Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $8,112.62. Bank On that date, the bank statement indicated a balance of $9,098.55. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $3,358.19. 2. Outstanding checks July 31 totaled $1,251.12. 3. The bank erroneously charged a $215.00 check of Solomon Company against the Sullivan bank account. 4. A $15 bank service charge has not yet been recorded by Sullivan Company. 5. Sullivan neglected to record $3,000.00 borrowed from the bank on a ten percent six-month note. The bank statem 6. Included with the returned checks is a memo indicating that J. Martin's check for $640.00 had been returned NSF account of $660.00 less a $20 discount.

Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $8,112.62. Bank On that date, the bank statement indicated a balance of $9,098.55. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $3,358.19. 2. Outstanding checks July 31 totaled $1,251.12. 3. The bank erroneously charged a $215.00 check of Solomon Company against the Sullivan bank account. 4. A $15 bank service charge has not yet been recorded by Sullivan Company. 5. Sullivan neglected to record $3,000.00 borrowed from the bank on a ten percent six-month note. The bank statem 6. Included with the returned checks is a memo indicating that J. Martin's check for $640.00 had been returned NSF account of $660.00 less a $20 discount.

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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