S the transactions. ank reconciliation and entries OBJ. 5 Ecount for Capstone Medical Co. at November 30, 2016, indicated a balance The bank statement indicated a balance of $128,660 on November 30, 2016. the bank statement and the accompanying canceled checks and memos with revealed the following reconciling items: outstanding totaled $32,700. t of $18,550, representing receipts of November 30, had been made too late on the bank statement. x collected $26,750 on a $25,000 note, including interest of $1,750. for $1,500 returned with the statement had been incorrectly recorded by Medical Co. as $150. The check was for the payment of an obligation to ply Co. for a purchase on account. drawn for $490 had been erroneously charged by the bank as $940. vice charges for November amounted to $60. bank reconciliation. - the necessary entries. The accounts have not been closed. ce sheet were prepared for Capstone Medical Co. on November 30, 2016, -unt should be reported as cash?
S the transactions. ank reconciliation and entries OBJ. 5 Ecount for Capstone Medical Co. at November 30, 2016, indicated a balance The bank statement indicated a balance of $128,660 on November 30, 2016. the bank statement and the accompanying canceled checks and memos with revealed the following reconciling items: outstanding totaled $32,700. t of $18,550, representing receipts of November 30, had been made too late on the bank statement. x collected $26,750 on a $25,000 note, including interest of $1,750. for $1,500 returned with the statement had been incorrectly recorded by Medical Co. as $150. The check was for the payment of an obligation to ply Co. for a purchase on account. drawn for $490 had been erroneously charged by the bank as $940. vice charges for November amounted to $60. bank reconciliation. - the necessary entries. The accounts have not been closed. ce sheet were prepared for Capstone Medical Co. on November 30, 2016, -unt should be reported as cash?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:werow abboro IIA a 31. Decreased the petty cash fund by $100.
usted balance:
D
dger
balance:
om cash sales was $18,780.
Instructions
Journalize the transactions.
PR 8-3A Bank reconciliation and entries THOM
OBJ. 5
The cash account for Capstone Medical Co. at November 30, 2016, indicated a balance
of $89,620. The bank statement indicated a balance of $128,660 on November 30, 2016.
Comparing the bank statement and the accompanying canceled checks and memos with
the records revealed the following reconciling items:
SS nuta. Checks outstanding totaled $32,700.
b. A deposit of $18,550, representing receipts of November 30, had been made too late
to appear on the bank statement.
c. The bank collected $26,750 on a $25,000 note, including interest of $1,750.
d.
A check for $1,500 returned with the statement had been incorrectly recorded by
Capstone Medical Co. as $150. The check was for the payment of an obligation to
ABC Supply Co. for a purchase on account.
oll bed
e. A check drawn for $490 had been erroneously charged by the bank as $940.
f. Bank service charges for November amounted to $60.
Instructions
1. Prepare a bank reconciliation.
2. Journalize the necessary entries. The accounts have not been closed.
3. If a balance sheet were prepared for Capstone Medical Co. on November 30, 2016,
what amount should be reported as cash?
PR 8-4A Bank reconciliation and entries
OBJ. 5
The cash account for Brentwood Bike Co. at May 1, 2016, indicated a balance of $34,250.
During May, the total cash deposited was $140,300, and checks written totaled $138,880.
The bank statement indicated a balance of $43,525 on May 31. Comparing the bank state-
the accompanying memos with the records revealed the
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