On august 31, baginski aunt company receives its bank statement on below. The company deposit it’s receipts in the bank and makes all payments by check. The debit memo for $95 is for an NSF check written by L. Pets. Check number 925 for $47, payable to Jordan company(a creditor) was recorded in the checkbook and journal as $74. The ledger balance of cash as of august 31st are no. 928, $150 and no. 929, $292. The accountant notes that the deposit of august 31 for $599 did not appear on the bank statement. How would I prepare a bank reconciliation as of august 31, assuming that the debit memos have not been recorded, as well as journal the entries, as well as complete the bank form to determine the adjusted balance of cash?
On august 31, baginski aunt company receives its bank statement on below. The company deposit it’s receipts in the bank and makes all payments by check. The debit memo for $95 is for an NSF check written by L. Pets. Check number 925 for $47, payable to Jordan company(a creditor) was recorded in the checkbook and journal as $74. The ledger balance of cash as of august 31st are no. 928, $150 and no. 929, $292. The accountant notes that the deposit of august 31 for $599 did not appear on the bank statement. How would I prepare a bank reconciliation as of august 31, assuming that the debit memos have not been recorded, as well as journal the entries, as well as complete the bank form to determine the adjusted balance of cash?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
On august 31, baginski aunt company receives its bank statement on below. The company deposit it’s receipts in the bank and makes all payments by check. The debit memo for $95 is for an NSF check written by L. Pets. Check number 925 for $47, payable to Jordan company(a creditor) was recorded in the checkbook and journal as $74.
The ledger balance of cash as of august 31st are no. 928, $150 and no. 929, $292. The accountant notes that the deposit of august 31 for $599 did not appear on the bank statement. How would I prepare a bank reconciliation as of august 31, assuming that the debit memos have not been recorded, as well as journal the entries , as well as complete the bank form to determine the adjusted balance of cash?
Transcribed Image Text:Chart of Accounts
Labels and Amount Descriptions
Bank Reconciliation
structions
PEABODY NATIONAL BANK
STATEMENT OF
Baginski and Company
ACCOUNT NO.
ACCOUNT
416 Seneca Avenue
152-655-217
Kansas City, Missouri 64102
STATEMENT DATE
August 1 to 31, 20-
SUMMARY
Balance Last Statement
$961.00
Amount of Checks and Debits
$2,289.00
Number of Checks
11
Amount of Deposits and Credits
$2,651.00
Number of Deposits
Balance This Statement
$1,323.00
CHECKS/
CHECKS
CHECK NUMBER DATE POSTED
AMOUNT
CHECK NUMBER DATE POSTED AMOUNT
OTHER DEBITS
917
8-04
172.00
923
8-09
621.00
918
8-04
76.00
924
8-17
37.00
Transcribed Image Text:Chart of Accounts
Labels and Amount Descriptions
Bank Reconciliation
uctions
CHECKS/
CHECKS
CHECK NUMBER DATE POSTED
AMOUNT
CHECK NUMBER DATE POSTED AMOUNT
OTHER DEBITS
917
8-04
172.00
923
8-09
621.00
918
8-04
76.00
924
8-17
37.00
919
8-05
146.00
925
8-17
47.00
920
8-07
206.00
926
8-23
441.00
921
8-07
139.00
927
8-28
94.00
922
8-07
200.00
DESCRIPTION
DATE POSTED AMOUNT
OTHER DEBITS
DM NSF check
8-31
95.00
DM Service charge
8-31
15.00
DEPOSIT S/
DEPOSITS
DATE POSTED
AMOUNT
DATE POSTED
AMOUNT
OTHER CREDITS
8-02
326.00
8-18
419.00
8-05
412.00
8-24
398.00
8-09
437.00
8-28
291.00
8-14
368.00
PLEA SE EXAMINE THIS STATEMENT CAREFULLY. REPORT ANY POSSIBLE ERRORS withIN 10 DAY S.
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 3 steps with 3 images
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education