Bank reconciliation and entries InstructionsChart of AccountsAmount DescriptionsBank ReconciliationJournalFinal Questions XInstructions Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of June 1$9,317.40CASH RECEIPTS FOR MONTH OF JUNE9,223.76DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June:DateAmount DateAmount DateAmountJune 1$1,080.50 June 10$996.61 June 22$897.343854.17 15882.95 24947.218840.50 171,606.74 301,117.74CHECKS WRITTEN: Number and amount of each check issued in June:Check No.Amount Check No.Amount Check No.Amount740$237.50 747Void 754$449.75741495.15 748$450.90 755272.75742501.90 749640.13 756113.95743761.30 750276.77 757407.95744506.88 751299.37 758259.60745117.25 752537.01 759901.50746298.66 753380.95 760486.39 Total amount of checks issued in June: $8,395.66 BANK RECONCILIATION FOR PRECEDING MONTH: Beeler Furniture CompanyBank ReconciliationMay 31, 20Y21Cash balance according to bank statement $9,447.202Add: Deposit in transit on May 31 690.253Deduct: Outstanding Check No. 731$162.15 4Outstanding Check No. 736345.95 5Outstanding Check No. 738251.40 6Outstanding Check No. 73960.55 7Total deductions (820.05)8Adjusted balance $9,317.409 10Cash balance according to company’s records $9,352.5011Deduct: Bank service charges (35.10)12Adjusted balance $9,317.40 Refer to the June Bank Statement. Required:1.Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. For those boxes in which you must enter subtracted or negative numbers use a minus sign.2.Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.3.What is the amount of Cash that should appear on the balance sheet as of June 30, 20Y2?4.Assume that a canceled check for $390 has been incorrectly recorded by the bank as $930. Briefly explain how the error would be included in a bank reconciliation and how it should be corrected. XChart of Accounts CHART OF ACCOUNTSBeeler Furniture CompanyGeneral Ledger ASSETS110Cash111Petty Cash120Accounts Receivable131Notes Receivable141Merchandise Inventory145Office Supplies146Store Supplies151Prepaid Insurance181Land191Office Equipment192Accumulated Depreciation-Office Equipment193Store Equipment194Accumulated Depreciation-Store Equipment LIABILITIES210Accounts Payable221Notes Payable222Interest Payable231Salaries Payable241Sales Tax Payable EQUITY310Common Stock311Retained Earnings312Dividends REVENUE410Sales610Interest Revenue EXPENSES510Cost of Merchandise Sold515Credit Card Expense516Cash Short and Over520Salaries Expense531Advertising Expense532Delivery Expense533Insurance Expense534Office Supplies Expense535Rent Expense536Repairs Expense537Selling Expenses538Store Supplies Expense561Depreciation Expense-Office Equipment562Depreciation Expense-Store Equipment590Miscellaneous Expense710Interest Expense v2.cengagenow.com+88HW #7CengageNOWv2 | Online teaching and learning resource from Cengage...b Answered: BANK RECONCILIATION FOR PRECEDING... | bartlebyHW #7еBookPrint Item1. EX.07.16Bank reconciliation and entries2. EX.07.17InstructionsChart of AccountsAmount Descriptions !Bank Reconciliation ! JournalFinal Questions3. EX.07.18Instructions4. EX.07.19Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to5. EX.07.21reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The6. PR.07.04A.BLANKSHEETsources of the data are printed in capital letters. All checks were written for payments on account.7. PR.07.05A.BLANKSHEETCASH ACCOUNT:Balance as of June 1$9,317.40CASH RECEIPTS FOR MONTH OF JUNE9,223.76DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June:DateAmountDateAmountDateAmountJune 1$1,080.50June 10$996.61June 22$897.343854.1715882.9524947.218840.50171,606.74301,117.74CHECKS WRITTEN: Number and amount of each check issued in June:Check No.AmountCheck No.AmountCheck No.Amount740$237.50747Void754$449.75Check My WorkPreviousProgress: 7/7 itemsAssignment Score: 10.43%All work saved.Save and ExitSubmit Assignment for Grading A v2.cengagenow.com88HW #7X CengageNOWv2 | Online teaching and learning resource from Cengage.b Answered: BANK RECONCILIATION FOR PRECEDING... | bartlebyHW #7еBokE Print Item1. EX.07.16Bank reconciliation and entries2. EX.07.17InstructionsChart of AccountsAmount DescriptionsBank ReconciliationJournalFinal Questions3. EX.07.18Instructions4. EX.07.19Beeler Furniture Company5. EX.07.21Bank Reconciliation6. PR.07.04A.BLANKSHEETMay 31, 20Y27. PR.07.05A.BLANKSHEET1 Cash balance according to bank statement$9,447.202Add: Deposit in transit on May 31690.25Deduct: Outstanding Check No.731$162.15Outstanding Check No. 736345.95Outstanding Check No. 738251.40Outstanding Check No.73960.55Total deductions(820.05)8Adjusted balance$9,317.4010 Cash balance according to company's records$9,352,5011 Deduct: Bank service charges(35.10)12 Adjusted balance$9,317.40Check My WorkPreviousProgress: 7/7 itemsAssignment Score: 10.43%All work saved.Save and ExitSubmit Assignment for Grading

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Answered: Beeler Furniture Company deposits all…

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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Question

Bank reconciliation and entries

Instructions

Chart of Accounts

Amount Descriptions

Bank Reconciliation

Journal

Final Questions

Instructions

Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account.

