Julle JU June 30 Bought stationery paying by Cas 17.5X You are to write up a three-column cash book for M. Pinero from the details that follow. Then balance off at the end of the month and post to the discount accounts in the general ledger. 2006 Balances brought forward: cash in hand, $58 bank overdraft, $1,470 May 1 May 2 M. Pinero paid further capital into the bank, $1,000. May 3 Bought office fixtures by cheque, $780. May 4 Cash sales, $220. May 5 Banked cash, $200. May 6 We paid the following by cheque, in each case deducting 22% cash discount: B. Barnes, $80; T. Horton, $240; T. Jacklin, $400. May 8 Cash sales, $500. May 12 Paid motor expenses in cash, $77. May 15 Cash withdrawn from the bank, $400. May 16 Cash drawings, $120. May 18 The following firms paid us their accounts by cheque, in each case deducting a 5% discount: L. Graham, $80; B. Crenshaw, $140; H. Green, $220. May 20 Staff paid in cash, $210. May 22 T. Weiskopf paid us his account in cash, $204. May 26 Paid insurance by cheque, $150. May 28 We banked all the cash in our possession except for $20 in the cash till. May 31 Bought motor van, paying by cheque, $4,920.

Julle JU June 30 Bought stationery paying by Cas 17.5X You are to write up a three-column cash book for M. Pinero from the details that follow. Then balance off at the end of the month and post to the discount accounts in the general ledger. 2006 Balances brought forward: cash in hand, $58 bank overdraft, $1,470 May 1 May 2 M. Pinero paid further capital into the bank, $1,000. May 3 Bought office fixtures by cheque, $780. May 4 Cash sales, $220. May 5 Banked cash, $200. May 6 We paid the following by cheque, in each case deducting 22% cash discount: B. Barnes, $80; T. Horton, $240; T. Jacklin, $400. May 8 Cash sales, $500. May 12 Paid motor expenses in cash, $77. May 15 Cash withdrawn from the bank, $400. May 16 Cash drawings, $120. May 18 The following firms paid us their accounts by cheque, in each case deducting a 5% discount: L. Graham, $80; B. Crenshaw, $140; H. Green, $220. May 20 Staff paid in cash, $210. May 22 T. Weiskopf paid us his account in cash, $204. May 26 Paid insurance by cheque, $150. May 28 We banked all the cash in our possession except for $20 in the cash till. May 31 Bought motor van, paying by cheque, $4,920.

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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Using the following information: The bank statement balance is $5,175. The cash account balance is $5,503. Outstanding checks amounted to $712. Deposits in transit are $998. The bank service charge is $33. A check for $76 for supplies was recorded as $67 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co.Bank ReconciliationMay 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
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