The bank column in the cashbook for June 2021 and the bank statement for thatmonth for In Bloom Flower Shop are as follows:Cash Book(Bank Account)DebitCredit2021RM2021RMJune 17Balance b/dKurt2,379 June158Cobain12 Aquaman16 Gal Gadot29 Blue Club30 Balance c/d150433885716 Homer28 Simpson30 К. Black933076242,8333,5613,561Bank Statements2021DetailsDebitCreditBalanceRMRMRMJune1Balance b/d2,3797Cheque1582,5378Cobain1502,38716Cheque932,48017Aquaman4332,04718Gal Gadot881,95928Cheque3072,26629A.I.A standing order442,22230Ram trader's credit902,31230Bank charges702,242You are required :(a)Update the cash book for transactions appearing in the bank statement(b)Draw up a bank reconciliation statement as on 30 June 2021

Updated Cash Book Balance includes: Adding all the amounts which are credit directly into the bank…

Answered: The bank column in the cashbook for…

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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Your friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019: He provides you with the following information: Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145. Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June Bank service charge for June was $12.50 Interest earned on checking account for June was $25 and automatically deposited The bank statement shows a deposit of $423 that SES didn’t make. After a call to the Bank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th: Cheque # Payee Amount 745 Landlord $ 2,100.00 751…
On June 30, 2019, Wally Company's bank statement showed a $7,500.10 bank balance. Wally has a beginning checkbook balance of $9,800.00. The bank statement also showed that it collected a $1,200.50 note for the company. A $4,500.10 June 30 deposit was in transit. Check No. 119 for $650.20 and check No. 130 for $381.50 are outstanding. Wally's bank charges $.40 cents per check. This month, 80 checks were processed. Prepare a reconciled statement. (Round your answers to the nearest cent.) Checkbook balance Wally's checkbook balance Add: Deduct: Reconciled balance WALLY COMPANY Bank Reconciliation as of June 30, 2019 Bank balance Add: Deduct: Reconciled balance Bank balance
Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Date Amount No. Date Amount $ 2,000 Checks: 1,600 2,500 Deposits: 2/4 321 2/2 $4,000 2/11 322 2/8 450 2/18 323 2/12 1,800 2/25 3,400 324 2/19 1,500 Cash receipts: 2/26-2/28 900 325 2/27 250 $10,400 326 2/28 750 327 2/28 1,200 Balance on February 1 $ 6,100 $9,950 Receipts 10,400 Disbursements (9,950) Balance on February 28 $ 6,550 Information from February's bank statement and company records reveals the following additional information: a. The ending cash balance recorded in the bank statement is $9,610. b. Cash receipts of $900 from 2/26-2/28 are outstanding. c. Checks 325 and 327 are outstanding. d. The deposit on 2/11 includes a customer's check for $250 that did not clear the bank (NSF check). e. Check 323 was written for $2,500 for…
The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300 Continued…
I NEED HELP WITH T-TABLE Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company’s Cash account per its general ledger showed a balance of $7,402.00.The bank statement from Emporia State Bank on that date showed the following balance. Emporia State Bank Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 8,403.20 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $30 for the printing of additional company checks. 2. Cash sales of $993.48 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $1,043.48. The bank credited Timmins Company for the correct amount. 3. Outstanding checks at May 31 totaled $941.35, and deposits in transit were $2,013.15. 4. On May 18, the company issued…
Please reconcile The Hylton Enterprise Company bank statement to the cash book as of August 31, 2022. 1. Balance per cash book is $10,500 2. Balance per bank statement is 15,600 3. Bank charges recorded in bank but not In cash book is $115. 4. Checks issued but not yet cashed at the bank is $45,800 5. Deposit in Transit is $58,700 6. Proceeds from the closure of an Investment account is $26,700. plus Interest revenue of 1,500 7. Customer check was returned as Non-Sufficient Fund for $10,085.
The following data pertaining to the cash transactions and bank account of ABC Company for May 2022 are available to you:Cash balance, per accounting records, May 31, 2022 - 51,582Cash balance, per bank statement, May 31, 2022 - 95,874Bank service charge for May - 327Outstanding checks, May 31, 2022 - 20,184Deposit of May 30 not recorded by bank until June 1 - 14,610Debit memo for the cost of printed checks delivered by the bank; the charge has not been recorded in the accounting records - 375Proceeds of bank loan on May 30, not recorded in the accounting records, net of interest of P900 - 17,100Proceeds from a customer’s promissory note; principal amount P24,000, collected by the bank, taken up in the books with interest - 24,300Check No. 1086 issued to a supplier entered in the accounting records as P6,300 but deducted in the bank statement at an erroneous amount of - 3,600Stolen check lacking an authorized signature, deducted from ABC’s account by the bank in error - 2,400Customer’s…
Attached is some information about DGA Groceries. Use this information to prepare a bank reconciliation for April 30, 2020. Bank of Edmonton Downtown Edmonton, Alberta, Canada Bank Statement Period: Apr 1 - 30, 2020 Client Name DCA Groceries Account Number 7800-7802364 Description Deposit Withdrawal Date Balance Balance Forward 1-Apr-20 15,032.00 Cheque#7801010 200.00 1-Apr-20 14,832.00 EFT 2,900.00 1-Apr-20 17,732.00 Cheque Deposit 1,800.00 2-Apr-20 19,532.00 Cheque Deposit 800.00 3-Apr-20 20,332.00 Cheque#7801012 1,500.00 3-Apr-20 18,832.00 Cheque#7801013 1,912.00 3-Apr-20 16,920.00 Checque Deposit 13,200.00 3-Apr-20 30,120.00 Cheque#7801014 110.00 6-Apr-20 30,010.00 Cash Withdrawal 100.00 7-Apr-20 29,910.00 Cash Deposit 1,275.00…
Jessie has a cash account per general ledger that shows a balance of $78,659 atOctober 31, 2021. Bank statement from Ocean Paradise Bank on that dateshows the following date shows the following balance. 31 October Amount $88,080 Comparison of checking account details with cash account details reveals factsas follows.1. A note receivable of $13,070 was invoiced by the bank for Jessie on the 14thOctober plus $713 interest and the bank has charged $137 on the billing. No interest has been recognized on these notes.2. Check No. 175 the amount of $5,741 was entered in the cash journal as $5,471and Check No. 189 of $2,040 was entered in the cash journal as$2,400. Both checks have been issued to pay for the purchase of supplies.3. The bank has charged Jessie account. for customer unbilled checks amounting to $789 on October 23. 4. Deposit in progress is $7,388 and outstanding check no. 123 on October 28totaling $5,309.5. There was a canceled check issued by Kenny to Leo for $2,079 that was…

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