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
icon
Related questions
Question
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
S1,502.70
Outstanding checks: No. 453
No. 457
No. 460
Errors: Juan wrote the check no. 443 for $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.
Transcribed Image Text: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 S1,502.70 Outstanding checks: No. 453 No. 457 No. 460 Errors: Juan wrote the check no. 443 for $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.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE 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