Please answer these questions. Please give me the answers within 1 hour. Thanks a lot! Cottage Company deposits all cash receipts on the day they are received, and it makes all cash payments by check. At the close ofbusiness on December 31, its Cash account shows a debit balance of $18,367. The company's bank statement as of December 31shows an ending cash balance of $15,941. The following information was also available.Outstanding checks as of December 31 total $2,271.• Included with the bank statement was a debit memo in the amount of $45 for service charges.• Check Number 2519, listed with the canceled checks, was correctly drawn for $815 in payment of a utility bill on December 16.The company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $870.• The December 31 cash receipts of $3,455 were placed in the bank's night depository after banking hours and were not recordedon the December 31 bank statement.• The bank deducted $1,252 for an NSF check from a customer deposited on December 10.Required:Prepare the bank reconciliation as of December 31.Cottage CompanyBank ReconciliationAt December 31Updates to Bank StatementUpdates to Company's BooksEnding Cash Balance per Bank StatementEnding Cash Balance per BooksAdditions:Additions:$$$$Deductions:Deductions:$$Up-to-date ending cash balanceUp-to-date ending cash balance

Bank Reconciliation Statement: Bank statement is generally provided by the bank. Apart from bank…

ness on December 31, its Cash account shows a debit balance of $18,36 ws an ending cash balance of $15,941. The following information was als Outstanding checks as of December 31 total $2,271. Included with the bank statement was a debit memo in the amount of : Check Number 2519, listed with the canceled checks, was correctly dr The company mistakenly recorded it with a debit to Utilities Expense a The December 31 cash receipts of $3,455 were placed in the bank's n on the December 31 bank statement. The bank deducted $1,252 for an NSF check from a customer deposite

ness on December 31, its Cash account shows a debit balance of $18,36 ws an ending cash balance of $15,941. The following information was als Outstanding checks as of December 31 total $2,271. Included with the bank statement was a debit memo in the amount of : Check Number 2519, listed with the canceled checks, was correctly dr The company mistakenly recorded it with a debit to Utilities Expense a The December 31 cash receipts of $3,455 were placed in the bank's n on the December 31 bank statement. The bank deducted $1,252 for an NSF check from a customer deposite

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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