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

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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