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.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
Related questions
Question
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning