The cash account for Stone Systems at July 31 indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items:
The cash account for Stone Systems at July 31 indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Complete the attached excel sheet using the data
Transcribed Image Text:Obj. 5
The cash account for Stone Systems at July 31 indicated a balance of $17,750. The
bank statement indicated a balance of $33,650 on July 31. Comparing the bank
Excel
statement and the accompanying canceled checks and memos with the records
reveals the following reconciling items:
Show
Me
How
a. Checks outstanding totaled $17,865.
b. A deposit of $9,150, representing receipts of July 31, had been made too late to
appear on the bank statement.
c. The bank had collected $6,095 on a note left for collection. The face of the note was $5,750.
d. A check for $390 returned with the statement had been incorrectly recorded by Stone
Systems as $930. The check was for the payment of an obligation to Holland Co. for the
purchase of office supplies on account.
e. A check drawn for $1,810 had been incorrectly charged by the bank as $1,180.
f. Bank service charges for July amounted to $80.
Transcribed Image Text:fx
C
H.
J.
1.
STONE SYSTEMS
Bank Reconciliation
July 31
Cash balance according to bank statement
Add:
Deduct:
Adjusted balance
Cash balance according to company's records
Add:
Deduct
Adjusted balance
2.
July 31
31
3.
Amount to be reported on July 31 balance sheet
Pr. 8-3B
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