In addition to keeping an eye on her inventory Rita is also a little bit worried about theamount of cash she has available. The most recent bank statement for Perfect CoverInsurance Brokers showed a credit balance of $11 232 but this seems quite differentfrom her most cash at bank ledger which is showing a debit balance of $9 440.Following a review of her records, Rita has found that there were several items on thebanak statement that she was unaware of and hand recorded including a direct depositfor $1988, a returned(dishonoured), cheque for $500 and account fees for $16.Rita has also notice the bank has not recorded the $1140 cash she received on the lastday of the month (and hasn't actually deposited yet) or 3 cheques she wrote out lastmonth for $544, $496 and $420.Using all this information update the Cash Payment and Cash receipts journal and postthese amounts to the Cash at Bank account ledger.

Cash payments journal is journal used to record all the cash payments in the business. Cash receipts…

for $1988, a returned(dishonoured) cheque for $500 and account fees for $16. Rita has also notice the bank has not recorded the $1140 cash she received on the last day of the month (and hasn't actually deposited yet) or 3 cheques she wrote out last month for $544, $496 and $420. Using all this information update the Cash Payment and Cash receipts journal and post these amounts to the Cash at Bank account ledger.

for $1988, a returned(dishonoured) cheque for $500 and account fees for $16. Rita has also notice the bank has not recorded the $1140 cash she received on the last day of the month (and hasn't actually deposited yet) or 3 cheques she wrote out last month for $544, $496 and $420. Using all this information update the Cash Payment and Cash receipts journal and post these amounts to the Cash at Bank account ledger.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 2.9C

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In addition to keeping an eye on her inventory Rita is also a little bit worried about the amount of cash she has available. The most recent bank statement for Perfect Cover Insurance Brokers showed a credit balance of $11 232 but this seems quite different from her most cash at bank ledger which is showing a debit balance of $9 440. Following a review of her records, Rita has found that there were several items on the banak statement that she was unaware of and hand recorded including a direct deposit for $1988, a returned(dishonoured) cheque for $500 and account fees for $16. Rita has also notice the bank has not recorded the $1140 cash she received on the last day of the month (and hasn't actually deposited yet) or 3 cheques she wrote out last month for $544, $496 and $420. Complete a Bank Reconciliation for the month August.
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On 30 June 20x0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20x0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…