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

See similar textbooks

Similar questions

The following extract from the cash book of Jon for the month of January shows thecompany’s bank transactions:RM RM01 Jan Balance b/f 600 18 Jan Ali 14513 Jan Uno 224 28 Jan PBA 7231 Jan Latif 186 30 Jan TNB 10931 Jan Balance c/f 6841,010 1,010…3/-3The company’s bank statement for the same period is as follows:Debit (RM) Credit (RM) Balance (RM)01 Jan Balance 63503 Jan Halim 35 60013 Jan Uno 224 82423 Jan Ali 145 67931 Jan Standing order 30 649Required:a. Prepare a corrected cash book using the information given above b. Draw up a bank reconciliation statement.
The accountant for the Goshen Company assembled the following data:June 30 July 31Cash account balance P 15,822 P 39,745Bank statement balance 107,082 137,817Deposits in transit 8,201 12,880Outstanding checks 27,718 30,112Bank service charge* 72 60Customer's check deposited July 10, returnedby bank on July 16 marked NSF, and redeposited immediately; no entry made on books for return or redeposit 8,250Collection by bank of company's notes receivable 71,815 80,900* (Recorded on books in month following charge or collection)The bank statements and the company's cash records show these totals:Disbursements in July per bank statement P218,373Cash receipts in July per Goshen's books 236,452Checks written in July per Goshen's books 212,529Receipts in July per bank statement 249,108 Determine the correct balance of the following:A. June 30 adjusted cash in bank balance B. July 31 adjusted receipts C. July 31 adjusted disbursements D. July 31 adjusted cash in bank balance
On December 10, you receive your bank statement showing a balance of $2,981.97. Your checkbook shows a balance of $2,782.86. Outstanding checks are $387.86 and $175.56. The account earned $122.85. Deposits in transit amount to $479.16, and there is a service charge of $8.00. Calculate the reconciled balance. O $199.11 $2,668.01 $2,897.71 O $4,024.55
On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
Sweden Company provided the following information for the month of December: Balance per bank statement December 31 P1,250,900 Bank service charge for December 5,000 Collection made by the bank in behalf of the entity 25,800 Deposit in transit 575,200 Checks written but not yet recorded by the bank 512,300 The entity discovered that it had drawn and erroneously recorded a check for P123,600 that should have been recorded for P153,600. How much is the cash balance per ledger on December 31, 2021?
Please Answer With Details and Don't image format
Answer with in a hour for upvotes?
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
Hills Company's June 30 bank statement and the June ledger account for cash 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 E5-5 (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: 1. 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
s
Based on the information in the worksheet, Calculate: February Deposits in Transit: Date Amount February Outstanding Checks: Check # Amount
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.