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. Refer to the June Bank Statement (2nd attached image) Please ONLY complete the Bank Reconciliation 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.
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. Refer to the June Bank Statement (2nd attached image) Please ONLY complete the Bank Reconciliation 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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.
Refer to the June Bank Statement (2nd attached image)
Please ONLY complete the Bank Reconciliation
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.

Transcribed Image Text:JUNE BANK STATEMENT:
PAGE
1
MEMBER FDIC
ACCOUNT NUMBER
AMERICAN NATIONAL BANK
OF CHICAGO
CHICAGO, IL 60603 (312) 441-1239
FROM 6/01/20Y2
то 6/30/20Y2
BALANCE
9,447.20
9 DEPOSITS
8,691.77
20 WITHDRAWALS
Y,899.26
BEELER FURNITURE COMPANY
4 OTHER DEBITS
AND CREDITS
3,08B.00CR
NEW BALANCE
13,624.71
+--- CHECKS AND OTHER DEBITS --- +-- DEPOSITS – - +- DATE - +-- BALANCE-- +
No. 731
162.15
No. 736
348.95
690.28
6/01
9,629.38
No. 739
60.88
No. 740
237.50
1,080.ВО
6/02
10,411.80
No. 741
498.18
No. 742
B01.90
8B4.17
6/04
10,268.92
No. 743
No. 748
671.30
No. 744
вов.88
840.80
6/09
9,931.24
MS 3,800.00
6/09
117.25
No. 746
298.66
13,015.33
No. 748
No. 780
450.90
No. 749
640.13
MS 210.00
8/09
12,134.30
276.7Y
No. 751
299.37
896.61
6/11
12,454.77
No. 752
837.01
No. 753
380.95
882.98
8/16
12,419.76
No. 754
449.78
No. 788
272.78
1,606.74
8/18
13,304.00
No. 787
407.98
No. 780
486.39
897.34
8/23
13,307.00
942.71
6/26
14,249.71
NSF 580.00
8/28
13,699.71
SC
78.00
8/30
13,624.71
BC -
ERROR CORRECTION
OD- OVERDRAFT
MS – MISCELLANEOUS
PS – PAYMENT STOPPED
NSF – NOT SUFFICIENT FUNDS
SC - SERVICE CHARGE
THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL.
ANY BRROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATBLY.

Transcribed Image Text:Instructions
Chart of Accounts
Amount Descriptions
Bank Reconciliation
Journal
Final Questions
Instructions
Chart of Accounts
Bank Reconciliation
Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to
CHART OF ACCOUNTS
1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that
reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The
the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts
Beeler Furniture Company
sources of the data are printed in capital letters. All checks were written for payments on account.
payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" &
Amount Descriptions
General Ledger
"Deduct:" will automatically appear if it is required. Round your answers to two decimal places. (Note: For those boxes in
which you must enter subtracted or negative numbers use a minus sign. )
ASSETS
REVENUE
CASH ACCOUNT:
Amount Descriptions
110 Cash
410 Sales
Balance as of June 1
$9,317.40
Adjusted balance
CASH RECEIPTS FOR MONTH OF JUNE
9,223.76
Bank service charges
111 Petty Cash
610 Interest Revenue
Beeler Furniture Company
Check returned because of insufficient funds
120 Accounts Receivable
Bank Reconciliation
DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June:
131 Notes Receivable
EXPENSES
Error in recording June 10 deposit
June 30, 20Y2
141 Merchandise Inventory
510 Cost of Merchandise Sold
Date
Amount
Date
Amount
Error in recording June 24 deposit
1 Cash balance according to bank statement
Date
Amount
Error in recording Check No. 743
145 Office Supplies
515 Credit Card Expense
June 1
$1,080.50
June 10
$996.61
June 22
$897.34
2
146 Store Supplies
516 Cash Short and Over
3
854.17
15
882.95
24
947.21
Deposit in transit on June 30
3
Note collected by bank, including $210 interest
151 Prepaid Insurance
520 Salaries Expense
8
840.50
17
1,606.74
30
1,117.74
4
181 Land
531 Advertising Expense
Outstanding Check No. 738
CHECKS WRITTEN: Number and amount of each check issued in June:
191 Office Equipment
532 Delivery Expense
Outstanding Check No. 756
192 Accumulated Depreciation-Office Equipment
533 Insurance Expense
6
Outstanding Check No. 758
Check No.
Amount
Check No.
Amount
Check No.
Amount
193 Store Equipment
534 Office Supplies Expense
Outstanding Check No. 759
740
$237.50
747
Void
754
$449.75
194 Accumulated Depreciation-Store Equipment
535 Rent Expense
Final Questions
Total additions
8
741
495.15
748
$450.90
755
272.75
536 Repairs Expense
Total deductions
9
742
501.90
749
640.13
756
113.95
3. What is the amount of Cash that should appear on the balance sheet as of June
LIABILITIES
537 Selling Expenses
743
761.30
750
276.77
757
407.95
10 Cash balance according to company's records
30?
210 Accounts Payable
538 Store Supplies Expense
744
506.88
751
299.37
758
259.60
11
221 Notes Payable
561 Depreciation Expense-Office Equipment
2$
745
117.25
752
537.01
759
901.50
12
222 Interest Payable
562 Depreciation Expense-Store Equipment
746
298.66
753
380.95
760
486.39
231 Salaries Payable
590 Miscellaneous Expense
13
4. Assume that a canceled check for $390 has been incorrectly recorded by the
241 Sales Tax Payable
710 Interest Expense
14
bank as $930. Select how the error would be included in a bank reconciliation and
Total amount of checks issued in June: $8,395.66
15
how it should be corrected.
EQUITY
16
310 Common Stock
Treatment:
BANK RECONCILIATION FOR PRECEDING MONTH:
17
311 Retained Earnings
Not included in a bank reconciliation
18
312 Dividends
19
O Deduction from cash per company's records
Beeler Furniture Company
Journal
O Addition to cash per company's records
Bank Reconciliation
O Addition to cash per bank statement
May 31, 20Y2
2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.
1 Cash balance according to bank statement
$9,447.20
O Deduction from cash per bank statement
2
Add: Deposit in transit on May 31
690.25
PAGE 1
To correct:
Deduct: Outstanding Check No. 731
$162.15
3
JOURNAL
Outstanding Check No. 736
345.95
O Journalize a correcting entry adding $930 to cash
ACCOUNTING FOLUATION
LIABILITIES
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
EQUITY
Outstanding Check No. 738
251.40
5
O Journalize an entry deducting $930 from cash
Outstanding Check No. 739
60.55
6
2
O Journalize an entry adding $540 to cash
Total deductions
(820.05)
7
3
8 Adjusted balance
$9,317.40
O Journalize an entry deducting $540 from cash
4
9
Deduct from the amount of bank service charges
O Request that the bank correct the error
6
7
8
ооо оо
O O O O
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