Lovable Company prepared the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total 3,000,000 400,000 3,400,000 ( 900,000) Outstanding checks The bank statement for the month of July showed the following:
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- Bank reconciliation and entries Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documents and records and are reproducedmas follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of June 1 $9,317.40 CASH RECEIPTS FOR MONTH OF JUNE $9,223.76 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: Beeler Furniture Company Bank Reconciliation May 31 20Y2 Cash balance according to bank statement $ 9,447.20 Add deposit for May 31, not recorded by bank 690.25 Deduct outstanding checks: No. 731 $162.15 736 345.95 738 251.40 739 60.55 820.05 Adjusted balance $ 9,317.40 Cash balance according to company's records $ 9,352.50 Deduct bank service charges 35.10…A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation.Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,337.11. The bank statement shows an ending balance of $2,136.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, and noting the service charges and other debit and credit memos shown on the bank statement, the following were found: An ATM withdrawal of $153.00 on November 18 by Lyle for personal use was not recorded on the books. A bank debit memo issued for an NSF check from a customer of $19.40. A bank credit memo issued for interest of $19.00 earned during the month. On November 30, a deposit of $1,201.00 was made, which is not shown on the bank statement. A bank debit memo issued for $18.00 for bank service charges. Checks No. 549, 561, and 562 for the amounts of $167.00, $23.00, and $9.60, respectively, were written during November but have not yet been received by the bank.…
- Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,370. During May, the total cash deposited was $71,780 and checks written totaled $66,650. The bank statement indicated a balance of $24,330 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $10,840. A deposit of $8,830, representing receipts of May 31, had been made too late to appear on the bank statement. The bank had collected for Brentwood Bike Co. $4,670 on a note left for collection. The face of the note was $4,310. A check for $490 returned with the statement had been incorrectly charged by the bank as $940. A check for $520 returned with the statement had been recorded by Brentwood Bike Co. as $250. The check was for the payment of an obligation to Adkins Co. on account. Bank service charges for May amounted to $50. A check for $1,080 from Jennings…Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,410. During May, the total cash deposited was $72,900 and checks written totaled $67,690. The bank statement indicated a balance of $24,710 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $11,010. A deposit of $8,970, representing receipts of May 31, had been made too late to appear on the bank statement. The bank had collected for Brentwood Bike Co. $4,740 on a note left for collection. The face of the note was $4,370. A check for $360 returned with the statement had been incorrectly charged by the bank as $630. A check for $410 returned with the statement had been recorded by Brentwood Bike Co. as $140. The check was for the payment of an obligation to Adkins Co. on account. Bank service charges for May amounted to $60. A check for $1,090 from Jennings…-------- deposits all cash receipts on the day they are received and makes all cash payments by check. The January general ledger shows $24,474 at the end of the month. Comparison of the bank statement to its general ledger cash account revealed the following: NSF check deposit 287 Deposit in transit 2,100 Outstanding checks 1,100 Additionally, interest in the amount of $80 was earned on the bank account but had not been recorded in the general ledger. The adjusted cash balance per the book records should be:
- Part 1: 1. Identify and list the deposits in transit at the end of December. 2. Identify and list the outstanding checks at the end of December. Part 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received from the bank. 2. Record the service charges of $130 deducted by the bank. 3. Record the return of the J. Left check of $280 due to insufficient funds 4. Record the checks outstanding at the end of the month. 5. Record the deposit in transit at the end of the month. Part 4: After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $280, 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 December 31 balance sheet?Beverly Hills, Inc. developed the following information in recording its bank statement for the month of November. Balance per books November 30 $22,014 Balance per bank statement November 30 $24,635 1. Checks written in November but still outstanding $1,450. 2. Checks written in October but still outstanding $1,107. 3. Deposits of November 29th and 30th not yet recorded by bank $5,496. 4. NSF check of customer, A. Lincoln, returned by bank, $704. 5. The bank statement contained an electronic funds transfer received from customer Theodora Company for $6,150 plus interest for $150. 6. Check No. 151 for $562 was correctly issued and paid by bank, but incorrectly entered in the Cash Payments Journal as $526. It was a payment made to vendor, Smith Concrete. A. Prepare a Bank Reconciliation Statement at November 30. B. For Beverly Hills, Inc. prepare the next journal entry from the bank reconciliation. C. For Beverly Hills, Inc. prepare the final journal entry from the bank…Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $8,112.62. On that date, the bank statement indicated a balance of $9,098.55. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $3,358.19. 2. Outstanding checks July 31 totaled $1,251.12. 3. The bank erroneously charged a $215.00 check of Solomon Company against the Sullivan bank account. 4. A $15 bank service charge has not yet been recorded by Sullivan Company. 5. Sullivan neglected to record $3,000.00 borrowed from the bank on a ten percent six-month note. The bank statement shows the $3,000.00 as a deposit. 6. Included with the returned checks is a memo indicating that J. Martin's check for $640.00 had been returned NSF. Martin, a customer, had sent the check to pay an account of $660.00 less a $20 discount. 7. Sullivan Company recorded a $107.00 payment for repairs as $1,070.00 Required a. Prepare a bank reconciliation for…
- The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $146,035. The bank statement indicated a balance of $181,965 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $16,445. B. A deposit of $9,900, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $31,800 on a $30,000 note, including interest of $1,800. D. A check for $2,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $200. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. E. A check drawn for $170 had been erroneously charged by the bank as $710. F. Bank service charges for June amounted to $75. 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer…INS The following information relating to the bank checking account is available for Wild Bill's Texas Barbeque at May 31. EXERCISE 7-7 Another Short Bank Reconcil- latlon Balance per bank statement at May 31 Outstanding checks Deposit in transit.. Service charge by bank... Interest credited by the bank....... $9,740.15 3,352.70 1,106.30 Balance per depositor's accounting records at May 31 10.00 43.10 INSTRUCTIONS Prepare a bank reconciliation at May 31. 7,460.65Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $10,103.24. On that date, the bank statement indicated a balance of $12,737.97. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $5,007.73. 2. Outstanding checks July 31 totaled $2,045.06. 3. The bank erroneously charged a $455.00 check of Solomon Company against the Sullivan bank account. 4. A bank service charge has not yet been recorded by Sullivan Company of $25.00. 5. Sullivan neglected to record $5,600.00 borrowed from the bank on a ten percent six-month note. The bank statement shows the $5,600.00 as a deposit. 6. Included with the returned checks is a memo indicating that J. Martin's check for $896.00 had been returned NSF. Martin, a customer, had sent the check to pay an account of $924.00 less a $28 discount. 7. Sullivan Company recorded a $152.60 payment for repairs as $1,526.00 Required a. Prepare a bank reconciliation…