Daisy Company received a bank statement for February, as follows:DateChecksDepositsBalanceFeb1$ 4,524.807$ 2,700.33$8,642.6193,484.81146.00sc460.00CM16274.09214,133.603,385.492369.69NSF28$ 6,344.38SC = Service Charge; NSF - Check Returned; CM = Credit Memo: DM = Debit MemoThe receipt of $460 on February 14 was for a $445 note collected by the bank, plus $20 current interest, minus a $5 service charge (Miscellaneous expense). The company's accounting records contained the following information:Cash balance on February 28 from the books: $2,610.42 The receipt of $460 on February 14 was for a $445 note collected by the bank, plus $20 current interest, minus a $5 service charge (Miscellaneous expense). The company's accounting records contained the following information:Cash balance on February 28 from the books: $2,610.42Cash DisbursementsCash ReceiptsCk No.155$2,700.33Feb. 7$8,624.611563,484.81213,385.49157274.09158589.021594,133.601602,742.63Note: All receipts are verified and correct.Required:1. Prepare a bank reconciliation on February 28, 2016, for Daisy.2. Prepare the journal entries that Daisy should record as a result of the reconciliation.

Bank Reconcilation Statement It is the statement which reconciles a company's bank statement with…

isy Company received a bank statement for February, as follows: Date Checks Deposits Balance Feb. $4,524.80 $2,700.33 $8,642.61 3,484.81 14 6.00 sc 460.00 CM 16 274.09 21 4,133.60 3,385 49 23 69.69 NSF 28 $6,344.38 sC- Service Charge: NSF. Check Retumed: CM - Credit Memo: DM - Debit Memo e receipt of 5460 on February 14 was for a $445 note collected by the bank, plus $20 current interest, minus a $5 service charge (Miscellaneous expense). The company's accountng records contained the following information: sh balance on February 28 from the books: $2.610.42

isy Company received a bank statement for February, as follows: Date Checks Deposits Balance Feb. $4,524.80 $2,700.33 $8,642.61 3,484.81 14 6.00 sc 460.00 CM 16 274.09 21 4,133.60 3,385 49 23 69.69 NSF 28 $6,344.38 sC- Service Charge: NSF. Check Retumed: CM - Credit Memo: DM - Debit Memo e receipt of 5460 on February 14 was for a $445 note collected by the bank, plus $20 current interest, minus a $5 service charge (Miscellaneous expense). The company's accountng records contained the following information: sh balance on February 28 from the books: $2.610.42

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.7C

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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
[The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance $ 48,000 40, 380 67,830 53,930 ৪9,938 ৪৪, 978 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28,000 13,900 11 17 23 36, 800 26 960 NSF Interest earned 30 19, eee $300 5e 19, 200 31 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance Deposits Dec. 11 48, e00 28,e00 36, e00 19,e09 13, еев Checks written during December: 7,620 550 13,900 960 23 30 31 150 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 5. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? 6. If the company also has $300 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the…
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[The following information applies to the questions displayed below.]The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance Dec. 1 $ 45,600 6 $ 7,600 38,000 11 530 $ 27,000 64,470 17 12,900 51,570 23 35,000 86,570 26 530 86,040 30 17,800 18,000 NSF* $ 280 85,960 31 Interest earned 60 86,020 31 Service charge 130 85,890 * NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 45,600 Deposits Checks written during December: Dec. 11 27,000 7,600 23 35,000 530 30 18,000 12,900 31 12,000 530 130 17,800 4,500 Dec. 31 Balance 93,610 There were no deposits in transit or outstanding checks at November 30. After the reconciliation journal…
The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance $ 48, 000 40, 380 67,830 53,930 ৪9,938 88,970 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28,000 13,900 6. 11 17 23 36, e00 26 960 30 19, 200 19,000 NSF* $300 31 Interest earned 50 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance Deposits Dec. 11 23 48, 000 28, e0e 36, eee Checks written during December: 7,620 550 30 13,900 960 19, e00 31 13,e00 150 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 3. Prepare a bank reconciliation for December. STEWART COMPANY Bank Reconciliation At December 31 Bank Statement Company's Books Ending Balance Per Bank Statement Ending Balance Per Cash Account Additions: Additions: Deductions: Deductions: Up-to-Date Cash Balance Up-to-Date Cash Balance
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A Company's Checking account has a balance of $7,575 on its bank statement as of May 1. The bank statement for this account on May 31 shows interest earned of $25, service charges of $35, and a check printing fee of $15, The balance that should appears on the company's bank statement as of May31 is ? а. 7,500 b. 7,550 С. 7,580 d. 7,650
At April 30, Marigold Company has the following bank information: cash balance per bank $2360; outstanding checks $394; deposits in transit $275; credit memo for interest $53; bank service charge $8. What is Marigold's adjusted cash balance on April 30? O $2532 O $2241 O $2302 O $2360
E4.16 Consider the following table with sample data. BANK ACCOUNTS TABLE AccountID АсcountType CurrentBalance AccountHolderID AccountHolderName A111 Checking $1,000.00 C11 Joe Smith C222 Sue Smith A222 Checking S2,000.00 C333 Mary Moore A333 Money Market $15,000.00 C444 Pat Clark C555 Lisa Clark C666 Timmy Clark A444 Savings $3,000.00 C111 Joe Smith C222 Sue Smith E4.16a Normalize the Bank Accounts Table to 1NF by increasing the number of records in the existing table. E4.16b Normalize the Bank Accounts Table to 1NF by creating a new separate table in addition to the existing table.
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The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance Dec. 1 $ 45,600 6 $ 7,600 38,000 11 530 $ 27,000 64,470 17 12,900 51,570 23 35,000 86,570 26 530 86,040 30 17,800 18,000 NSF* $ 280 85,960 31 Interest earned 60 86,020 31 Service charge 130 85,890 * NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 45,600 Deposits Checks written during December: Dec. 11 27,000 7,600 23 35,000 530 30 18,000 12,900 31 12,000 530 130 17,800 4,500 Dec. 31 Balance 93,610 There were no deposits in transit or outstanding checks at November 30. How would i enter this data in the bank reconcilliation table
The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance Dec. 1 $ 45,600 6 $ 7,600 38,000 11 530 $ 27,000 64,470 17 12,900 51,570 23 35,000 86,570 26 530 86,040 30 17,800 18,000 NSF* $ 280 85,960 31 Interest earned 60 86,020 31 Service charge 130 85,890 * NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 45,600 Deposits Checks written during December: Dec. 11 27,000 7,600 23 35,000 530 30 18,000 12,900 31 12,000 530 130 17,800 4,500 Dec. 31 Balance 93,610 There were no deposits in transit or outstanding checks at November 30. How would i make the following journal entries?? -Record the interest of $60 received from the bank. -Record…