Cowboy Company's bank statement for June 30 showed a cash balance of $21,680. The company's general ledger Cash account showed a $26,308 debit balance. The following information was also available as of June 30: 1. A deposit placed in the bank's night depository on June 30 totaled $6,543. This deposit did not appear on the bank statement. 2. A debit memo included with the bank statement shows a $900 NSF check from a customer, J. Doe. 3. Included with the bank statement was a credit memorandum in the amount of $35 for interest deposited into Cowboy Company's bank account. 4. Examination of the checks on the bank statement with the entries in the accounting records reveals that check #245 for the payment of an rent expense was correctly written for $540, but as recorded in the accounting records as $450. 5. Outstanding checks as of June 30 totaled $2,345. 6. A customer's note for $550 was collected by the bank. 7. Included with the bank statement was a debit memorandum in the amount of $25 for bank service charges. These charges had not been recorded on the company's books. Based on the above information, prepare the June bank reconciliation and necessary adjusting journal entries for Cowboy Company.

Cowboy Company's bank statement for June 30 showed a cash balance of $21,680. The company's general ledger Cash account showed a $26,308 debit balance. The following information was also available as of June 30: 1. A deposit placed in the bank's night depository on June 30 totaled $6,543. This deposit did not appear on the bank statement. 2. A debit memo included with the bank statement shows a $900 NSF check from a customer, J. Doe. 3. Included with the bank statement was a credit memorandum in the amount of $35 for interest deposited into Cowboy Company's bank account. 4. Examination of the checks on the bank statement with the entries in the accounting records reveals that check #245 for the payment of an rent expense was correctly written for $540, but as recorded in the accounting records as $450. 5. Outstanding checks as of June 30 totaled $2,345. 6. A customer's note for $550 was collected by the bank. 7. Included with the bank statement was a debit memorandum in the amount of $25 for bank service charges. These charges had not been recorded on the company's books. Based on the above information, prepare the June bank reconciliation and necessary adjusting journal entries for Cowboy Company.

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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