Hills Company's June 30 bank statement and the June ledger account for cast BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance 5-5 (Static) Part 1 $19,100 Cash (A) 6,800 19,000 6,400 Deposits $ 18,000 Credit 19,400 Checks written Other $.30 June Balance $ 7,200 25,200 6,100 6,070 6,070 Required: Prepare a bank reconciliation A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June

Hills Company's June 30 bank statement and the June ledger account for cast BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance 5-5 (Static) Part 1 $19,100 Cash (A) 6,800 19,000 6,400 Deposits $ 18,000 Credit 19,400 Checks written Other $.30 June Balance $ 7,200 25,200 6,100 6,070 6,070 Required: Prepare a bank reconciliation A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter7: Internal Control And Cash

Section: Chapter Questions

Problem 21E

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Balance of cash in bank account 1,300,000Balance of bank statement 1,200,000Outstanding checks, August 31:Number 555 10,000761 55,000762 40,000763 25,000764 65,000765 70,000Receipts of August 31, deposited September 1 275,000The bank statement showed the following charges:a. Service charge for August 5,000b. NSF check received from a customer 85,000The cashier-bookkeeper had misappropriated 30,000 and an additional 10,000 by charging sales discounts and crediting accounts receivable.The stub for check number 765 and the invoice relating thereto show that it was for 50,000. The check was recorded incorrectly in the cash disbursements journal as 70,000. The check was drawn in payment of an account payable.Payment has been stopped on check number 555 which was drawn in payment of an account payable. The payee cannot be located.Required:a. Prepare a bank reconciliation on August 31 using the adjusted balance method.b. Prepare adjusting entries in the Susan Company book on August 31
Requlred Informetion [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 ৪9, 938 88,970 88,470 88,520 88,370 Date Other Dec. 1 $ 7,620 558 $28, 000 13,900 11 17 23 36, e00 26 960 30 NSF* $300 50 19, 200 19, e00 31 Interest earned 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, e00 Deposits Dec. 11 23 Checks written during December: 7,620 28, 800 36, ee0 19,e00 13,e00 550 30 13,900 960 31 150 19,200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. Requlred: 1. Identify and list the deposits in transit at the end of December. (Select all that apply.) $28,000 $36,000 $19,000 $13,000 2. [dentify and list the outstanding checks at the end of December (Select all that apply.) $7,620 $550 $13,900 $880 $150 $19,200 $4,500 OOUI
Required information Skip to question [The following information applies to the questions displayed below.] Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,360 Deposits during June $ 18,800 26,160 Checks cleared during June $ 19,900 6,260 Bank service charges $ 31 6,229 Balance, June 30 6,229 Cash (A) Debit Credit June 1 Balance 7,360 June Deposits 20,600 20,200 Checks written June June 30 Balance 7,760 Required:1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June.
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Question Content Area Bank reconciliation and entries The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $8,680. The bank statement indicated a balance of $11,180 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: Checks outstanding totaled $4,020. A deposit of $4,190, representing receipts of July 31, had been made too late to appear on the bank statement. The bank had collected $2,180 on a note left for collection. The face of the note was $2,070. A check for $700 returned with the statement had been incorrectly recorded by Stone Systems as $770. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account. A check drawn for $500 had been incorrectly charged by the bank as $50. Bank service charges for July amounted to $30.
Required information [The following information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance $ 7,200 25,200 Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 $18,000 $19,100 6,100 6,070 6,070 $30 Cash (A) June 1 Balance 6,800 June Deposits 19,000 19,400 Checks written June June 30 Balance 6,400