P9. The following information is available for Delta Company as of April 30, 2014GENERAL LEDGER ADJUSTED BOOK BALANCE APRIL 30: $149,473.28Cash on books as of April 30 amounted to $114,175.28. Cash on the Bank statement for the same date was $141,717.08.A deposit of $14,249, representing cash receipts of April 30, did not appear on the bank statement.Outstanding checks totaled $7,293.64.A check for $2,420.00 returned with the statement was recorded as $2,024.00. The check was for advertising.The bank service charge for April amounted to $26.00The bank collected $36,400.00 for Delta Company on a note. The face value of the note was $36,000.00.An NSF check for $1,140.00 from a customer, Hasan Ali, was returned with the statement.The bank mistakenly deducted a check for $800.00 that was drawn by Alpha CorporationThe bank reported a credit of $460.00 for interest on the average balance.REQUIREDPrepare a bank reconciliation for Delta as of April 30, 2014Prepare the necessary entries from the reconciliationState the amount of cash that should appear on Delta’s balance sheet as of April 30.Accounting connection= why is a bank reconciliation a necessary for internal control?

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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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P9. The following information is available for Delta Company as of April 30, 2014

GENERAL LEDGER ADJUSTED BOOK BALANCE APRIL 30: $149,473.28

Cash on books as of April 30 amounted to $114,175.28. Cash on the Bank statement for the same date was $141,717.08.
A deposit of $14,249, representing cash receipts of April 30, did not appear on the bank statement.
Outstanding checks totaled $7,293.64.
A check for $2,420.00 returned with the statement was recorded as $2,024.00. The check was for advertising.
The bank service charge for April amounted to $26.00
The bank collected $36,400.00 for Delta Company on a note. The face value of the note was $36,000.00.
An NSF check for $1,140.00 from a customer, Hasan Ali, was returned with the statement.
The bank mistakenly deducted a check for $800.00 that was drawn by Alpha Corporation
The bank reported a credit of $460.00 for interest on the average balance.

REQUIRED

Prepare a bank reconciliation for Delta as of April 30, 2014
Prepare the necessary entries from the reconciliation
State the amount of cash that should appear on Delta’s balance sheet as of April 30.
Accounting connection= why is a bank reconciliation a necessary for internal control?

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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