The book balance in the checking account of Kyri Enterprises as of November 30 is $2,944. The bank statement shows an ending balance of $2,542. The following information is discovered by (1) comparing last month's deposits in transit and outstanding checks with this month's bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement. Deposits in transit: 11/29 $116 11/30 183 Outstanding checks: No. 322 14 No. 324 118 No. 327 52 Unrecorded ATM withdrawal:* 104 Bank service charge: 19 NSF check: 184

The book balance in the checking account of Kyri Enterprises as of November 30 is $2,944. The bank statement shows an ending balance of $2,542. The following information is discovered by (1) comparing last month's deposits in transit and outstanding checks with this month's bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement. Deposits in transit: 11/29 $116 11/30 183 Outstanding checks: No. 322 14 No. 324 118 No. 327 52 Unrecorded ATM withdrawal:* 104 Bank service charge: 19 NSF check: 184

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. Refer to the June Bank Statement (2nd attached image) Required: 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. For those boxes in which you must enter subtracted or negative…
On December 31, Reed Company's bank statement had a balance of $26,500. Analysis of the bank statement and comparison of the statement and records indicated the following: Deposits in transit at the end of December Outstanding checks at the end of December Bank service charge Customer's returned check, NSF Bank collection of note on our behalf Interest received on note Adjusted balance of Cash: $ 14,685 6,310 X 5 1,240 4,610 In reviewing the records, Reed Company also discovered the following error: A check for $190 in legal expense was incorrectly recorded on the books as $910. Required: Compute the adjusted balance of Cash per bank statement. $0 230
The cash account for Collegiate Sports Co. on November 1 indicated a balance of $81,145. During November, the total cash deposited was $293,150, and checks written totaled $307,360. The bank statement indicated a balance of $112,675 on November 30. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:a. Checks outstanding totaled $41,840.b. A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement.c. A check for $7,250 had been incorrectly charged by the bank as $2,750.d. A check for $760 returned with the statement had been recorded by Collegiate Sports Co. as $7,600. The check was for the payment of an obligation to Ramirez Co. on account.e. The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000.f. Bank service charges for November amounted to $125.g. A check for $2,500 from Hallen…
Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. Cash Account Balance of june 1 $9,317.40 Cash receipts fro month of june $9,223.76 Duplicate Deposit tickets Date and amount of each deposit in june : Date Amount Date Amount Date Amount june 1 $1,080.50 june 10 $ 996.61 june 22 $897.34 june 3 854.17 june 15 882.95 june 24 947.21 june 8 840.50 june 17 1,606.74 june 30 1,117.74 CHECKS WRITTEN : Number and amount of each check issued in june : Check no . Amount Check no. Amount Check no. Amount 740 $237.50 747 Void 754 $449.75 741 495.15 748 $450.90 755 272.75 742 501.90 749 640.13 756 113.95 743 761.30 750 276.77 757 407.95…
The following data were accumulated for use in reconciling the bank account for Mathers Co. For July: 1. Cash balance according to the company's record at July 31, $25,470. 2. Cash balance according to the bank statement at July 31, $26,890. 3. Checks outstanding, $5,170. 4. Deposit in transit, not record it by bank, $4,150. 5.a check for a $270 and payment of an account was erroneously recorded in the check register at $720. 6. Bank debit memo for service charges, $50. Journalize the entries that should be made up by the company, part (a )error and part ( b) service charge A. July 31 _______ _______ B. July 31 ______ _____
At the end of April, Meyer Company had a $7,990 balance in its cash account, while its bank statement for April showed an ending cash balance of $7,100. The April bank statement showed $10 of interest earned by Meyer on its checking account and a $200 NSF check written by one of Meyer's customers. Meyer's records show a $800 deposit in transit and $100 of outstanding checks at the end of April. Prepare the bank reconciliation of Meyer for April.
Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found.
A company's Cash account shows a balance of $3,420 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($400), a customer's note receivable collected by the bank $(1,400), and interest earned $(170). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Please Provide Answer in text Formate
The cash account for Brentwood Bike Co. at May 1 indicated a balance of $12,830. During May, the total cash deposited was $64,190 and checks written totaled $59,600. The bank statement indicated a balance of $21,760 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $9,690. A deposit of $7,900, representing receipts of May 31, had been made too late to appear on the bank statement. The bank had collected for Brentwood Bike Co. $4,170 on a note left for collection. The face of the note was $3,850. A check for $490 returned with the statement had been incorrectly charged by the bank as $940. A check for $970 returned with the statement had been recorded by Brentwood Bike Co. as $790. The check was for the payment of an obligation to Adkins Co. on account. Bank service charges for May amounted to $30. A check for $960 from Jennings Co. was returned by the bank…
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5 , were as follows: Instructions 1. Journalize the selected transactions. 2. Based on the following data, prepare a bank reconciliation for December of the current year: Balance according to the bank statement at December 31, $283,000. Balance according to the ledger at December 31, $245,410. Checks outstanding at December 31. $68,540. Deposit in transit, not recorded by bank, $29,500. Bank debit memo for service charges , $750. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. 3. Based on the bank reconciliation prepared in (2), journalise the entry or entries to be made by Kornett Company.Use the Miscellaneous Administrative Expense account to record bank service charges. 4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year: A. Estimated uncollectible accounts at December…
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $14,720. Cash balance according to the bank statement at July 31, $15,730. Checks outstanding, $2,990. Deposit in transit, not recorded by bank, $2,400. A check for $270 in payment of an account was erroneously recorded in the check register as $720. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in