Required information[The following information applies to the questions displayed below.]The August, current year, bank statement for Allison Company and the August, current year, ledger account for cashfollow:DateAugust 1234591015212425303031BANK STATEMENTChecks andEFTS$380435280785205 EFT265$20,100850 EFT115 +*$2,800 interest collected.*Bank service charge.DebitAugust 1 BalanceDepositsAugust 2122431Deposits$12,1004,2006,6502,800*16,61512,1004,2006,6505.400Balance$17,71017,33029,43028,99528,71527,93027,72531,92531,66011,56018,21017,36020,16020,045Cash (A)CreditChecks written and electronicfunds transfersAugust 24151718EFT 205785230410EFT 850 DebitAugust 1 BalanceDepositsAugust 212Deductions:EFT 205785152301741018EFT 850202652320,100Outstanding checks at the end of July were for $280, $435, and $380. No deposits were in transit at the end of July.Ending balance per cash accountAdditions:2431Correct cash balance16,6153. Complete the following bank reconciliation.Company's Books12,1004,2006,6505,400Cash (A)CreditChecks written and electronicfunds transfersALLISON COMPANYBank ReconciliationAugust 31, Current YearDeductions:August 24Ending balance per bank statementAdditions:Correct cash balance.Bank Statement+

A bank reconciliation statement is a financial document that reconciles the bank statement balance…

Debit August 1 Balance Deposits August 2 Deductions: 12 24 31 Ending balance per cash account Additions: Correct cash balance 16,615 3. Complete the following bank reconciliation. Company's Books 12,100 4,200 15 230 17 410 18 EFT 850 265 20 23 20,100 Outstanding checks at the end of July were for $280, $435, and $380. No deposits were in transit at the end of July. 6,650 5,400 Cash (A) Credit Checks written and electronic funds transfers ALLISON COMPANY Bank Reconciliation August 31, Current Year August 2 4 Deductions: Ending balance per bank statement Additions: Correct cash balance Bank Statement EFT 205 785

Debit August 1 Balance Deposits August 2 Deductions: 12 24 31 Ending balance per cash account Additions: Correct cash balance 16,615 3. Complete the following bank reconciliation. Company's Books 12,100 4,200 15 230 17 410 18 EFT 850 265 20 23 20,100 Outstanding checks at the end of July were for $280, $435, and $380. No deposits were in transit at the end of July. 6,650 5,400 Cash (A) Credit Checks written and electronic funds transfers ALLISON COMPANY Bank Reconciliation August 31, Current Year August 2 4 Deductions: Ending balance per bank statement Additions: Correct cash balance Bank Statement EFT 205 785

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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From the give Problem 2, What is the adjusted cash in bank on December 31?
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Bank Reconciliation and Entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $7,735. The bank statement indicated a balance of $9,930 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3,570. A deposit of $3,720, representing receipts from October 31, had been made too late to appear on the bank statement. The bank had collected $1,940 on a note left for collection. The face of the note was $1,840. A check for $550 returned with the statement had been incorrectly recorded by Deaver Consulting as $500. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. A check drawn for $530 had been incorrectly charged by the bank as $30. Bank service charges for October amounted to $45. Instructions: 1. Prepare a bank reconciliation. Deaver…
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