On October 31, 2024, Crowe Company's general ledger shows a cash account balance of $8,409. The company's cash receipts for the month total $74,400, of which $71,315 has been deposited in the bank. In addition, the company has written checks for $72,479, of which $71,054 has been processed by the bank. The bank statement reveals an ending balance of $12,019 and includes the following items not yet recorded by Crowe: bank service fees of $190, note receivable collected by the bank of $5,400, and interest earned on the note of $520. After closer inspection, Crowe realizes that the bank incorrectly charged the company's account $460 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement Bank balance per reconciliation Bank Reconciliation October 31, 2024 Company's Cash Balance Per general ledger Company balance per reconciliation
On October 31, 2024, Crowe Company's general ledger shows a cash account balance of $8,409. The company's cash receipts for the month total $74,400, of which $71,315 has been deposited in the bank. In addition, the company has written checks for $72,479, of which $71,054 has been processed by the bank. The bank statement reveals an ending balance of $12,019 and includes the following items not yet recorded by Crowe: bank service fees of $190, note receivable collected by the bank of $5,400, and interest earned on the note of $520. After closer inspection, Crowe realizes that the bank incorrectly charged the company's account $460 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement Bank balance per reconciliation Bank Reconciliation October 31, 2024 Company's Cash Balance Per general ledger Company balance per reconciliation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Nn.185.
Subject :- ACCOUTN
Transcribed Image Text:On October 31, 2024, Crowe Company's general ledger shows a cash account balance of $8,409. The company's cash receipts for the
month total $74,400, of which $71,315 has been deposited in the bank. In addition, the company has written checks for $72,479, of
which $71,054 has been processed by the bank.
The bank statement reveals an ending balance of $12,019 and includes the following items not yet recorded by Crowe: bank service
fees of $190, note receivable collected by the bank of $5,400, and interest earned on the note of $520. After closer inspection, Crowe
realizes that the bank incorrectly charged the company's account $460 for an automatic withdrawal that should have been charged to
another customer's account. The bank agrees to the error.
Required:
1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024.
2. Record the necessary entries to adjust the balance for cash.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. (Amounts to be deducted
should be indicated with a minus sign.)
Bank's Cash Balance
Per bank statement
Bank balance per reconciliation
Bank Reconciliation
October 31, 2024
Company's Cash Balance
Per general ledger
Company balance per reconciliation
Transcribed Image Text:Required 1 Required 2
Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
2
Record the amounts that increase cash.
Note: Enter debits before credits.
Date
October 31,
2024
General Journal
Debit
Credit
>
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