Dillman Food Store developed the following information in recording its bank statement for the month of March. Balance per books March 31$ 2.905 Balance per bank statement March 31 $10.900 (1) Checks written in March but still outstanding $7,000. (2) Checks written in February but still outstanding $2.800. (3) Deposits of March 30 and 31 not yet recorded by bank $5,200. (4) NSF check of customer returned by bank $1.200. (5) Check No, 210 for $594 was correctly issued and paid by bank but incorrectly entered in the cash payments journal as payment on account for $549. (6) Bank service charge for March was $50. (7) A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared the bank in March (8) The bank collected a note receivable for the company for $4.000 plus $150 interest revenue. Instructions Prepare a bank reconciliation at March 31.

Dillman Food Store developed the following information in recording its bank statement for the month of March. Balance per books March 31$ 2.905 Balance per bank statement March 31 $10.900 (1) Checks written in March but still outstanding $7,000. (2) Checks written in February but still outstanding $2.800. (3) Deposits of March 30 and 31 not yet recorded by bank $5,200. (4) NSF check of customer returned by bank $1.200. (5) Check No, 210 for $594 was correctly issued and paid by bank but incorrectly entered in the cash payments journal as payment on account for $549. (6) Bank service charge for March was $50. (7) A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared the bank in March (8) The bank collected a note receivable for the company for $4.000 plus $150 interest revenue. Instructions Prepare a bank reconciliation at March 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Alvin Electronics is in the process of reconciling its bank account for the month of November. The following information is available: Balance per bank statement $ 8,325 Outstanding checks 2,400 Deposits outstanding 1,215 Bank service charges for November 35 Check written by Alvin for $300 but recorded incorrectly by Alvin as a $30 disbursement. What should be the corrected cash balance at the end of November?
The following information is available for the Savvy Company for the month of June. a. On June 30, after all transactions have been recorded, the balance in the company's Cash account has a balance of $17,202. b. The company's bank statement shows a balance on June 30 of $19,279. c. Outstanding checks at June 30 total $2,984. d. The bank collected $770 on a note receivable that is not yet recorded by Savvy Company. e. A $67 NSF check from a customer, J. Maroon is shown on the bank statement but not yet recorded by the company. f. A deposit placed in the bank's night depository on June 30 totaling $1,675 did not appear on the bank statement. g. Check #3445 for the payment of an account payable was correctly written for $2,450, but was recorded in the accounting records as $2,540. h. Included with the bank statement was a bank service charge in the amount of $25. It has not been recorded on the company's books. 1. Prepare the June bank reconciliation for the Savvy Company. 2. Prepare the…
The following information is available for the Muharraq Company for the month of December .On December 31, after all transactions have been recorded, the balance in the company's Cash account has a balance of $ 23,266 .1 The company's bank statement shows a balance on December 31 of $24,529 .2 .Outstanding checks at December 31 total S5,370.3 The bank collected $3,190 on a note receivable that is not yet recorded by Muharraq Company .4 A $452 NSF check from a customer, J. Ahmed is shown on the bank statement but not yet recorded by the company .5 A deposit placed in the bank's night depository on December 31 totaling $6,615 did not appear on the bank statement .6 Comparing the checks on the bank statement with the entries in the accounting records reveals that check #845 for the payment of an account payable was correctly .7 .written for $2,560 but was erroneously recorded in the accounting records as $2,710 Included in the bank statement was a bank service charge in the amount of…
Beverly Hills, Inc. developed the following information in recording its bank statement for the month of November. Balance per books November 30 $22,014 Balance per bank statement November 30 $24,635 1. Checks written in November but still outstanding $1,450. 2. Checks written in October but still outstanding $1,107. 3. Deposits of November 29th and 30th not yet recorded by bank $5,496. 4. NSF check of customer, A. Lincoln, returned by bank, $704. 5. The bank statement contained an electronic funds transfer received from customer Theodora Company for $6,150 plus interest for $150. 6. Check No. 151 for $562 was correctly issued and paid by bank, but incorrectly entered in the Cash Payments Journal as $526. It was a payment made to vendor, Smith Concrete. A. Prepare a Bank Reconciliation Statement at November 30. B. For Beverly Hills, Inc. prepare the next journal entry from the bank reconciliation. C. For Beverly Hills, Inc. prepare the final journal entry from the bank…
Thailand Company provided the following data relating to the cash transactions and bank account for July: Cash balance per ledger ??? Cash balance per bank statement ??? Debit memo for July service charge P3,500 Deposit of July 31 not recorded by the bank until August is P298,500 Outstanding checks (including certified check amounting to P25,000) P180,500 A customer note collected by the bank amounting to P120,600 A check issued to the supplier had been entered in the book as P86,500 and was erroneously deducted by the bank at P85,600. A Book error on a check issued by the company and recorded at P97,600 was cleared by the bank at an amount of P79,600. A customer check was returned by the bank marked as NSF P50,000. The…
Bridgeport Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. Cash receipts for January were $87,679, of which $5,295 was outstanding at January 31. The bank statement shows a debit memorandum for $135 for cheque printing charges. Cheque no. 119 payable to Sunland Company was recorded in the general journal and cleared the bank for $343. A review of the Accounts Payable subsidiary ledger shows a $131 credit balance in the account of Sunland Company and that the payment to it should have been for $474. The total amount of cheques written during January was $75,126, of which $5,979 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $109. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $190. The bank returned an NSF cheque from a…
Please answer question correctly
Sharon Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the c records. June 30 Bank Reconciliation Balance per bank Add: Deposits in transit Deduct: Outstanding checks Balance per books $35,000 7,700 (10,000) $32,700 Month of July Results Balance July 31 July deposits July checks July note collected (not included in July deposits) July bank service charge July NSF check from a customer, returned by the bank (recorded by bank as a charge) Per Bank Per Books $43,250 22,500 20,000 7,500 75 1,675 $46,250 29,050 15,500 | I
The following information is available for Mouse Inc. for the current month: Company records balance, end of the month $16,725 Outstanding checks $1,752 Deposits in transit $7,500 Service Charges $225 Interest Revenue $75 What is the adjusted company balance on the bank reconciliation? Group of answer choices $22,473 $16,575 $22,623 $22,323
Please step by step answer.
Peterson Company's general ledger shows a cash balance of $7,420 on May 31. May cash receipts of $1,220, 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 $120 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 $1,900. The bank statement shows a balance of $7,910 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 PETERSON COMPANY Bank Reconciliation May 31 Company's Cash Balance Per general ledger Bank balance per reconciliation $ 0 Company balance per reconciliation $ 0
At the end of April, Meyer Company had a $7,890 balance in its cash account, while its bank state-ment for April showed an ending cash balance of $7,200. The April bank statement showed $10 of interest earned by Meyer on its checking account and a $200 NSF check written by one of Meyer’s customers. Meyer’s records show a $600 deposit in transit and $100 of outstanding checks at the end of April. Prepare the bank reconciliation of Meyer for April.