Use the following bank statement and T-account to prepare the May 31 bank reconciliation.DateMay 1May 4May 12May 28May 30May 31May 1May 31May 29May 30May 311#2#4#5#6#8Deductions:DebitChecks$701608075115Cash (A)440110440270605Ending Balance per Bank StatementAdditions:Bank StatementBANK STATEMENTDeposits$ 11044070OO70687160807585115NSF checkOtherService chargeCreditMay 3 #2May 4 #3May 8 #41May 11 #5May 21 # 6May 29 #7May 30 #8Bank ReconciliationMay 31$ 110Deductions:65Balance$ 440480210130495315Company's BooksEnding Balance per Cash AccountAdditions:

Bank reconciliation is used for reconciling the unadjusted balance of bank with the unadjusted…

Date May 1 May 4 May 12 May 28 May 30 May 31 May 1 May 31 May 29 May 30 May 31 #2 #4 #5 #6 #8 Debit Checks $ 70 160 80 75 115 Cash (A) 440 110 440 270 605 BANK STATEMENT Deposits $ 110 440 226 70 70 160 80 75 85 115 NSF check Other Service charge Credit May 3 #2 May 4 #3 May 8 #4 May 11 #5 May 21 #6 May 29 #7 May 30 #8 $ 110 65 Balance $ 440 480 210 130 495 315

Date May 1 May 4 May 12 May 28 May 30 May 31 May 1 May 31 May 29 May 30 May 31 #2 #4 #5 #6 #8 Debit Checks $ 70 160 80 75 115 Cash (A) 440 110 440 270 605 BANK STATEMENT Deposits $ 110 440 226 70 70 160 80 75 85 115 NSF check Other Service charge Credit May 3 #2 May 4 #3 May 8 #4 May 11 #5 May 21 #6 May 29 #7 May 30 #8 $ 110 65 Balance $ 440 480 210 130 495 315