CASH ACCOUNT:
Balance as of June 1	$9,317.40
CASH RECEIPTS FOR MONTH OF JUNE	9,223.76

DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June:

Date	Amount	Date	Amount	Date	Amount
June 1	$1,080.50	June 10	$996.61	June 22	$897.34
3	854.17	15	882.95	24	947.21
8	840.50	17	1,606.74	30	1,117.74

CHECKS WRITTEN: Number and amount of each check issued in June:

Check No.

Amount

Check No.

Amount

Check No.

Amount

740

$237.50

747

Void

754

$449.75

741

495.15

748

$450.90

755

272.75

742

501.90

749

640.13

756

113.95

743

761.30

750

276.77

757

407.95

744

506.88

751

299.37

758

259.60

745

117.25

752

537.01

759

901.50

746

298.66

753

380.95

760

486.39

Total amount of checks issued in June: $8,395.66

BANK RECONCILIATION FOR PRECEDING MONTH:

Beeler Furniture Company

Bank Reconciliation

May 31, 20Y2

1	Cash balance according to bank statement		$9,447.20
2	Add: Deposit in transit on May 31		690.25
3	Deduct: Outstanding Check No. 731	$162.15
4	Outstanding Check No. 736	345.95
5	Outstanding Check No. 738	251.40
6	Outstanding Check No. 739	60.55
7	Total deductions		(820.05)
8	Adjusted balance		$9,317.40
9
10	Cash balance according to company’s records		$9,352.50
11	Deduct: Bank service charges		(35.10)
12	Adjusted balance		$9,317.40

Refer to the June Bank Statement.

	Required:
1.	Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
2.	Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.
3.	What is the amount of Cash that should appear on the balance sheet as of June 30, 20Y2?
4.	Assume that a canceled check for $390 has been incorrectly recorded by the bank as $930. Briefly explain how the error would be included in a bank reconciliation and how it should be corrected.

Chart of Accounts

CHART OF ACCOUNTS

Beeler Furniture Company

General Ledger

	ASSETS
110	Cash
111	Petty Cash
120	Accounts Receivable
131	Notes Receivable
141	Merchandise Inventory
145	Office Supplies
146	Store Supplies
151	Prepaid Insurance
181	Land
191	Office Equipment
192	Accumulated Depreciation-Office Equipment
193	Store Equipment
194	Accumulated Depreciation-Store Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
222	Interest Payable
231	Salaries Payable
241	Sales Tax Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
516	Cash Short and Over
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Insurance Expense
534	Office Supplies Expense
535	Rent Expense
536	Repairs Expense
537	Selling Expenses
538	Store Supplies Expense
561	Depreciation Expense-Office Equipment
562	Depreciation Expense-Store Equipment
590	Miscellaneous Expense
710	Interest Expense

v2.cengagenow.com
+88
HW #7
CengageNOWv2 | Online teaching and learning resource from Cengage...
b Answered: BANK RECONCILIATION FOR PRECEDING... | bartleby
HW #7
еBook
Print Item
1. EX.07.16
Bank reconciliation and entries
2. EX.07.17
Instructions
Chart of Accounts
Amount Descriptions !Bank Reconciliation ! Journal
Final Questions
3. EX.07.18
Instructions
4. EX.07.19
Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to
5. EX.07.21
reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The
6. PR.07.04A.BLANKSHEET
sources of the data are printed in capital letters. All checks were written for payments on account.
7. PR.07.05A.BLANKSHEET
CASH ACCOUNT:
Balance as of June 1
$9,317.40
CASH RECEIPTS FOR MONTH OF JUNE
9,223.76
DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June:
Date
Amount
Date
Amount
Date
Amount
June 1
$1,080.50
June 10
$996.61
June 22
$897.34
3
854.17
15
882.95
24
947.21
8
840.50
17
1,606.74
30
1,117.74
CHECKS WRITTEN: Number and amount of each check issued in June:
Check No.
Amount
Check No.
Amount
Check No.
Amount
740
$237.50
747
Void
754
$449.75
Check My Work
Previous
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Assignment Score: 10.43%
All work saved.
Save and Exit
Submit Assignment for Grading

A v2.cengagenow.com
88
HW #7
X CengageNOWv2 | Online teaching and learning resource from Cengage.
b Answered: BANK RECONCILIATION FOR PRECEDING... | bartleby
HW #7
еBok
E Print Item
1. EX.07.16
Bank reconciliation and entries
2. EX.07.17
Instructions
Chart of Accounts
Amount Descriptions
Bank Reconciliation
Journal
Final Questions
3. EX.07.18
Instructions
4. EX.07.19
Beeler Furniture Company
5. EX.07.21
Bank Reconciliation
6. PR.07.04A.BLANKSHEET
May 31, 20Y2
7. PR.07.05A.BLANKSHEET
1 Cash balance according to bank statement
$9,447.20
2
Add: Deposit in transit on May 31
690.25
Deduct: Outstanding Check No.731
$162.15
Outstanding Check No. 736
345.95
Outstanding Check No. 738
251.40
Outstanding Check No.739
60.55
Total deductions
(820.05)
8
Adjusted balance
$9,317.40
10 Cash balance according to company's records
$9,352,50
11 Deduct: Bank service charges
(35.10)
12 Adjusted balance
$9,317.40
Check My Work
Previous
Progress: 7/7 items
Assignment Score: 10.43%
All work saved.
Save and Exit
Submit Assignment for Grading

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