In-class Exercise #2 - Preparation of a Bank Reconciliation drum Fundamental Accessing Principles, Wild, Shaw and Chiappetta, 21 ed) Nolan Company deposits all cash receipts on the day when they are received, and it makes all cash payments by check. At the close of business on June 30, its Cash account shows a $22,352 debit balance. Nolan's June 30 bank statement shows $21,332 on deposit in the bank. Prepare a bank reconciliation for the Company using the following information. 1. Outstanding checks as of June 30 total $3,713. 2. The June 30 bank statement included a $41 debit memorandum for bank services; the company has not yet recorded the cost of these services. 3. In reviewing the bank statement, a $90 check written by the Company to pay the telephone bill was mistakenly recorded in the company's books at $99. 4. June 30 cash receipts of $4,724 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. 5. The bank statement included a $23 credit for interest earned on the cash in the bank. Balance per Bank Nolan Company Bank Reconciliation As of June 30 Balance per Books Prepare the required journal entries and post them to the Cash general ledger account: CASH
In-class Exercise #2 - Preparation of a Bank Reconciliation drum Fundamental Accessing Principles, Wild, Shaw and Chiappetta, 21 ed) Nolan Company deposits all cash receipts on the day when they are received, and it makes all cash payments by check. At the close of business on June 30, its Cash account shows a $22,352 debit balance. Nolan's June 30 bank statement shows $21,332 on deposit in the bank. Prepare a bank reconciliation for the Company using the following information. 1. Outstanding checks as of June 30 total $3,713. 2. The June 30 bank statement included a $41 debit memorandum for bank services; the company has not yet recorded the cost of these services. 3. In reviewing the bank statement, a $90 check written by the Company to pay the telephone bill was mistakenly recorded in the company's books at $99. 4. June 30 cash receipts of $4,724 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. 5. The bank statement included a $23 credit for interest earned on the cash in the bank. Balance per Bank Nolan Company Bank Reconciliation As of June 30 Balance per Books Prepare the required journal entries and post them to the Cash general ledger account: CASH
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:In-class Exercise #2- Preparation of a Bank Reconciliation (from Fundamental Accounting Principles, Wild, Shaw and
Chippets, 21" d)
Nolan Company deposits all cash receipts on the day when they are received, and it makes all cash payments by
check. At the close of business on June 30, its Cash account shows a $22,352 debit balance. Nolan's June 30
bank statement shows $21,332 on deposit in the bank. Prepare a bank reconciliation for the Company using the
following information.
1. Outstanding checks as of June 30 total $3,713.
2. The June 30 bank statement included a $41 debit memorandum for bank services, the company has not
yet recorded the cost of these services.
3. In reviewing the bank statement, a $90 check written by the Company to pay the telephone bill was
mistakenly recorded in the company's books at $99.
4. June 30 cash receipts of $4,724 were placed in the bank's night depository after banking hours and were
not recorded on the June 30 bank statement.
5. The bank statement included a $23 credit for interest earned on the cash in the bank.
Balance per Bank
Nolan Company
Bank Reconciliation
As of June 30
Balance per Books
Prepare the required journal entries and post them to the Cash general ledger account:
CASH
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