Intermediate accounting 1 (Tutorial #2) 1) On May 31, 2014, ABC Company had a cash balance per books of $6,781.50. The bank statement from New York Bank on that date showed a balance of $6,404.60. A comparison of the statement with the Cash account revealed the following facts. a) The statement included a debit of $40 for the printing of additional company checks. b) Cash sales of $836.15 on May 12 were deposited in the bank. The cash receipts journal entry was incorrectly made for $886.15. The bank credited ABC Company for the correct amount. c) Outstanding checks at May 31 totaled $576.25. Deposits in transit were $2,416.15. d) On May 18, the company issued a check for $685 to Jeff on account. The check, which cleared the bank in May, was incorrectly journalized and posted by ABC Company for $658. e) A $3,000 note receivable was collected by the bank for ABC Company on May 31 plus $80 interest. The bank charged a collection fee of $20. On May 31, the bank statement showed an NSF charge of $680 for a check issued by Adam, a customer, to ABC Company on account. f) Prepare the bank reconciliation at May 31, 2014.

Intermediate accounting 1 (Tutorial #2) 1) On May 31, 2014, ABC Company had a cash balance per books of $6,781.50. The bank statement from New York Bank on that date showed a balance of $6,404.60. A comparison of the statement with the Cash account revealed the following facts. a) The statement included a debit of $40 for the printing of additional company checks. b) Cash sales of $836.15 on May 12 were deposited in the bank. The cash receipts journal entry was incorrectly made for $886.15. The bank credited ABC Company for the correct amount. c) Outstanding checks at May 31 totaled $576.25. Deposits in transit were $2,416.15. d) On May 18, the company issued a check for $685 to Jeff on account. The check, which cleared the bank in May, was incorrectly journalized and posted by ABC Company for $658. e) A $3,000 note receivable was collected by the bank for ABC Company on May 31 plus $80 interest. The bank charged a collection fee of $20. On May 31, the bank statement showed an NSF charge of $680 for a check issued by Adam, a customer, to ABC Company on account. f) Prepare the bank reconciliation at May 31, 2014.

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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1. How much is the total book receipts in December?
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