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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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
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Based on the information in the worksheet, Calculate: February Deposits in Transit: Date Amount February Outstanding Checks: Check # Amount
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