clinic using the following information:. (Do not use a minus sign if your selection is to "Deduct" an item. Omit the "$" sign in your response): a. Outstanding checks as of June 30 total $2,700. b. The June 30 bank statement included a $65 debit memorandum for bank services. c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. Austin Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498. d. The June 30 cash receipts of $2,933 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. AUSTIN CLINIC Bank Reconciliation June 30, 2011 Bank statement balance $ Book balance $ (Click to select) Add Deduct : (Click to select) Error on Ck. No. 919 Deposit of June 30 Utilities expense Bank Service Charge Miscellaneous expense (Click to select) Deduct Add : (Click to select) Utilities expense Deposit of June 30 Outstanding Checks Error on Ck. No. 919 Miscellaneous expense (Click to select) Add Deduct : (Click to select) Miscellaneous expense Utilities expense Bank Service Charge Outstanding Checks Error on Ck. No. 919 (Click to select) Deduct Add : (Click to select) Utilities expense Miscellaneous expense Deposit of June 30 Bank Service Charge Outstanding Checks Adjusted bank balance $ Adjusted book balance $

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.	Outstanding checks as of June 30 total $2,700.
b.	The June 30 bank statement included a $65 debit memorandum for bank services.
c.	Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. Austin Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498.
d.	The June 30 cash receipts of $2,933 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.

AUSTIN CLINIC Bank Reconciliation June 30, 2011
Bank statement balance	$	Book balance	$
(Click to select) Add Deduct : (Click to select) Error on Ck. No. 919 Deposit of June 30 Utilities expense Bank Service Charge Miscellaneous expense		(Click to select) Deduct Add : (Click to select) Utilities expense Deposit of June 30 Outstanding Checks Error on Ck. No. 919 Miscellaneous expense

(Click to select) Add Deduct : (Click to select) Miscellaneous expense Utilities expense Bank Service Charge Outstanding Checks Error on Ck. No. 919		(Click to select) Deduct Add : (Click to select) Utilities expense Miscellaneous expense Deposit of June 30 Bank Service Charge Outstanding Checks
Adjusted bank balance	$	Adjusted book balance	$

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