The June 30 cash balance in the general ledger is $878. .The June 30 balance shown on the bank statement is $402. . Checks Issued but not returned with the bank statement were Number 712 for $24 and Number 723 for $55. . A deposit made late on June 30 for $472 Is Included in the general ledger balance but not in the bank statement balance. . Returned with the bank statement was a notice that a customer's check for $74 that was deposited on June 24 had been returne because the customer's account was overdrawn. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 w $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. equired: repare a bank reconciliation as of June 30 from the above information. ote: Total the entries of the same account together when entering in the bank reconciliation statement. Balance per bank Add: Deduct: Reconciled balance $ Bank Reconciliation June 30 Balance per books Add: 0 0 Deduct: 0 0 Reconciled balance $ 0 0 0

The June 30 cash balance in the general ledger is $878. .The June 30 balance shown on the bank statement is $402. . Checks Issued but not returned with the bank statement were Number 712 for $24 and Number 723 for $55. . A deposit made late on June 30 for $472 Is Included in the general ledger balance but not in the bank statement balance. . Returned with the bank statement was a notice that a customer's check for $74 that was deposited on June 24 had been returne because the customer's account was overdrawn. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 w $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. equired: repare a bank reconciliation as of June 30 from the above information. ote: Total the entries of the same account together when entering in the bank reconciliation statement. Balance per bank Add: Deduct: Reconciled balance $ Bank Reconciliation June 30 Balance per books Add: 0 0 Deduct: 0 0 Reconciled balance $ 0 0 0

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 cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $84,457. The bank statement indicated a balance of $127,190 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 $33,310. B. A deposit of $17,610, representing receipts of June 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 Pala Medical Co. as $110. The check was for the payment of an obligation to Skyline 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 June amounted to $45. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact…
A check register shows a balance of $484.95. The bank statement shows a cash balance of $506.27. The check register shows an outstanding check for $27.82. The bank statement shows a service charge of $6.50. Compute the adjusted balance of the check register and the bank statement. 467.45 578.45 None of the above 487.45 $478.45
The cash account for American Medical Co. at April 30 indicated a balance of $11,780. The bank statement indicated a balance of $13,830 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 $4,980. b. A deposit of $5,190, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $2,700 on a $2,560 note, including interest of $140. d. A check for $550 returned with the statement had been incorrectly recorded by American Medical Co. as $500. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. e. A check drawn for $40 had been erroneously charged by the bank as $400. f. Bank service charges for April amounted to $30. Required: 1. Prepare a bank reconciliation. American Medical Co. Bank Reconciliation April 30 Cash balance according to bank statement Adjusted balance…
I am not sure what these question is asking me to do. I am to record a account title a general ledger with the following question and information. Record the journal entry for the bank reconciliation for the debit memos or checks not included on the books, if necessary. Information: The following information is available for the bank reconciliation: (1) Checks written but not paid by the bank, $8,350. (2) A deposit of $6,500 made on December 31, Year 6, had been recorded but was not shown on the bank statement. (3) A debit memo for $55 for a new supply of checks. (Hint: Use Office Supplies Expense account.) (4) A credit memo for $30 for interest earned on the checking account. (5) An NSF check for $120. (6) The balance shown on the bank statement was $80,822.
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