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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The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,170 August 2 $ 100 13,070 August 3 $ 9,000 22,070 August 4 200 21,870 August 5 150 21,720 August 9 490 21,230 August 10 110 21,120 August 15 3,000 24,120 August 21 200 23,920 August 24 14,900 9,020 August 25 5,500 14,520 August 30 600 13,920 August 30 Interest earned $ 20 13,940 August 31 Service charge 10 13,930 Cash (A) Debit Credit August 1 Balance 13,170 Deposits Checks written August 2 9,000 100 August 1 August 12 3,000 200 August 2 August 24 5,500 150 August 3 August 31 4,000 110 August 4 490 August 5 190 August 15 250 August 17 600 August 18 200 August 19 14,900 August 23 August 31 Balance 17,480 No deposits were in transit and no checks were…
Bank Reconciliation The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement $16,185 Add outstanding checks: No. 1067 $575 1106 470 1110 1,050 1113 910 3,005 $19,190 Deduct deposit of June 30, not recorded by bank 6,600 Adjusted balance $12,590 Cash balance according to company’s records $8,985 Add: Proceeds of note collected by bank: Principal $6,000 Interest 300 $6,300 Service charges 15 6,315 $15,300 Deduct: Check returned because of insufficient funds $890 Error in recording June 17 deposit of $7,150 as $1,750 5,400 6,290 Adjusted balance $ 9,010 a. Identify the errors in the above bank reconciliation. Item Correct Heading…
(b) Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 00 July. 31 (To record collection of note receivable and interest by the bank) 31 (To record NSF check) 31
Use the following bank statement and T-account to prepare the May 31 bank reconciliation. BANK STATEMENT Date Checks Deposits Other Balance May 1 $ 340 May 4 #2 $ 45 $ 85 380 May 12 #4 135 NSF check $ 85 160 May 28 #5 55 105 May 30 #6 50 340 395 May 31 #8 90 Service charge 40 265 Cash (A) Debit Credit May 1 340 May 3 85 45 May 3 #2 105 May 4 #3 135 May 8 #4 55 May 11 #5 50 May 21 #6 May 29 340 60 May 29 #7 May 30 220 90 May 30 #8 May 31 445
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M5-12 Preparing a Bank Reconciliation (LO 5-4) Use the following bank statement and T-account to prepare the May 31 bank reconciliation. BANK STATEMENT Deposits Date Checks Other Balance May 1 4 2 $ 2s 12 4 115 $ 65 NSF check $260 300 120 $65 28 5 30 46 May 31 8 35 30 85 315 260 70 Service charge 20 225 May 1 May 3 Cash (A) 260 65 25 85 115 35 30 40 May 3 2 May 4 3 May 4 May 11 5 May 21 6 May 29 7 May 30 8 May 29 May 30 May 31 260 180 70 365 Bank Reconciliation May 31 Bank Statement Company's Books Ending Balance per Bank Statement Additions: 365 Ending Balance per Cash Account Additions: Deposit in Transit EFT Payment 365 Deductions: Deductions: Up-to-Date Cash Balance 365 Up-to-Date Cash Balance
Calculator chapter 8 eBook The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the Month Ended June 30 $16,185 Cash balance according to bank statement Add outstanding checks: $575 No. 1067 470 1106 1.050 1110 910 3,005 1113 $19,190 6,600 Deduct deposit of June 30, not recorded by bank 512,590 Adjusted balance $8,985 Cash balance according to company's records Addı Proceeds of note collected by banki Principal $6,000 Interest 300 $6,300 Service charges 15 6,315 $15.300 0685 5,400 Deduct: Check returned because of Insufficient funds Error in recording June 17 deposit of S7.150 as 31,750 6,290 s 9,010 Adjusted belance a. Identfy the errors in the above bank reconci lation. Check My Work Assignment Score: 45.08% Type here to search
Chapter 8 The December cash records of Dickson Insurance Cash Receipts Cash Payments Date Cash Debit Check no. Cash Credit Dec, 4 Dec, 9 Dec, 14 Dec, 17 Dec, 31 $4,180 500 510 2,130 1,850 Beg. Balance + Deposits - Checks Dickson's Cash account shows a balance of $17,030 at Dec, 31. On Dec, 31 Dickson Insurance received the following bank statement: Dec, 1 Dec, 5 Dec, 10 Dec, 15 Dec, 18 Dec, 22 1416 1417 1418 1419 1420 1421 1422 End. Balance Dec, 8 Dec, 11(Check no. 1416) Dec, 19 Dec, 22 (Check no. 1417) Dec, 29 (Check no. 1418) Dec, 31 (Check no. 1419) Dec, 31 Bank Statement for December $850 130 630 1,190 1,490 1,100 650 Bank End. Balance Bank Reconciliation EFT BC Book End. Balance NSF EFT SC $600 4,180 500 510 2,130 1,400 $1,000 850 $400 130 630 1,910 $40 $13,900 Total 9,320 BC - Bank Collections, EFT – Electronic Fund Transfer, NSF- Nonsufficient funds checks, SC - Service Charge Total (4,960) - The EFT Deposit was a receipt of rent. The EFT check was an insurance payment. - The…
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The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,170 August 2 $ 100 13,070 August 3 $ 9,000 22,070 August 4 200 21,870 August 5 150 21,720 August 9 490 21,230 August 10 110 21,120 August 15 3,000 24,120 August 21 200 23,920 August 24 14,900 9,020 August 25 5,500 14,520 August 30 600 13,920 August 30 Interest earned $ 20 13,940 August 31 Service charge 10 13,930 Cash (A) Debit Credit August 1 Balance 13,170 Deposits Checks written August 2 9,000 100 August 1 August 12 3,000 200 August 2 August 24 5,500 150 August 3 August 31 4,000 110 August 4 490 August 5 190 August 15 250 August 17 600 August 18 200 August 19 14,900 August 23 August 31 Balance 17,480 No deposits were in transit and no checks were…