More info(Click the icon to view the bank statement.)a. A deposit of $2,300 is in transit.b. Rick's Deli has an ending checkbook balance of $6,010.c. Checks outstanding: no. 111, $800; no. 119, $1,600; no. 121, $360.d. Bill Johnson's check for $500 bounced due to lack of sufficient funds.e. Bank service charge $75.PrintDoneOld Balance6,700Lowell National BankRio Mean BranchBugna, TexasRick's Deli8811 2nd St.Bugna, TexasChecks and Other Withdrawalsin Order of Payment50.00 270.00220.00510.00500.00 NSF1,350.00520.00 75.00 SC(NSF = nonsufficient funds; SC = service charge.)Deposits230.00650.00310.001,280.00220.00Date2/22/32/102/152/202/242/28New Balance6,7006,3806,3906,5306,3406,2705,895 From the following bank statement, please (1) complete the bank reconciliation for Rick's Deli included below and (2) journalize th(1) Complete the bank reconciliation for Rick's Deli.Start by preparing the book portion of the reconciliation and then complete the reconciliation by completing the bank portion. (If aor enter a zero.)Checkbook balanceAdd:Reconciled balanceDeduct:DateFeb.DateFeb.28Rick's DeliBank Reconciliation as of February 28, 201XCheckbook balanceJournalize the bank service charges.28(2) Journalize the appropriate entries as needed. (Record debits first, then credits. Exclude explanations from jouriBill Johnson's check for $500 bounced due to lack of sufficient funds.Journal EntryAccount TitlesBank balanceAccount TitlesAdd:Journal EntryDeduct:Reconciled balancePRBank balancePRDr.Dr.Cr.Cr.

More info (Click the icon to view the bank statement.) a. A deposit of $2,300 is in transit. b. Rick's Deli has an ending checkbook balance of $6,010. c. Checks outstanding: no. 111, $800; no. 119, $1,600; no. 121, $360. d. Bill Johnson's check for $500 bounced due to lack of sufficient funds. e. Bank service charge $75. Print Done Old Balance 6,700 Lowell National Bank Rio Mean Branch Bugna, Texas Rick's Deli 8811 2nd St. Bugna, Texas Checks and Other Withdrawals in Order of Payment 50.00 270.00 220.00 510.00 500.00 NSF 1,350.00 520.00 75.00 SC (NSF nonsufficient funds: SC service charge.) Deposits 230.00 650.00 310.00 1,280.00 220.00 Date 2/2 2/3 2/10 2/15 2/20 2/24 2/28 New Balance 6,700 6,380 6,390 6,530 6,340 6,270 5,895

More info (Click the icon to view the bank statement.) a. A deposit of $2,300 is in transit. b. Rick's Deli has an ending checkbook balance of $6,010. c. Checks outstanding: no. 111, $800; no. 119, $1,600; no. 121, $360. d. Bill Johnson's check for $500 bounced due to lack of sufficient funds. e. Bank service charge $75. Print Done Old Balance 6,700 Lowell National Bank Rio Mean Branch Bugna, Texas Rick's Deli 8811 2nd St. Bugna, Texas Checks and Other Withdrawals in Order of Payment 50.00 270.00 220.00 510.00 500.00 NSF 1,350.00 520.00 75.00 SC (NSF nonsufficient funds: SC service charge.) Deposits 230.00 650.00 310.00 1,280.00 220.00 Date 2/2 2/3 2/10 2/15 2/20 2/24 2/28 New Balance 6,700 6,380 6,390 6,530 6,340 6,270 5,895

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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Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found. а. A bank debit memo issued for an NSF check from a customer of $21.25. b. A bank credit memo issued for interest of $8.50 earned during the month. С. During the evening of July 31, a deposit of $1,948.25 was made, which is not shown on the bank statement. d. A bank debit memo issued for $18.50 for bank service charges. е. Checks for the amounts of $34.00, $17.85, and $93.25 were written during July but have not yet been received by the bank. f. The reconciliation from the previous month, June, showed outstanding checks of $260.80. One of these checks in the amount of $7.38 has not yet been received by the bank. g. After comparing the canceled checks to the bank statement, it was discovered that a check…
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Using the following information: Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35 and using the following accounts/items: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks you are to prepare a bank reconciliation: Bank Balance [ Select ] Book Balance [ Select] Add items: Add items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] Less items: Less items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select] [ Select ] Adjusted Bank Bal. [ Select ] Adjusted Book Bal. [ Select ] PLEASE NOTE: For the above reconciliation, if no dollar amount is needed, please use "$0" or if no item is needed, please use "None" - no quotation marks. You must enter the account and item names exactly as written above and all dollar amounts will be with "$" and commas…