The statement from Lyon County Bank on December 31 showed a balance of $26,657. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank collected the $2,120 note receivable for Blossom Company on December 15 through electronic funds transfer. 2. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January. 3. Checks outstanding on December 31 totaled $1,230. 4. On December 31, the bank statement showed a NSF charge of $630 for a check received by the company from M. Lawrence, a customer, on account. Prepare a bank reconciliation as of December 31 based on the available information.(Hint: The cash balance per books is $26,677. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase balance as per bank & books first.)

The statement from Lyon County Bank on December 31 showed a balance of $26,657. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank collected the $2,120 note receivable for Blossom Company on December 15 through electronic funds transfer. 2. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January. 3. Checks outstanding on December 31 totaled $1,230. 4. On December 31, the bank statement showed a NSF charge of $630 for a check received by the company from M. Lawrence, a customer, on account. Prepare a bank reconciliation as of December 31 based on the available information.(Hint: The cash balance per books is $26,677. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase balance as per bank & books first.)

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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