Problem 2Meyda Company's bank statement for the month of June showed abalance per bank of €10,336. The company's Cash account in the generalledger had a balance of €9,788 at April 30. Other information is asfollows:(1) Cash receipts for June 30 recorded on the company's books were€9,000 but this amount does not appear on the bank statement.(2) The bank statement shows a debit memorandum for €70 for checkprinting charges.(3) Check No. 129 payable to Atture Company was recorded in thecash payments journal and cleared the bank for €235. A review of theaccounts payable subsidiary ledger shows a €72 credit balance in theaccount of Atture Company and that the payment to them should havebeen for €307.(4) The total amount of checks still outstanding at June 30 amounted to€7,800.(5) Check No. 151 was correctly written and paid by the bank for €549.The cash payment journal reflects an entry for Check No. 151 as adebit to Accounts Payable and a credit to Cash in Bank for €599.(6) The bank returned an NSF check from a customer for €2,364.(7)The bank included a credit memorandum for €4,060 whichrepresents collection of a customer's note by the bank for thecompany; principal amount of the note was €4,000 and interest was€60. Interest has not been accrued. IInstructions(a) Prepare a bank reconciliation for Meyda Co. at June 30.(b)Prepare any adjusting entries necessary as a result of the bankreconciliation.

Bank reconciliation statement, it's the statement which is prepared to tally the cash balances as…

Meyda Company's bank statement for the month of June showe balance per bank of €10,336. The company's Cash account in the gen ledger had a balance of €9,788 at April 30. Other information is follows: (1) Cash receipts for June 30 recorded on the company's books w €9,000 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for €70 for ch printing charges. (3) Check No. 129 payable to Atture Company was recorded in cash payments journal and cleared the bank for €235. A review of accounts payable subsidiary ledger shows a €72 credit balance in account of Atture Company and that the payment to them should h been for €307. The total amo int of checke still outstand utstanding at lune June 30 amour 30

Meyda Company's bank statement for the month of June showe balance per bank of €10,336. The company's Cash account in the gen ledger had a balance of €9,788 at April 30. Other information is follows: (1) Cash receipts for June 30 recorded on the company's books w €9,000 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for €70 for ch printing charges. (3) Check No. 129 payable to Atture Company was recorded in cash payments journal and cleared the bank for €235. A review of accounts payable subsidiary ledger shows a €72 credit balance in account of Atture Company and that the payment to them should h been for €307. The total amo int of checke still outstand utstanding at lune June 30 amour 30

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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