Hawkeye Co. needs to complete its November 30th bank reconciliation. The following information is available: Hawkeye Co.'s accounting records show a $67,800 cash balance as at November 30th. The November bank statement shows an ending balance of $72,130. Hawkeye wrote cheques totalling $39,000 during November, of which $31,000 have cleared the bank. There are no remaining outstanding cheques that were written before November. The bank has made an error. A cheque written by Hawkeye Co. for $1,005 was processed by the bank as though the amount was $1,050. The bank charged service fees of $25. This has not yet been recorded in the accounting records. A $600 customer payment was returned by the bank as a non-sufficient funds cheque (NSF). The November 30th deposit of $3,000 does not appear in the bank's records until December 2nd. Required: a) Record any accounting transactions required as a result of the above AND determine a revised cash balance per the accounting records. b) Prepare the reconciliation between the bank balance and the revised cash balance per the accounting records.

Hawkeye Co. needs to complete its November 30th bank reconciliation. The following information is available: Hawkeye Co.'s accounting records show a $67,800 cash balance as at November 30th. The November bank statement shows an ending balance of $72,130. Hawkeye wrote cheques totalling $39,000 during November, of which $31,000 have cleared the bank. There are no remaining outstanding cheques that were written before November. The bank has made an error. A cheque written by Hawkeye Co. for $1,005 was processed by the bank as though the amount was $1,050. The bank charged service fees of $25. This has not yet been recorded in the accounting records. A $600 customer payment was returned by the bank as a non-sufficient funds cheque (NSF). The November 30th deposit of $3,000 does not appear in the bank's records until December 2nd. Required: a) Record any accounting transactions required as a result of the above AND determine a revised cash balance per the accounting records. b) Prepare the reconciliation between the bank balance and the revised cash balance per the accounting records.

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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