The cash account for Seal-Tek Co. at December 1, 2006, indicated a balance of $3,945.90. During December, the total cash deposited was $31,077.75, and checks written totaled $30,395.78. The bank statement indicated a balance of $5,465.50 on December 31. Comparing the bank statement, the canceled checks, and the accompanying memorandums with the records revealed the following reconciling items: a) Checks outstanding totaled $3,003.84. b) A deposit of $2,148.21, representing receipts of December 31, had been made too late to appear on the bank statement. c) The bank had collected for Seal-Tek Co. $1,908 on a note left for collection. The face of the note was $1,800. d) A check for $120 returned with the statement had been incorrectly charged by the bank as $1,200. e) A check for $318 returned with the statement had been recorded by Seal-Tek Co. as $138. The check was for the payment of an obligation to Kenyon Co. on account.

The cash account for Seal-Tek Co. at December 1, 2006, indicated a balance of $3,945.90. During December, the total cash deposited was $31,077.75, and checks written totaled $30,395.78. The bank statement indicated a balance of $5,465.50 on December 31. Comparing the bank statement, the canceled checks, and the accompanying memorandums with the records revealed the following reconciling items: a) Checks outstanding totaled $3,003.84. b) A deposit of $2,148.21, representing receipts of December 31, had been made too late to appear on the bank statement. c) The bank had collected for Seal-Tek Co. $1,908 on a note left for collection. The face of the note was $1,800. d) A check for $120 returned with the statement had been incorrectly charged by the bank as $1,200. e) A check for $318 returned with the statement had been recorded by Seal-Tek Co. as $138. The check was for the payment of an obligation to Kenyon Co. on account.

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

The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $5,140. During October, the total cash deposited was $39,175, and checks written totaled $40,520. The bank statement indicated a balance of $8,980 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $3,260. b. A deposit of $2,450 representing receipts of October 31 had been made too late to appear on the bank statement. c. The bank had collected for Coastal Bike Co. $5,300 on a note left for collection. The face of the note was $5,000. d. A check for $460 returned with the statement had been incorrectly charged by the bank as $640. e. A check for $430 returned with the statement had been recorded by Coastal Bike Co. as $340. The check was for the payment of an obligation to Rack Pro Co. on account. f. Bank service charges for October amounted to $50. g. A check for $605…
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 ______ _____
The following information relates to Oriole Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $19,590. During the month of July, Oriole recorded cash receipts of $21,400 and cash payments of $24,300 in the general ledger Cash account. An examination of the company's July bank statement shows a balance of $19,630 on July 31; outstanding cheques $4,000; deposits in transit $1,820; EFT collections on account that were not yet recorded on the books $2,192; NSF cheque $1,248; NSF fee $72; and bank service charges $112. Determine the cash balance per Oriole Limited's books. Cash balance Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.) Add Cash balance per bank Bank service charge Reconciled cash balance per bank Deposits in transit NSF cheque and fee Outstanding cheques EFT collections on account Oriole Limited Bank Reconciliation July 31 $
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…
The cash account for American Medical Co. at April 30 indicated a balance of $14,350. The bank statement indicated a balance of $16,340 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $5,880. A deposit of $6,130, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $3,190 on a $3,020 note, including interest of $170. A check for $880 returned with the statement had been incorrectly recorded by American Medical Co. as $800. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. A check drawn for $90 had been erroneously charged by the bank as $900. Bank service charges for April amounted to $60. Required: 1. Prepare a bank reconciliation.
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,640 debit balance, but its July bank statement shows a $27,003 cash balance. Check Number 3031 for $1,110, Check Number 3065 for $331, and Check Number 3069 for $1,878 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. The July bank statement shows the bank collected $6,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $9 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received.…
The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $32,991. During October, the total cash deposited was $139,960, and checks written totaled $137,747. The bank statement indicated a balance of $43,370 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $6,476. b. A deposit of $1,779 representing receipts of October 31, had been made too late to appear on the bank statement. c. The bank had collected for Coastal Bike Co. $5,250 on a note left for collection. The face of the note was $5,000. d. A check for $580 returned with the statement had been incorrectly charged by the bank as $850. e. A check for $210 returned with the statement had been recorded by Coastal Bike Co. as $120. The check was for the payment of an obligation to Rack Pro Co. on account. f. Bank service charges for October amounted to $28. g. A check for…
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,507 debit balance, but its July bank statement shows a $27,043 cash balance. Check No. 3031 for $1,180, Check No. 3065 for $366, and Check No. 3069 for $1,948 are outstanding checks as of July 31. Check No. 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. The July bank statement shows the bank collected $7,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $11 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received.…
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,127 debit balance, but its July bank statement shows a $27,260 cash balance. b. Check Number 3031 for $1,420, Check Number 3065 for $486, and Check Number 3069 for $2,188 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered in the accounting records as $1,280. d. The July bank statement shows the bank collected $9,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification…
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,770 debit balance, but its July bank statement shows a $27,680 cash balance. b. Check Number 3031 for $1,330, Check Number 3065 for $441, and Check Number 3069 for $2,098 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,250 but was erroneously entered in the accounting records as $1,240. d. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification…
cash account for Norwegian Medical Co. at April 30 indicated a balance of $403,784. The bank statement indicated a balance of $468,460 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $73,870. b. A deposit of $51,230, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $50,630 on a $48,220 note, including interest of $2,410. d. A check for $9,160 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $916. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. e. A check drawn for $680 had been erroneously charged by the bank as $860. f. Bank service charges for April amounted to $170. Required: 1. Prepare a bank reconciliation. Be sure to complete the statement heading. Refer to the Labels and…
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,242 debit balance, but its July bank statement shows a $27,378 cash balance. Check Number 3031 for $1,420, Check Number 3065 for $486, and Check Number 3069 for $2,188 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. The July bank statement shows the bank collected $7,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $11 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been…