The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bankstatement and the May T-account for cash (summarized) are below.Martin Company's bank reconciliation at the end of April showed a cash balance of $23,300. No deposits were in transit atthe end of April, but a deposit was in transit at the end of May.Balance, May 1May 2May 5May 7May 8May 14May 17May 22May 27May 31Balance, May 31May 1May 1May 7May 29May 31DebitBalanceBalance# 301#302#303# 304Checks$ 12,0008,00060023,3009,00011,0008,000Required:1. Prepare a bank reconciliation for May.Cash (A)22,800BANK STATEMENTDeposits$9,0005,60011,00012,0008,0006005,6002,300Interest earned.NSF checkService chargeCredit# 301 May 2#302 May 4Other# 303May 11# 304 May 23# 305 May 29$ 220380110Balance$ 23 30032,30020,30012,30023,30022,70022,92022,54016,94016,83016,830

The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bahk statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $23,300. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Deposits $9,000 Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 Debit #301 # 302 # 303 # 304 Checks $ 12,000 8,000 600 5,600 Cash (A) 10 200 11,000 Other Interest earned NSF check Service charge Credit $ 220 380 110 Balance $ 231300 32,300 20,300 12,300 23,300 22,700 22,920 22,540 16,940 16,830 16,830

The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bahk statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $23,300. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Deposits $9,000 Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 Debit #301 # 302 # 303 # 304 Checks $ 12,000 8,000 600 5,600 Cash (A) 10 200 11,000 Other Interest earned NSF check Service charge Credit $ 220 380 110 Balance $ 231300 32,300 20,300 12,300 23,300 22,700 22,920 22,540 16,940 16,830 16,830

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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The treasurer preparing the October bank reconciliation identified the following items: Cash balance per the company's records $32,700, Deposits in Transit $4,300, Outstanding Checks $2,200, Interest earned on the checking account $200, Customer NSF check $400. What is the company's adjusted cash balance at Oct. 31? A. $34,900 B. $32,700 C. $32,500 D. $34,800
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The accountant at Terry Farm Stores prepares a monthly bank reconciliation. On 31 August she received a bank statement from QBE Bank, which had a credit balance of $8 950. Terry Farm Stores' cash at bank account per the general ledger showed a debit balance of $15 050. A comparison of the bank statement with the cash payments and cash receipts journals revealed the following information: (1) Outstanding EFTs at 31 August totaled $1 550 (2) QBE bank mistakenly included a cheque payment on Terry Farm Stores' bank statement that related to Tolga Ltd. The cheque amount was for $2 180. The mistake will be corrected in September. (3) The bank statement included bank charges of $20. (4) In reviewing the cheque payments, a mistake was discovered on cheque no. 574 for the payment of rent expense. The amount of the cheque was for $5 510 but was recorded in the cash payments journal as $5 150. (5) Cash receipts recorded in the cash receipts journal on 30 August of $4 300 were not on the bank…
Blossom Food Store used the following information in recording its bank reconciliation for the month of April. Balance per books April 30 $ 805 Balance per bank statement April 30 $ 11,400 (1) Checks written in April but still outstanding $ 6,000. (2) Checks written in March but still outstanding $ 2,500. (3) Deposits of April 30 not yet recorded by bank $ 4,000. (4) NSF check of customer returned by bank $ 510. (5) Check No. 210 for $ 583 was correctly issued and paid by the bank but incorrectly entered in the cash payments journal as payment on account for $ 538. (6) Bank service charge for April was $ 40. (7) A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $ 613 when Check No. 318 was correctly prepared for $ 163. The check cleared the bank in April. (8) The bank collected a note receivable for the company of $ 6,000 plus $ 240 interest…
What is the cash shortage as of Dec 31?
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…
Prepare a bank reconcilation going from balance per bank and balance per book to correct cash balance. Outstanding checks from the June reconcilation cleared the bank in July.
Singleako Company has the following data for the Month of December. November 30 December 31 Cash in bank Account Statement 2,032,000 3,160,000 Bank Statement 1,890,000 2,900,000 Bank Debits 1,080,000 Bank Credits ? Book Debits ? Book Credits 1,440,000 Outstanding Checks Deposit in Transit Check erroneously charged by the bank against Entity's account (corrected in subsequent month) Bank service charge Note recorded as cash receipt by the entity when Placed with bank for collection 180,000 592,000 80,000 498,000 40,000 50,000 2,000 4,000 (Note is actually collected by the bank in subsequent Month and credited by bank to entity's account in same Month) 200,000 300,000 Required: Prepare four-column reconciliation showing the adjusted balances. Prepare adjusting entry/ies.
Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,282.95. The bank statement shows an ending balance of $2,127. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, and noting the service charges and other debit and credit memos shown on the bank statement, the following were found: An ATM withdrawal of $150 on November 18 by Lyle for personal use was not recorded on the books. A bank debit memo issued for an NSF check from a customer of $19.50. A bank credit memo issued for interest of $19 earned during the month. On November 30, a deposit of $1,177 was made, which is not shown on the bank statement. A bank debit memo issued for $17.50 for bank service charges. Checks No. 549, 561, and 562 for the amounts of $185, $21, and $9.40, respectively, were written during November but have not yet been received by the bank. The reconciliation…