On May 31, the bank statement for the Casio Tile Company checking account showed $ 6,804.60 in the account. On the same date, Casio's Ledger account is showing, $6,781.50. The following were discovered while preparing to do the Bank Reconciliation: a) The Bank Statement shows a Debit Memo for printing more checks for Hudner, $40.00. b) On May 31, Casio made a deposit in the night deposit vault of $936.15 and the checks that Hudner has written but have not cleared the bank equal, $$15.25. c) The Bank statement is showing the collection of a Note Receivable of $2,000.00 for Casio. The Credit Memo issued by the Bank was for $2,055.00. This included the interest due on the Note. d) On May 18, Casio issued check No.1101 written for $685.00 to a vendor on account. But when Casio recorded the check, it was recorded for $658.00. e) Subtracted on the Bank Statement was a check written by company not associated with Casio in any way. The bank had Incorrectly decreased Casio's account for the $600.00 check. f) The bank statement also showed an $934.00 check which had been received and deposited by Casio from a customer "on account", but proved to be uncollectible, NSF. Prepare a) the Bank Reconciliation AND b) Journal Entries for Casio Tile Company on May 31.
On May 31, the bank statement for the Casio Tile Company checking account showed $ 6,804.60 in the account. On the same date, Casio's Ledger account is showing, $6,781.50. The following were discovered while preparing to do the Bank Reconciliation: a) The Bank Statement shows a Debit Memo for printing more checks for Hudner, $40.00. b) On May 31, Casio made a deposit in the night deposit vault of $936.15 and the checks that Hudner has written but have not cleared the bank equal, $$15.25. c) The Bank statement is showing the collection of a Note Receivable of $2,000.00 for Casio. The Credit Memo issued by the Bank was for $2,055.00. This included the interest due on the Note. d) On May 18, Casio issued check No.1101 written for $685.00 to a vendor on account. But when Casio recorded the check, it was recorded for $658.00. e) Subtracted on the Bank Statement was a check written by company not associated with Casio in any way. The bank had Incorrectly decreased Casio's account for the $600.00 check. f) The bank statement also showed an $934.00 check which had been received and deposited by Casio from a customer "on account", but proved to be uncollectible, NSF. Prepare a) the Bank Reconciliation AND b) Journal Entries for Casio Tile Company on May 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On May 31, the bank statement for the Casio Tile Company checking account showed $ 6,804.60 in the account. On the same
date, Casio's Ledger account is showing, $6,781.50. The following were discovered while preparing to do the Bank Reconciliation:
a) The Bank Statement shows a Debit Memo for printing more checks for Hudner, $40.00.
b) On May 31, Casio made a deposit in the night deposit vault of $936.15 and the checks that Hudner has written but have not
cleared the bank equal, $515.25.
c) The Bank statement is showing the collection of a Note Receivable of $2,000.00 for Casio. The Credit Memo issued by the Bank
was for $2,055.00. This included the interest due on the Note.
d) On May 18, Casio issued check No.1101 written for $685.00 to a vendor on account. But when Casio recorded the check, it was
recorded for $658.00.
e) Subtracted on the Bank Statement was a check written by company not associated with Casio in any way. The bank had
Incorrectly decreased Casio's account for the $600.00 check.
f) The bank statement also showed an $934.00 check which had been received and deposited by Casio from a customer "on
account", but proved to be uncollectible, NSF.
Prepare a) the Bank Reconciliation AND b) Journal Entries for Casio Tile Company on May 31.
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