Question: 119 At March 31, the balance of the Cash account according to the records of Mukhalloy Company was $7,261. The March 31 bank statement showed a balance of $8.798. You are to prepare the bank reconciliation of Mukhailov Company at March 31, using the following supplementary information and as per the given format: (a) Deposit in transit at March 31, $6,772. (b) Outstanding checks: no. 120, $140: no. 121, $932; no. 127, $307: no. 134, $2,200. (c) Service charge by the bank, $50. (d) A note receivable for $5.050 Jeft by Mukhailov Company with the bank for a collection that had been collected and credited to the company's account. No interest involved. (Already given for you below) (e) A check for $90 drawn by a customer, Goss, but deducted from Mukhalilov's account by the bank and returned with the notation "NSE. (f) Weber's check.no. 480, issued in payment of $970 worth of office equipment, correctly written in the amount of $970 but erroneously recorded in Mukhailovs accounting records as $790.
Question: 119 At March 31, the balance of the Cash account according to the records of Mukhalloy Company was $7,261. The March 31 bank statement showed a balance of $8.798. You are to prepare the bank reconciliation of Mukhailov Company at March 31, using the following supplementary information and as per the given format: (a) Deposit in transit at March 31, $6,772. (b) Outstanding checks: no. 120, $140: no. 121, $932; no. 127, $307: no. 134, $2,200. (c) Service charge by the bank, $50. (d) A note receivable for $5.050 Jeft by Mukhailov Company with the bank for a collection that had been collected and credited to the company's account. No interest involved. (Already given for you below) (e) A check for $90 drawn by a customer, Goss, but deducted from Mukhalilov's account by the bank and returned with the notation "NSE. (f) Weber's check.no. 480, issued in payment of $970 worth of office equipment, correctly written in the amount of $970 but erroneously recorded in Mukhailovs accounting records as $790.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Solve this problem with correct answer solution
![Question: 119
At March 31, the balance of the Cash account according to the records of
Mukhalloy Company was $7,261. The March 31 bank statement showed a
balance of $8.798. You are to prepare the bank reconciliation of Mukhailov
Company at March 31, using the following supplementary information and
as per the given format:
(a) Deposit in transit at March 31, $6,772.
(b) Outstanding checks: no. 120, $140: no. 121, $932; no. 127, $307: no. 134,
$2,200.
(c) Service charge by the bank, $50.
(d) A note receivable for $5.050 Jeft by Mukhailov Company with the bank
for a collection that had been collected and credited to the company's
account. No interest involved. (Already given for you below)
(e) A check for $90 drawn by a customer, Goss, but deducted from
Mukhalilov's account by the bank and returned with the notation "NSE.
(f) Weber's check.no. 480, issued in payment of $970 worth of office
equipment, correctly written in the amount of $970 but erroneously
recorded in Mukhailovs accounting records as $790.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcf1f9adc-cc4d-414a-a008-3d821efcd946%2F63ab0382-0a48-4f8b-8fa4-ca5dc448882c%2Fm7v4t5p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question: 119
At March 31, the balance of the Cash account according to the records of
Mukhalloy Company was $7,261. The March 31 bank statement showed a
balance of $8.798. You are to prepare the bank reconciliation of Mukhailov
Company at March 31, using the following supplementary information and
as per the given format:
(a) Deposit in transit at March 31, $6,772.
(b) Outstanding checks: no. 120, $140: no. 121, $932; no. 127, $307: no. 134,
$2,200.
(c) Service charge by the bank, $50.
(d) A note receivable for $5.050 Jeft by Mukhailov Company with the bank
for a collection that had been collected and credited to the company's
account. No interest involved. (Already given for you below)
(e) A check for $90 drawn by a customer, Goss, but deducted from
Mukhalilov's account by the bank and returned with the notation "NSE.
(f) Weber's check.no. 480, issued in payment of $970 worth of office
equipment, correctly written in the amount of $970 but erroneously
recorded in Mukhailovs accounting records as $790.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education