On April 30, the bank reconciliation of Westbrook Company shows three outstanding checks: no, 254, $650: no, 255. $620: and no. 257, $410. The May bank statement and the May cash payments journal show the following. Bank Statement Checks Paid Date Check No. Amount 5/4 254 $650 5/2 257 410 5/17 258 159 5/12 259 275 5/20 261 500 5/29 263 480 5/30 262 750 Cash Payments Journal Checks Issued Date Check No. Amount 5/2 258 $159 5/5 259 275 5/10 260 890 5/15 261 500 5/22 262 750 5/24 263 480 5/29 264 560 Policy I2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.21.1

On April 30, the bank reconciliation of Westbrook Company shows three outstanding checks: no, 254, $650: no, 255. $620: and no. 257, $410. The May bank statement and the May cash payments journal show the following. Bank Statement Checks Paid Date Check No. Amount 5/4 254 $650 5/2 257 410 5/17 258 159 5/12 259 275 5/20 261 500 5/29 263 480 5/30 262 750 Cash Payments Journal Checks Issued Date Check No. Amount 5/2 258 $159 5/5 259 275 5/10 260 890 5/15 261 500 5/22 262 750 5/24 263 480 5/29 264 560 Policy I2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.21.1

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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Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, Number 5888 for $1,040 and Number 5893 for $493. Check Number 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. Date Description Withdrawals Deposits Balance September 1 $ 17,000 September 3 Check #5888 $ 1,040 $ 15,960 September 4 Check #5902 $ 742 $ 15,218 September 5 Cash deposit $ 1,112 $ 16,330 September 7 Check #5901 $ 1,849 $ 14,481 September 12 Cash deposit $ 2,250 $ 16,731 September 17 NSF check $ 627 $ 16,104 September 20 Check #5905 $ 993 $ 15,111 September 21 Cash deposit $ 4,067 $ 19,178 September 22 Check #5903 $ 399 $ 18,779 September 22 Check #5904 $ 2,093 $ 16,686 September 25 Cash deposit $ 2,398 $ 19,084 September 28 Check #5907 $ 256 $ 18,828 September 29 Check #5909 $ 1,858 $ 16,970…
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…
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
Using the following information, prepare a bank reconciliation. Bank balance: $6,788 Book balance: $6,525 Deposits in transit: $1,688 Outstanding checks: $569 and $1,523 Bank charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) $fill in the blank 1 Add: Deposits in Transit Outstanding Checks Less: - Select - Adjusted Bank Balance $fill in the blank 8 Book Balance at (date) $fill in the blank 9 Add: - Select - Less: - Select - Adjusted Book Balance $fill in the blank 14
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The following information relates to the bank account of Doug's Sky Diving Supply Store on June 30. Balance per bank statement $5,327 Balance per books as of June 30 9,265 Outstanding checks: #1007 $ 241 #1008 67 #1009 597 Deposits in transit 229 4,111 Bank service charges 98 NSF check 412 Credit memo for interest earned 16 Error: Check written and recorded by bank as $454 was subtracted from the checkbook as $445. The check was used to pay the telephone bill. Required: Prepare a bank reconciliation as of June 30. Doug's Sky Diving Supply Store Bank Reconciliation June 30, 20-- Bank statement balance $fill in the blank 1 Deduct deposits in transit: $fill in the blank 3 fill in the blank 4 fill in the blank 5 $fill in the blank 6 $fill in the blank 9 fill in the blank 11 fill in the blank 13 fill in the blank 14 Adjusted bank balance $fill in the blank 15 Book…
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,411 debit balance, but its July bank statement shows a $27,770 cash balance. b. Check Number 3031 for $1,510, Check Number 3065 for $531, and Check Number 3069 for $2,278 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,260. d. The July bank statement shows the bank collected $8,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $13 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification…
Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $5.750. The bank reconciliation for the month contained the following items: Deposits in transit Outstanding checks Interest earned NSF check returned to bank Bank service charge Given the above information, what is the up-to-date ending cash balance Rollin should report at month-end? Multiple Choice $4,980. O $5,300. $ 770 495 20 120 20 $5,630.
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $146,035. The bank statement indicated a balance of $181,965 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $16,445. B. A deposit of $9,900, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $31,800 on a $30,000 note, including interest of $1,800. D. A check for $2,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $200. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. E. A check drawn for $170 had been erroneously charged by the bank as $710. F. Bank service charges for June amounted to $75. 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer…
Using the following information: a. The bank statement balance is $3,106. b. The cash account balance is $3,320. c. Outstanding checks amounted to $655. d. Deposits in transit are $714. e. The bank service charge is $146. f. A check for $59 for supplies was recorded as $50 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance
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 óf $ 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 journalnized…