Bank reconciliation problem: The bank statement for Juan Company shows a balance per bank of $15,907.45 on April 30, 2015. On this date, the balance cash per books is $11,589.45. Additional information: Deposits in transit: April 30 deposit (Received by the bank on May 1) $2,201.40 $3,000.00 $1,401.30 $1,502.70 Outstanding checks: No. 453 No. 457 No. 460 Errors: Juan wrote the check no. 443 for S$1,226.00 and the bank correctly paid that amount. However, he recorded the check as $1,262.00. Bank memoranda: Debit – NSF check from Pedro $425.60 Debit – Charge for printing company checks $30.00 Credit - Collection of note receivable for $1,000 plus interest earned $50, less bank collection fee of $15.00. Required: Prepare a bank reconciliation statement using the adjusted method. Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor. Bank Credit Memo are additions made by the bank to the account of the depositor.

Bank reconciliation problem: The bank statement for Juan Company shows a balance per bank of $15,907.45 on April 30, 2015. On this date, the balance cash per books is $11,589.45. Additional information: Deposits in transit: April 30 deposit (Received by the bank on May 1) $2,201.40 $3,000.00 $1,401.30 $1,502.70 Outstanding checks: No. 453 No. 457 No. 460 Errors: Juan wrote the check no. 443 for S$1,226.00 and the bank correctly paid that amount. However, he recorded the check as $1,262.00. Bank memoranda: Debit – NSF check from Pedro $425.60 Debit – Charge for printing company checks $30.00 Credit - Collection of note receivable for $1,000 plus interest earned $50, less bank collection fee of $15.00. Required: Prepare a bank reconciliation statement using the adjusted method. Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor. Bank Credit Memo are additions made by the bank to the account of the depositor.

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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