### Bank Reconciliation Exercise for Metlock, Inc.#### OverviewAs of April 30, Metlock, Inc. has three outstanding checks identified: - Check No. 254 for $630- Check No. 255 for $870- Check No. 257 for $500The bank statement and cash payments made in May are listed below. ---#### Bank Statement**Checks Paid:**| Date | Check No. | Amount ||------|-----------|--------|| 5/4 | 254 | $630 || 5/2 | 257 | $500 || 5/17 | 258 | $289 || 5/12 | 259 | $215 || 5/20 | 261 | $590 || 5/29 | 260 | $460 || 5/30 | 262 | $770 |---#### Cash Payments**Checks Issued:**| Date | Check No. | Amount ||------|-----------|--------|| 5/2 | 258 | $289 || 5/5 | 259 | $215 || 5/10 | 260 | $980 || 5/15 | 261 | $590 || 5/22 | 262 | $770 || 5/24 | 263 | $460 || 5/29 | 264 | $540 |---#### ExerciseUsing Step 2 in the reconciliation procedure, identify the outstanding checks as of May 31:| Check No. | Amount ||-----------|----------|| | $ || | $ || | $ || **Total** | $ |---Use the provided tables and information to match paid checks from the bank statement to the checks issued. List the outstanding checks that have not been cleared by May 31.

The check that has been issued by the payor but not placed or cashed by the payee due to several…

On April 30, the bank reconciliation of Metlock, Inc. shows three outstanding checks: no. 254, $630; no. 255, $870; and no. 257, $500 The May bank statement and the May cash payments are shown as follows. Date 5/4 5/2 5/17 5/12 5/20 5/29 5/30 Date 5/2 Bank Statement Checks Paid 5/5 5/10 5/15 5/22 Check No. 5/24 5/29 254 257 258 259 261 263 262 Cash Payments Checks Issued 258 259 260 261 262 263 Amount 264 $630 Check No. Amount $289 Check No. 500 289 215 590 460 Total 770 215 980 590 770 460 Using Step 2 in the reconciliation procedure, list the outstanding checks at May 31. 540 Amount

On April 30, the bank reconciliation of Metlock, Inc. shows three outstanding checks: no. 254, $630; no. 255, $870; and no. 257, $500 The May bank statement and the May cash payments are shown as follows. Date 5/4 5/2 5/17 5/12 5/20 5/29 5/30 Date 5/2 Bank Statement Checks Paid 5/5 5/10 5/15 5/22 Check No. 5/24 5/29 254 257 258 259 261 263 262 Cash Payments Checks Issued 258 259 260 261 262 263 Amount 264 $630 Check No. Amount $289 Check No. 500 289 215 590 460 Total 770 215 980 590 770 460 Using Step 2 in the reconciliation procedure, list the outstanding checks at May 31. 540 Amount

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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Refer to the Information given below: a. The August 31 balance shown on the bank statement is $9,050. b. There is a deposit in transit of $1,300 at August 31. c. Outstanding checks at August 31 totaled $1,620. d. Interest credited to the account during August but not recorded on the company's books amounted to $68. e. A bank charge of $44 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived. f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $142 had been recorded as a disbursement of $412 g. The August 31 balance in the general ledger Cash account, before reconciliation, is $8,436. Required: Prepare a bank reconciliation as of August 31 from the above Information. Balance per bank Add: Deduct: Reconciled balance Bank Reconciliation August 31 Balance per books Add: Deduct: Reconciled balance
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Please prepare a bank reconciliation and journal entries for the month ended April 30th for Bannon Co. 1) Balance per bank statement $ 9,915 2) Balance per cash general ledger account (books) $ 8,954 3) April 30th deposit of $ 2,600 is not on the bank statement (Deposit in Transit) 4) Check numbers #219 for $ 1000 and # 222 for $ 1,100 written in April do not appear on the April bank statement (Outstanding Checks) 5) Debit memo for a $ 20 service charge appeared on the bank statement 6) The bank incorrectly deducted $ 400 from Bannon's checking account 7) The bank collected a note on behalf of the company in April, a credit memo for net proceeds of $ 2,000 included the principal of $1,900, interest of $ 150, less a collection fee of $ 50 accompanied the bank statement 8) A check from Apple Co. for $ 150 was returned by the bank marked NSF 9) The bank added $40 of interest earned directly to the checking account balance 10) A Cash Sale in the amount of $ 297 was erroneously journalvized…
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On April 30, the bank reconciliation of Sunland Company shows three outstanding checks: no. 254, $730; no. 255, $910; and no. 257, $310. The May bank statement and the May cash payments journal show the following. Bank Statement Checks Paid Date Check No. Amount 5/4 254 $730 5/2 257 310 5/17 258 249 5/12 259 200 5/20 261 500 5/29 263 430 5/30 262 690 Cash Payments Journal Checks Issued Date Check No. Amount 5/2 258 $249 5/5 259 200 5/10 260 840 5/15 261 500 5/22 262 690 5/24 263 430 5/29 264 580 List the outstanding checks at May 31. No. Amount Select a check number $Enter a dollar amount Select a check number Enter a dollar…