P7-9B. Bank Reconciliation The Chicago Skate Company's bank statement for the month of June indicated a balance of $4,320. The company's cash account in the general ledger showed a balance of $2,464 on June 30. Other relevant information includes the following: 1. Deposits in transit on June 30 total $2,550. 2. The bank statement shows a debit memorandum for a $10 check printing charge. 3. Check No. 160 payable to Simon Company was recorded in the accounting records for $124 and cleared the bank for this same amount. A review of the records indicated that the Simon account now has a $28 credit balance and the check to them should have been $142. 4. Outstanding checks as of June 30 totaled $3,175. 5. Check No. 176 was correctly written and paid by the bank for $345. The check was recorded in the accounting records as a debit to accounts payable and a credit to cash for $354. 6. The bank returned an NSF check in the amount of S311. 7. The bank included a credit memorandum for $630 representing a collection of a customer's note. The principal portion was $610 and the interest portion was $20. The interest had not been accrued. Required Prepare the June bank reconciliation for the Chicago Skate Company. b. Prepare any necessary adjusting entries. a.
P7-9B. Bank Reconciliation The Chicago Skate Company's bank statement for the month of June indicated a balance of $4,320. The company's cash account in the general ledger showed a balance of $2,464 on June 30. Other relevant information includes the following: 1. Deposits in transit on June 30 total $2,550. 2. The bank statement shows a debit memorandum for a $10 check printing charge. 3. Check No. 160 payable to Simon Company was recorded in the accounting records for $124 and cleared the bank for this same amount. A review of the records indicated that the Simon account now has a $28 credit balance and the check to them should have been $142. 4. Outstanding checks as of June 30 totaled $3,175. 5. Check No. 176 was correctly written and paid by the bank for $345. The check was recorded in the accounting records as a debit to accounts payable and a credit to cash for $354. 6. The bank returned an NSF check in the amount of S311. 7. The bank included a credit memorandum for $630 representing a collection of a customer's note. The principal portion was $610 and the interest portion was $20. The interest had not been accrued. Required Prepare the June bank reconciliation for the Chicago Skate Company. b. Prepare any necessary adjusting entries. a.
Chapter1: Financial Statements And Business Decisions
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P7-9B. Bank Reconciliation The Chicago Skate Company's bank statement for the month of June indicated
a balance of $4,320. The company's cash account in the general ledger showed a balance of $2,464 on
June 30. Other relevant information includes the following:
1. Deposits in transit on June 30 total $2,550.
2. The bank statement shows a debit memorandum for a $10 check printing charge.
3. Check No. 160 payable to Simon Company was recorded in the accounting records for $124 and
cleared the bank for this same amount. A review of the records indicated that the Simon account
now has a $28 credit balance and the check to them should have been $142.
4. Outstanding checks as of June 30 totaled $3,175.
5. Check No. 176 was correctly written and paid by the bank for $345. The check was recorded in
the accounting records as a debit to accounts payable and a credit to cash for $354.
6. The bank returned an NSF check in the amount of $311.
7. The bank included a credit memorandum for S630 representing a collection of a customer's note.
The principal portion was $610 and the interest portion was $20. The interest had not been accrued.
Required
Prepare the June bank reconciliation for the Chicago Skate Company.
b. Prepare any necessary adjusting entries.
a.
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