On April 30, a company’s bank statement had an ending balance for cash of $43,352. The cash balance on the same date, in the accounting records, was $43,512. 1. A company received a cheque for $865 from a customer which was deposited in the bank account. The cheque amount was correct and correctly recorded in the accounting records. According to the bank statement, $695 was deposited in the bank account. 2. One entry in the bank statement was the $2,329 payment of a receivable by a customer via electric funds transfer. 3. A company cheque for $1,650, originally mailed during March to a supplier, had not cleared the bank account by the end of April. Two other company cheques, for $1,010 and $275 issued during the current month to suppliers were still outstanding at month end. 4. During April, a customer’s cheque for $862 was deposited in the bank in settlement of a receivable. The customer’s cheque did not clear the bank due to nonsufficient funds. The bank deducted $22 for the NSF fee from the bank account. 5. The bank deducted $45 for bank service fees from the bank account for. The company’s accountants learned of this transaction from the bank statement. 6. Two cash deposits were missing from the bank statement, $1,950 on April 29 and $2,375 on April 30. a) The bank reconciliation for April 30. b) The necessary journal entries to adjust the company’s records based on the bank reconciliation.
On April 30, a company’s bank statement had an ending balance for cash of $43,352. The cash balance on the same date, in the accounting records, was $43,512. 1. A company received a cheque for $865 from a customer which was deposited in the bank account. The cheque amount was correct and correctly recorded in the accounting records. According to the bank statement, $695 was deposited in the bank account. 2. One entry in the bank statement was the $2,329 payment of a receivable by a customer via electric funds transfer. 3. A company cheque for $1,650, originally mailed during March to a supplier, had not cleared the bank account by the end of April. Two other company cheques, for $1,010 and $275 issued during the current month to suppliers were still outstanding at month end. 4. During April, a customer’s cheque for $862 was deposited in the bank in settlement of a receivable. The customer’s cheque did not clear the bank due to nonsufficient funds. The bank deducted $22 for the NSF fee from the bank account. 5. The bank deducted $45 for bank service fees from the bank account for. The company’s accountants learned of this transaction from the bank statement. 6. Two cash deposits were missing from the bank statement, $1,950 on April 29 and $2,375 on April 30. a) The bank reconciliation for April 30. b) The necessary journal entries to adjust the company’s records based on the bank reconciliation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On April 30, a company’s bank statement had an ending balance for cash of $43,352. The cash balance on the same date, in the accounting records, was $43,512.
1. A company received a cheque for $865 from a customer which was deposited in the bank account. The cheque amount was correct and correctly recorded in the accounting records. According to the bank statement, $695 was deposited in the bank account.
2. One entry in the bank statement was the $2,329 payment of a receivable by a customer via electric funds transfer.
3. A company cheque for $1,650, originally mailed during March to a supplier, had not cleared the bank account by the end of April. Two other company cheques, for $1,010 and $275 issued during the current month to suppliers were still outstanding at month end.
4. During April, a customer’s cheque for $862 was deposited in the bank in settlement of a receivable. The customer’s cheque did not clear the bank due to nonsufficient funds. The bank deducted $22 for the NSF fee from the bank account.
5. The bank deducted $45 for bank service fees from the bank account for. The company’s accountants learned of this transaction from the bank statement.
6. Two cash deposits were missing from the bank statement, $1,950 on April 29 and $2,375 on April 30.
a) The bank reconciliation for April 30.
b) The necessary journal entries to adjust the company’s records based on the bank reconciliation.
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