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Cowboy Company's bank statement for June 30 showed a cash balance of $7,800. The company's general ledger Cash account showed a $9,515 debit balance. The following information was also available as of June 30: 1. Examination of the checks on the bank statement with the entries in the accounting records reveals the check # 345 for the payment of an rent expense was correctly written for $780, but was recorded in the accounting records as $690. 2. A customer's note for $1,500 was collected by the bank. 3. A debit Memo included in the bank statement shows a $1,300 NSF check from a customer, J. Doe. 4. A deposit placed in the bank's night depository on June 30 totaled $9,000. The deposit did not appear on the bank statement. 5. Outstanding checks as of June 30 totaled $7,200 6. Included in 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. A BI U − ( 3 ] == Bank Statement Balance Bank Reconciliation Book Balance

Cowboy Company's bank statement for June 30 showed a cash balance of $7,800. The company's general ledger Cash account showed a $9,515 debit balance. The following information was also available as of June 30: 1. Examination of the checks on the bank statement with the entries in the accounting records reveals the check # 345 for the payment of an rent expense was correctly written for $780, but was recorded in the accounting records as $690. 2. A customer's note for $1,500 was collected by the bank. 3. A debit Memo included in the bank statement shows a $1,300 NSF check from a customer, J. Doe. 4. A deposit placed in the bank's night depository on June 30 totaled $9,000. The deposit did not appear on the bank statement. 5. Outstanding checks as of June 30 totaled $7,200 6. Included in 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. A BI U − ( 3 ] == Bank Statement Balance Bank Reconciliation Book Balance

FINANCIAL ACCOUNTING
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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Cowboy Company's bank statement for June 30 showed a cash balance of $7,800. The company's general ledger Cash account showed a $9,515 debit balance. The following information was also available as of June 30: 1. Examination of the checks on the bank statement with the entries in the accounting records reveals the check #345 for the payment of an rent expense was correctly written for $780, but was recorded in the accounting records as $690. 2. A customer's note for $1,500 was collected by the bank. 3. A debit Memo included in the bank statement shows a $1,300 NSF check from a customer, J. Doe. 4. A deposit placed in the bank's night depository on June 30 totaled $9,000. The deposit did not appear on the bank statement. 5. Outstanding checks as of June 30 totaled $7,200 6. Included in 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. 7 A ▾ BIU Bank Statement Balance Add: I E E Bank Reconciliation Book Balance Add:
Transcribed Image Text:Cowboy Company's bank statement for June 30 showed a cash balance of $7,800. The company's general ledger Cash account showed a $9,515 debit balance. The following information was also available as of June 30: 1. Examination of the checks on the bank statement with the entries in the accounting records reveals the check #345 for the payment of an rent expense was correctly written for $780, but was recorded in the accounting records as $690. 2. A customer's note for $1,500 was collected by the bank. 3. A debit Memo included in the bank statement shows a $1,300 NSF check from a customer, J. Doe. 4. A deposit placed in the bank's night depository on June 30 totaled $9,000. The deposit did not appear on the bank statement. 5. Outstanding checks as of June 30 totaled $7,200 6. Included in 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. 7 A ▾ BIU Bank Statement Balance Add: I E E Bank Reconciliation Book Balance Add:
Deduct: Adjusted Bank Balance Date ¡Deduct: Adjusted Book Balance Account & Explanation Debit Credit
Transcribed Image Text:Deduct: Adjusted Bank Balance Date ¡Deduct: Adjusted Book Balance Account & Explanation Debit Credit
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