Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Del Gato Clinic's cash account shows a $16,171 debit balance and its bank statement shows $15,541 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $1,669. b. The June 30 bank statement lists a $45 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $589 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $598, d. The June 30 cash receipts of $2.263 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-13 Adjusting entries from bank reconciliation LO P3 Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is t required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the adjusting entry related to outstanding checks, if necessary.

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Del Gato Clinic's cash account shows a $16,171 debit balance and its bank statement shows $15,541 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $1,669. b. The June 30 bank statement lists a $45 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $589 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $598, d. The June 30 cash receipts of $2.263 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-13 Adjusting entries from bank reconciliation LO P3 Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is t required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the adjusting entry related to outstanding checks, if necessary.

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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Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $13,393 debit balance and its bank statement shows $12,467 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,038. b. The June 30 bank statement lists a $50 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $889 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $898. d. The June 30 cash receipts of $2,923 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction…
Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $12,643 debit balance and its bank statement shows $11,380 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $1,216. b. The June 30 bank statement lists a $85 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2,403 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction…
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Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,619 debit balance and its bank statement shows $15,239 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,083. b. The June 30 bank statement lists a $90 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $689 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $698. d. The June 30 cash receipts of $2,382 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct Adjusted bank balance i DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Deduct Adjusted book balance
As of June 30, Year 1, the bank statement showed an ending balance of $18,181. The unadjusted Cash account balance was $17,028. The following information is available: 1. Deposit in transit, $2,795. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,946. 4. Debit memo for service charge: $12. Required: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. Note: Negative amounts should be indicated with minus sign. Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 $ $ $ 18,181 18,181 4 0
[The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $13,398 debit balance and its bank statement shows $13,568 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $ 2,384. The June 30 bank statement lists a $95 bank service charge. Check No. 919, listed with the canceled checks, was correctly drawn for $789 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $798. The June 30 cash receipts of $2, 128 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information.
Beverly Hills, Inc. developed the following information in recording its bank statement for the month of November. Balance per books November 30 $22,014 Balance per bank statement November 30 $24,635 1. Checks written in November but still outstanding $1,450. 2. Checks written in October but still outstanding $1,107. 3. Deposits of November 29th and 30th not yet recorded by bank $5,496. 4. NSF check of customer, A. Lincoln, returned by bank, $704. 5. The bank statement contained an electronic funds transfer received from customer Theodora Company for $6,150 plus interest for $150. 6. Check No. 151 for $562 was correctly issued and paid by bank, but incorrectly entered in the Cash Payments Journal as $526. It was a payment made to vendor, Smith Concrete. A. Prepare a Bank Reconciliation Statement at November 30. B. For Beverly Hills, Inc. prepare the next journal entry from the bank reconciliation. C. For Beverly Hills, Inc. prepare the final journal entry from the bank…
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $146,035. The bank statement indicated a balance of $181,965 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 $16,445. B. A deposit of $9,900, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $31,800 on a $30,000 note, including interest of $1,800. D. A check for $2,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $200. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. E. A check drawn for $170 had been erroneously charged by the bank as $710. F. Bank service charges for June amounted to $75. 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer…
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,374 debit balance and its bank statement shows $15,539 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,735. b. The June 30 bank statement lists a $55 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,524 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 Bank reconciliation LO P3 "repare its bank reconciliation using the above information. DEL GATO CLINIC Bank Reconciliation June 30 Bank statement balance Book balance Add: Add: Deduct:…
Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $13,982 debit balance and its bank statement shows $14,264 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,928. b. The June 30 bank statement lists a $25 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,630 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: Adjusted bank balance DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Deduct: Adjusted book balance
Required information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $13,511 debit balance and its bank statement shows $13,357 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,312. b. The June 30 bank statement lists a $40 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2.435 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-13 (Algo) Entries from bank reconciliation LO P3 Prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. Note:…
[The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $12.709 debit balance and its bank statement shows $12,011 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,115. b. The June 30 bank statement lists a $15 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $189 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $198. d. The June 30 cash receipts of $2,807 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry…