The following data have been gathered for Syncronics, Inc.: Thė July 31 bank balance was $4,000, b. The bank statement included $65 in servicę charges. a. C. There was an EFT deposit of $900 on the bank statement for the monthly rent from the tenant. d. Checks #541 and #543 for $205 and $320, respectively, were not among the can- celed checks returned with the statement. The July 31 deposit of $350 did not appear on the bank statement. · f. The bookkeeper had erroneously recorded a $50 check as $500. The check was written to a vendor to pay off a debt. g.. Included with the canceled checks was a check written by Syncronize Corporation for $200 which was deducted from Syncronics' account. h. The bank statement also included an NSF check written by Multimedia, Inç, for a $460 payment on account. i. The cash account showed a balance of $3,200 on July 31. Required: 1. Prepare the July 31 bank reconciliation for Syncronics, Inc. ARTiST The Co'r CASH BAIAN

The following data have been gathered for Syncronics, Inc.: Thė July 31 bank balance was $4,000, b. The bank statement included $65 in servicę charges. a. C. There was an EFT deposit of $900 on the bank statement for the monthly rent from the tenant. d. Checks #541 and #543 for $205 and $320, respectively, were not among the can- celed checks returned with the statement. The July 31 deposit of $350 did not appear on the bank statement. · f. The bookkeeper had erroneously recorded a $50 check as $500. The check was written to a vendor to pay off a debt. g.. Included with the canceled checks was a check written by Syncronize Corporation for $200 which was deducted from Syncronics' account. h. The bank statement also included an NSF check written by Multimedia, Inç, for a $460 payment on account. i. The cash account showed a balance of $3,200 on July 31. Required: 1. Prepare the July 31 bank reconciliation for Syncronics, Inc. ARTiST The Co'r CASH BAIAN

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 American Medical Co. at April 30 indicated a balance of $84,457. The bank statement indicated a balance of $127,190 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 $33,310. B. A deposit of $17,610, representing receipts of April 30, had been made too late to appear on the bank statement. C. The bank collected $28,248 on a $26,400 note, including interest of $1,848. D. A check for $1,100 returned with the statement had been incorrectly recorded by American Medical Co. as $110. The check was for the payment of an obligation to Targhee 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 $45. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording…
The following Information Is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $56,344. 2. Deposits In transit on June 30 were $2,340. 3. A debit memo was Included with the bank statement for a service charge of $23. 4. A $5,099 check written In June had not been pald by the bank. 5. The bank statement Included a $1,450 credit memo for the collection of a note. The principal of the note was $1,405, and the Interest collected amounted to $45. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding Items to determine the true balance.) True cash balance
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…
The following data apply to Pro Beauty Supply Incorporated for May Year 1: 1. Balance per the bank on May 31: $10,885. 2. Deposits in transit not recorded by the bank: $1,510. 3. Bank error, check written by Best Beauty Supply was charged to Pro Beauty Supply's account: $900. 4. The following checks written and recorded by Pro Beauty Supply were not included in the bank statement. 3013 3054 3056 $ 135 480 1,040 5. Note collected by the bank: $650. 6. Service charge for collection of note: $23. 7. The bookkeeper mistakenly recorded a check for $348 but the check was correctly written for May utilities in the amount of $438. 8. Bank service charge in addition to the note collection fee: $25. 9. Customer checks returned by the bank as NSF: $142. Required Determine the amount of the unadjusted cash balance per Pro Beauty Supply's books. Unadjusted cash balance
The cash account for Norwegian Medical Co. at April 30 indicated a balance of $91,408. The bank statement indicated a balance of $126,590 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 $33,700. b. A deposit of $18,900, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $22,042 on a $20,600 note, including interest of $1,442. d. A check for $1,600 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $160. 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 $40. need bank reconciliation journal entry If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount…
In the month of November, Metlock Storage Company Inc. wrote checks in the amount of $44400. In December, checks in the amount of $60758 were written. In November, $40646 of these checks were presented to the bank for payment and $52238 in December. What is the amount of outstanding checks at the end of December assuming that there were no checks outstanding on October 31? $12274. Ⓒ$17040. $3754. $8520. eTextbook and Media Save for Later Attempts: 0 of 1 used Submit Answer
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 Book balance: $8,923 Deposits in transit: $1,875 Outstanding checks: $569 and $1,423 Bank service charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $123 but posted in the accounting records as $213. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
When the bank statement is received on July 3, it shows a balance, before reconciliation, of $6,120 as of June 30. After reconciliation, the adjusted balance is $3,650. If one deposit in transit amounted to $1,470, what was the total of the outstanding checks assuming that no other adjustments would be made to the bank statement?
The cash account for Deaver consulting at October 31,20Y6 indicated a balance of $ 15, 750. The bank statement indicated a balance of $ 31 , 095 in October 31,20Y6.comparing the bank statement and accopaying canceled checks and memos with the records revealed the following reconciling items. A. Check outstanding totaled $10,125 B. A deposite of 4,120 representing receipts from October 31, had been made too late to appear on the bank statement. C. The bank had collected $10,400 on a note for collection . The face of the note was 10,000. D. A check for 1,200 returned with the statement had been incorrectly recorded by Deaver consulting as $120. The check was for the payment of an obligation to Oxford office supplies CO. For the. Purchase of office supplies on account E. A check drawn for $320 had been incorrectly charged by the bank as $230. F.Bank service charges for October amounted to $70. 1. Prepare a bank reconciliation 2. Illustrate the effect on the account and financial…
At November 30, balance as per the bank statement of One Day Cleaners was $40,758; and balance as per the cash book, $41,969. Accountant found following transactions which created difference in balances of cash book and pass book.1. Included on the bank statement was a credit for $168 interest earned on this checking account during November but not recorded in cash book.2. Two cheques were outstanding at November 30: no. 921 for $964 and no. 925 for $1085.3. Enclosed with the bank statement were two debit memoranda for the following items: service charge for November, $14; and a $700 cheque of a customer marked as “NSF”.4. Accountant found a mistake in bank statement as a wrong credit of $1750.5. Examination of the paid checques also revealed that two cheques, all issued in November, had not yet been paid by the bank: no. 921 for $945; no. 924 for $320.6. Verified that cash receipts of $16997 on November 29 were deposited into the bank but the same could not be cleared by bank till…
The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $59,935. 2. Deposits in transit on June 30 were $2,600. 3. A debit memo was included with the bank statement for a service charge of $27. 4. A $4,463 check written in June had not been paid by the bank. 5. The bank statement included a $700 credit memo for the collection of a note. The principal of the note was $665, and the interest collected amounted to $35. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $93,115. The bank statement indicated a balance of $125,800 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $30,080. b. A deposit of $19,240, representing receipts of June 30, had been made too late to appear on the bank statement. c. The bank collected $24,075 on a $2,500 note, including interest of $1,575. d. A check for $1,800 returned with the statement had been incorrectly recorded by Pala Medical Co. as $180. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $390 had been erroneously charged by the bank as $930. f. Bank service charges for June amounted to $50. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for…