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) 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) 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
Bank Reconciliation
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)
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:Bank reconciliation and entries
Instructions
Chart of Accounts
Amount Descriptions
Bank Reconciliation
Journal
!Final Questions
nstructions
Amount Descriptions
Bank Reconciliation
Shaded cells have feedback. X
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
Amount Descriptions
1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that
sources of the data are printed in capital letters. All checks were written for payments on account.
Adjusted balance
Chart of Accounts
the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy
Bank service charges
accounts payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.
Check returned because of insufficient funds
CASH ACCOUNT:
"Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. (Note: For those
CHART OF ACCOUNTS
Error in recording June 10 deposit
boxes in which you must enter subtracted or negative numbers use a minus sign. )
Balance as of June 1
$9,317.40
Beeler Furniture Company
Error in recording June 24 deposit
CASH RECEIPTS FOR MONTH OF JUNE
9,223.76
General Ledger
Error in recording Check No. 743
Beeler Furniture Company
Score: 30/163
DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June:
Deposit in transit on June 30
ASSETS
REVENUE
Note collected by bank, including $210 interest
Bank Reconciliation
Date
Amount
Date
Amount
Date
Amount
110 Cash
410 Sales
Outstanding Check No. 738
June 30, 20Y2
June 1
$1,080.50
June 10
$996.61
June 22
$897.34
111 Petty Cash
610 Interest Revenue
Outstanding Check No. 756
1 Cash balance according to bank statement
$13,624.71
3
854.17
15
882.95
24
947.21
120 Accounts Receivable
Outstanding Check No. 758
Add: Deposit
1,117.74
2
8
840.50
17
1,606.74
30
1,117.74
131 Notes Receivable
EXPENSES
Outstanding Check No. 759
3
Deduct: Check no 738
251.40
141 Merchandise Inventory
510 Cost of Merchandise Sold
Total additions
CHECKS WRITTEN: Number and amount of each check issued in June:
4
Deduct: check no. 756
113.95
145 Office Supplies
515 Credit Card Expense
Total deductions
Deduct: check no. 758
259.60
Check No.
Amount
Check No.
Amount
Check No.
Amount
146 Store Supplies
516 Cash Short and Over
740
$237.50
747
Void
754
$449.75
520 Salaries Expense
Deduct: check no. 759
901.50
6
151 Prepaid Insurance
741
495.15
748
$450.90
755
272.75
181 Land
531 Advertising Expense
13,216.00
742
501.90
749
640.13
756
113.95
191 Office Equipment
532 Delivery Expense
8
743
761.30
750
276.77
757
407.95
192 Accumulated Depreciation-Office Equipment
533 Insurance Expense
9
744
506.88
751
299.37
758
259.60
193 Store Equipment
534 Office Supplies Expense
10 Cash balance according to company's records
$10,145.50
745
117.25
752
537.01
759
901.50
194 Accumulated Depreciation-Store Equipment
535 Rent Expense
Add: Principle of note collected
$3,500.00
11
746
298.66
753
380.95
760
486.39
536 Repairs Expense
12
Add: Interest on note collected
210.00
LIABILITIES
537 Selling Expenses
210 Accounts Payable
Error in recording Check No. 743
3.00
538 Store Supplies Expense
13
Total amount of checks issued in June: $8.395.66
221 Notes Payable
561 Depreciation Expense-Office Equipment
14
222 Interest Payable
562 Depreciation Expense-Store Equipment
Deduct: check returned due to insufficient balance
550.00
BANK RECONCILIATION FOR PRECEDING MONTH:
231 Salaries Payable
590 Miscellaneous Expense
Deduct: Error in recording June 10 deposit
100.00
16
241 Sales Tax Payable
710 Interest Expense
Shaded cells
Deduct: Error in recording June 24 deposit
4.50
17
Bank service charges
729.50
18
Beeler Furniture Company
EQUITY
tles. Round your answers to two decimal places.
19 Adjusted balance
$13,216.00
310 Common Stock
Bank Reconciliation
311 Retained Earnings
May 31, 20Y2
312 Dividends
Cash balance according to bank statement
$9,447.20
K Points:
6.26 / 34
PAGE 1
Add: Deposit in transit on May 31
690.25
JOURNAL
Score: 99/99
Deduct: Outstanding Check No. 731
$162.15
Feedback
3
ACCOUNTING FOUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
Outstanding Check No. 736
345.95
Jun. 30 Cash
4
3,800.00
↑
1
Outstanding Check No. 738
251.40
Notes Receivable
3,500.00
Outstanding Check No. 739
60.55
6
Interest Revenue
210.00
↑
3
Total deductions
(820.05)
Accounts Payable
90.00
4
8 Adjusted balance
$9,317.40
Jun. 30 Sales
104.50
5
Accounts Receivable
550.00
10 Cash balance according to company's records
$9,352.50
Miscellaneous Expense
75.00
11 Deduct: Bank service charges
(35.10)
Cash
729.50
| 12 Adjusted balance
$9,317.40
Check My Work
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