Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month of August Year 1 As of August 31, the bank statement shows a balance of $13,235. The August 31 unadjusted balance in the Cash account of Hall's Cards is $9,223 A review of the bank statement revealed the following information 1. A deposit of $1,040 on August 31, Year 1, does not oppear on the August bank statement 2 t was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $2,955 but was recorded on the books as S3,855. 3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,250 were found to be outstanding 4. A debit memo for $98 was included in the bank statement for the purchase of a new supply of checks. Required Prepare a bank reconciliation at the end of August showing the true cash balance. (Negative amounts should be indicated with ainue cionl

Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month of August Year 1 As of August 31, the bank statement shows a balance of $13,235. The August 31 unadjusted balance in the Cash account of Hall's Cards is $9,223 A review of the bank statement revealed the following information 1. A deposit of $1,040 on August 31, Year 1, does not oppear on the August bank statement 2 t was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $2,955 but was recorded on the books as S3,855. 3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,250 were found to be outstanding 4. A debit memo for $98 was included in the bank statement for the purchase of a new supply of checks. Required Prepare a bank reconciliation at the end of August showing the true cash balance. (Negative amounts should be indicated with ainue cionl

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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At November 30, balance as per the bank statement of One Day Cleaners was $40,758; and balance as per the cash book, $41,969. Accountant found following transactions which created difference in balances of cash book and pass book.1. Included on the bank statement was a credit for $168 interest earned on this checking account during November but not recorded in cash book.2. Two cheques were outstanding at November 30: no. 921 for $964 and no. 925 for $1085.3. Enclosed with the bank statement were two debit memoranda for the following items: service charge for November, $14; and a $700 cheque of a customer marked as “NSF”.4. Accountant found a mistake in bank statement as a wrong credit of $1750.5. Examination of the paid checques also revealed that two cheques, all issued in November, had not yet been paid by the bank: no. 921 for $945; no. 924 for $320.6. Verified that cash receipts of $16997 on November 29 were deposited into the bank but the same could not be cleared by bank till…
Please prepare a bank reconciliation and journal entries for the month ended April 30th for Bannon Co. 1) Balance per bank statement $ 9,915 2) Balance per cash general ledger account (books) $ 8,954 3) April 30th deposit of $ 2,600 is not on the bank statement (Deposit in Transit) 4) Check numbers #219 for $ 1000 and # 222 for $ 1,100 written in April do not appear on the April bank statement (Outstanding Checks) 5) Debit memo for a $ 20 service charge appeared on the bank statement 6) The bank incorrectly deducted $ 400 from Bannon's checking account 7) The bank collected a note on behalf of the company in April, a credit memo for net proceeds of $ 2,000 included the principal of $1,900, interest of $ 150, less a collection fee of $ 50 accompanied the bank statement 8) A check from Apple Co. for $ 150 was returned by the bank marked NSF 9) The bank added $40 of interest earned directly to the checking account balance 10) A Cash Sale in the amount of $ 297 was erroneously journalvized…
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Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. O. Myer notices that the bank erroneously cleared a $500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Jam Systems. On March 25, the bank lists a $50 charge for the safety deposit box expense that Jam Enterprises agreed to rent from the bank beginning March 25. On March 26, the bank lists a $102 charge for printed checks that Jam Enterprises ordered from the bank. On March 31, the bank lists $33 interest earned on Jam Enterprises' checking account for the month of March. O. Myer notices that the check he issued for $128 on March 31, 2018, has not yet cleared the bank. O. Myer verifies that all deposits…
Please help me fill out this bank reconciliation showing the true cash balance.
Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month of August, Year 3. As of August 31, the bank statement shows a balance of $13,995. The August 31 unadjusted balance in the Cash account of Hall's Cards is $9,933. A review of the bank statement revealed the following information: A deposit of $1,700 on August 31, Year 3, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $3,970 but was recorded on the books as $4,870. When checks written during the month were compared with those paid by the bank, three checks amounting to $4, 935 were found to be outstanding. A debit memo for $73 was included in the bank statement for the purchase of a new supply of checks. Required Prepare a bank reconciliation at the end of August showing the true cash balance. (Negative amounts should be indicated with minus sign.) HALL'S CARDS Bank Reconciliation August…
Accounting please answer asap? John Corporation's bank statement for April 30 showed an ending cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was also available as of April 30: • The bank deducted $125 for an NSF check from a customer deposited on April 15. • The April 30 cash receipts, $1,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the April 30 bank statement. • A$15 debit memorandum (service charges) for checks printed by the bank was included with the canceled checks. • Outstanding checks amounted to $1,145. • Included with the bank statement was a credit memo in the amount of $875 for an EFT in payment of a customer's account. • Included with the canceled checks was a check for $275, drawn on the account of another company by error. Required: 1. Prepare a bank reconciliation as of April 30. 2. Prepare the journal entries for the…
The phone data where accumulated for use and reconciling the bank account of Mathers Co. For July: 1. Cash balance according to the company's records at July 31st $18,310. 2. Cash balance according to the bank statement at July 31st, $19,360. 3. Checks outstanding, $3,720. 4 . Deposit in transit, not recorded by Bank $2,980. 5. A check for $480 in payment of an account was erroneously record it in the check register as $840. 6. Bank debit memo for service charges, $50. A. Prepare a bank reconciliation, using the format showing in exhibit 14 Mather Co. Bank Reconciliation July 31 ___________________________________________ Cash balance according to bank statement $ _______ _______ ______ Adjusted balance. $_____ Cash balance according to companies records $ ___ ________ ________ Adjusted balance.…
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Very confused with this chart. So lost. Please help me fill it out.
The following information pertains to Pharoah Company. 1. Cash balance per bank, July 31, $8,243. 2. July bank service charge not recorded by the depositor $36. 3. Cash balance per books, July 31, $8,264. 4. Deposits in transit, July 31, $1,990. 5. The bank collected $1,406 in July for Pharoah through electronic funds transfer. The collection has not been recorded by Pharoah. 6. Outstanding checks, July 31, $599. Prepare a bank reconciliation at July 31. (List items that increase cash balance first. Reconcile cash balance per bank first.) Pharoah CompanyBank Reconciliation choose the accounting period (For the Year Ended July 31/ For the Month Ended July 31/ July 31) select an opening name for section one (Cash balance per books/ Collection of note receivable/ Adjusted cash balance per books/ Adjusted cash balance per bank/…