Del Gato Clinic's cash account shows a $13,982 debit balance and its bank statement shows $14,264 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,928. b. The June 30 bank statement lists a $25 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,630 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. repare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is equired for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Transaction a. 3 Record the adjusting entry related to outstanding checks, if necessary. Note: Enter debits before credits. 4 General Journal Debit Credit >

Del Gato Clinic's cash account shows a $13,982 debit balance and its bank statement shows $14,264 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,928. b. The June 30 bank statement lists a $25 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,630 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. repare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is equired for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Transaction a. 3 Record the adjusting entry related to outstanding checks, if necessary. Note: Enter debits before credits. 4 General Journal Debit Credit >

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 cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $84,457. The bank statement indicated a balance of $127,190 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $33,310. B. A deposit of $17,610, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $28,248 on a $26,400 note, including interest of $1,848. D. A check for $1,100 returned with the statement had been incorrectly recorded by Pala Medical Co. as $110. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. E. A check drawn for $680 had been erroneously charged by the bank as $860. F. Bank service charges for June amounted to $45. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact…
Haas's Men's Shop deposits all receipts in the bank each evening and makes all payments by check. On November 30, its ledger balance of cash is $2,160.00. The bank statement balance of cash as of November 30 is $3,292.50. Use the following information to reconcile the bank statement: The reconciliation for October, the previous month, showed three checks outstanding on October 31: no. 1417 for $110.00, no. 1420 for $144.35, and no. 1422 for $151.00. Check no. 1417 and no. 1422 were returned with the November bank statement; however, check no. 1420 was not returned. Check no. 1500 for $160.00, no. 1517 for $147.00, no. 1518 for $243.00, and no. 1519 for $146.15 were written during November and have not been returned by the bank. A deposit of $935 was placed in the night depository on November 30 and did not appear on the bank statement. The canceled checks were compared with the entries in the checkbook, and it was observed that check no. 1487, for $24, was written correctly, payable…
The cash account for American Medical Co. at April 30 indicated a balance of $11,780. The bank statement indicated a balance of $13,830 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $4,980. b. A deposit of $5,190, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $2,700 on a $2,560 note, including interest of $140. d. A check for $550 returned with the statement had been incorrectly recorded by American Medical Co. as $500. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. e. A check drawn for $40 had been erroneously charged by the bank as $400. f. Bank service charges for April amounted to $30. Required: 1. Prepare a bank reconciliation. American Medical Co. Bank Reconciliation April 30 Cash balance according to bank statement Adjusted balance…
Peterson Company's general ledger shows a cash balance of $7,520 on May 31. May cash receipts of $1,290, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check from a customer for $160 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,850. The bank statement shows a balance of $7,850 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement Bank balance per reconciliation PETERSON COMPANY Bank Reconciliation May 31 Company's Cash Balance Per general ledger Company balance per reconciliation
Wright Company's cash account shows a $28,100 debit balance and its bank statement shows $26,400 on deposit at the close of business on May 31. The May 31 bank statement lists $130 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $5,900. May 31 cash receipts of $6,500 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $430 check written by Smith Company was mistakenly drawn against Wright’s account. The bank statement shows a $540 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.
The cash account for American Medical Co. at April 30 indicated a balance of $84,457. The bank statement indicated a balance of $127,190 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $33,310. B. A deposit of $17,610, representing receipts of April 30, had been made too late to appear on the bank statement. C. The bank collected $28,248 on a $26,400 note, including interest of $1,848. D. A check for $1,100 returned with the statement had been incorrectly recorded by American Medical Co. as $110. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. E. A check drawn for $680 had been erroneously charged by the bank as $860. F. Bank service charges for April amounted to $45. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording…
The LLYOD bank statement for the month of June shows that there is $13,300 difference with the cash balance per book. The difference occurs on the 12 of June as one of the customers’ outstanding check has been returned because of not sufficient fund. Record the required entries at the end of June. Select one: a. Dr Bad Debt Expense 13,300 - Cr Account Receivable 13,300 b. Dr Accounts Receivable 13,300 - Cr Cash 13,300 c. Dr Allowance for doubtful accounts 13,300 - Cr Bad Debt Expense 13,300 d. Dr Cash 13,300 - Cr Account Payable 13,300
The cash account for Norwegian Medical Co. at April 30 indicated a balance of $91,408. The bank statement indicated a balance of $126,590 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $33,700. b. A deposit of $18,900, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $22,042 on a $20,600 note, including interest of $1,442. d. A check for $1,600 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $160. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. e. A check drawn for $680 had been erroneously charged by the bank as $860. f. Bank service charges for April amounted to $40. need bank reconciliation journal entry If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount…
On March 31, Sigment Company had a $44,547.60 checkbook balance. The bank statement showed a balance on that date of $46,574.10, and the following information on the bank statement had not been entered in the checkbook: $24.75 Service charge $68.85 NSF charge A review of the company’s bank statement and checkbook showed a deposit in transit of $3,919.44 and outstanding checks as follows: Number 234 for $281.34 Number 236 for $445.12 Number 237 for $2,901.60 Number 238 for $2,411.48 Prepare a bank reconciliation in proper format. List and total the outstanding checks at the bottom of the bank reconciliation.
Del Gato Clinic's cash account shows an $15,253 debit balance and its bank statement shows $14,055 on deposit at the close of business on June 30, a. Outstanding checks as of June 30 total $1,542. b. The June 30 bank statement lists a $15 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $589 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $598. d. The June 30 cash receipts of $2,734 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deposit of June 30 Deduct Outstanding checks Adjusted bank balance (1,542) $ $ DEL GATO CLINIC Bank Reconciliation June 30 14.055 Book balance Add: 0 14,055 Deduct: (1,542) 12.513 Adjusted book balance $ 15,253 $ 0 15,253 0 15,253
Use the following information for the Exercises 12-13 below. (Algo) Skip to question [The following information applies to the questions displayed below.]Del Gato Clinic's cash account shows an $16,657 debit balance and its bank statement shows $15,640 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $1,844. The June 30 bank statement lists a $90 bank service charge. Check No. 919, listed with the canceled checks, was correctly drawn for $689 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $698. The June 30 cash receipts of $2,780 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement.
On December 10, you receive your bank statement showing a balance of $2,981.97. Your checkbook shows a balance of $2,782.86. Outstanding checks are $387.86 and $175.56. The account earned $122.85. Deposits in transit amount to $479.16, and there is a service charge of $8.00. Calculate the reconciled balance. O $199.11 $2,668.01 $2,897.71 O $4,024.55