Problem 5-The bank statement and relevant portions of Bernie Company's cash records for the month ended June 30, 2023 are given below. Note that Cheque # 887 was recorded incorrectly by the bookkeeper for office supplies purchase.Cheque # 891 was recorded incorrectly by the bank. Prepare a bank reconciliation, in proper format, on the next page. Record the required reconciliation entrie you detach the page, please write your name on the page.

**Bank Reconciliation Process:**1. **Starting with Bank Statement Balance:** The bank…

Answered: Problem 5- The bank statement and…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 24E

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3. Prepare journal entries for items (a-(f) from the bank reconciliation. (If no entry is requlred for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 3 4 5 6 > 1 2 The bank deducted $250 for an NSF check from a customer deposited on December 22. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Part 1: Prepare a bank reconciliation for may. Part 2: 1. Record the interest of $110 receipt from the bank. 2. Record the return of the customer check of $260 due to insufficient funds. 3. Record the service charges of $70 deducted by the bank. Part 3: 1. After the reconciliation journal entries are posted what balance will be reflected in the cash amount in the ledger? 2. 4. If the company also has $60 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what totall amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May?
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Insructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Instructions The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $19,427. b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $26,500 on a $25,000 note, including interest of $1,500. d. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $195 had been erroneously charged by the bank as $915. f. Bank service charges for June amounted to $55. 1. Prepare a bank reconciliation. Refer to the…
PA5-2 Preparing a Bank nes, and The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and the May T-account for cash showed the transactions listed below. Martin Company's bank reconciliation at the end of April showed a cash balance of $18,600. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Withdrawals Deposits Other Balance Balance, May 1 May 2 May 5 May 7 Мay 8 May 14 May 17-Interest Earned May 22-NSF cheque Мay 29 May 31-Service charges Balance, May 31 $18,600 26,400 15,600 9,500 19,500 19,020 19,138 18,878 14,478 14,420 14,420 $ 7,800 # 301 $10,800 # 302 6, 100 10,000 # 303 480 $ 118 260 # 304 4,400 58 + Cash (A) - May 1 May 1 May 7 Мay 29 Balance 18,600 7,800 10,000 3,800 10,800 6,100 480 May 02 #301 #302 May 04 May 11 #303 May 30 May 29 4,400 # 394 1,280 # 305 May 31 Balance 17,140 Requlred: 1. Prepare a bank reconciliation for May. < Prev 2 of 2 Next e to…
6, 7, A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Note: Enter debits before credits. Date October 31 Bank Reconciliation October 31 Journal entry worksheet Cash $ 6,482 3 291 6,773 79 $ 6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Book balance Add: 4 Collection of a note Interest earned Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. Saved General Journal $ 400 64 Debit 63 61 $ 6,354 Credit 464 6,818 124 $6,694
Requirement 1. Prepare White Photography's bank reconciliation at November 30, 2024. Prepare the bank portion of the reconciliation, followed by the book portion of the reconciliation. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) White Photography 1 Bank Statement Bank Reconciliation i Checkbook November 30, 2024 Balance 535 Bank: Deposits 105 Date Check No. Item Check Deposit Balance Checks: No. Amount ADD: Nov. 1 $ 535 622 $ 25 Nov. 4 622 Quick Mailing $ 25 510 623 45 LESS: Nov. 9 Service Revenue $ 105 615 624 95 Nov. 13 623 Photo Supplies 45 570 70 Nov. 14 Utilities 65 625 (235) 624 505 Nov. 18 625 Cash 70 Other charges: 435 Printed checks $ 30 Nov. 26 626 Office Supplies 80 355 Nov. 28 Service charge 35 (65) 627 Upstate Realty Co. 255 100 O Requirements $ 340 Nov. 30 Service Revenue 1,200 1,300 Balance "This is the correct amount for check number 624. 1. Prepare White Photography's bank reconciliation at November 30, 2024. Print…
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