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The Tamarisk Marine Supply Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash account in the general ledger had a balance of $5,536 at November 30. Other information is as follows: (1) Cash receipts for November 30 recorded on the company's books were $6,480 but this amount does not appear on the bank statement. (2) (3) (4) (5) (6) (7) The bank statement shows a debit memorandum for $50 for check printing charges. Check No. 119 payable to Riverbed Company was recorded in the cash payments journal and cleared the bank for $368. A review of the accounts payable subsidiary ledger shows a $18 credit balance in the account of Riverbed Company and that the payment to them should have been for $386. The total amount of checks still outstanding at November 30 amounted to $6,260. Check No. 138 was correctly written and paid by the bank for $506. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $560. The bank returned an NSF check from a customer for $700. The bank included a credit memorandum for $3,880 which represents a collection of a customer's note by the bank for the company; the principal amount of the note was $3,748 and interest was $132. Interest has not been accrued. Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) Date Account Titles and Explanation Nov. 30 Debit Credit 30 (To correct error in recording Check No. 138) 30 (To record collection of note receivable and interest by the bank) 30 (To record check printing charges) (To record NSF check)

The Tamarisk Marine Supply Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash account in the general ledger had a balance of $5,536 at November 30. Other information is as follows: (1) Cash receipts for November 30 recorded on the company's books were $6,480 but this amount does not appear on the bank statement. (2) (3) (4) (5) (6) (7) The bank statement shows a debit memorandum for $50 for check printing charges. Check No. 119 payable to Riverbed Company was recorded in the cash payments journal and cleared the bank for $368. A review of the accounts payable subsidiary ledger shows a $18 credit balance in the account of Riverbed Company and that the payment to them should have been for $386. The total amount of checks still outstanding at November 30 amounted to $6,260. Check No. 138 was correctly written and paid by the bank for $506. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $560. The bank returned an NSF check from a customer for $700. The bank included a credit memorandum for $3,880 which represents a collection of a customer's note by the bank for the company; the principal amount of the note was $3,748 and interest was $132. Interest has not been accrued. Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) Date Account Titles and Explanation Nov. 30 Debit Credit 30 (To correct error in recording Check No. 138) 30 (To record collection of note receivable and interest by the bank) 30 (To record check printing charges) (To record NSF check)

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 1COMP
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The Tamarisk Marine Supply Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash account in the general ledger had a balance of $5,536 at November 30. Other information is as follows: (1) Cash receipts for November 30 recorded on the company's books were $6,480 but this amount does not appear on the bank statement. (2) (3) (4) (5) (6) (7) The bank statement shows a debit memorandum for $50 for check printing charges. Check No. 119 payable to Riverbed Company was recorded in the cash payments journal and cleared the bank for $368. A review of the accounts payable subsidiary ledger shows a $18 credit balance in the account of Riverbed Company and that the payment to them should have been for $386. The total amount of checks still outstanding at November 30 amounted to $6,260. Check No. 138 was correctly written and paid by the bank for $506. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $560. The bank returned an NSF check from a customer for $700. The bank included a credit memorandum for $3,880 which represents a collection of a customer's note by the bank for the company; the principal amount of the note was $3,748 and interest was $132. Interest has not been accrued. Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) Date Account Titles and Explanation Nov. 30 Debit Credit 30 (To correct error in recording Check No. 138) 30 (To record collection of note receivable and interest by the bank) 30 (To record check printing charges) (To record NSF check)
Transcribed Image Text:The Tamarisk Marine Supply Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash account in the general ledger had a balance of $5,536 at November 30. Other information is as follows: (1) Cash receipts for November 30 recorded on the company's books were $6,480 but this amount does not appear on the bank statement. (2) (3) (4) (5) (6) (7) The bank statement shows a debit memorandum for $50 for check printing charges. Check No. 119 payable to Riverbed Company was recorded in the cash payments journal and cleared the bank for $368. A review of the accounts payable subsidiary ledger shows a $18 credit balance in the account of Riverbed Company and that the payment to them should have been for $386. The total amount of checks still outstanding at November 30 amounted to $6,260. Check No. 138 was correctly written and paid by the bank for $506. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $560. The bank returned an NSF check from a customer for $700. The bank included a credit memorandum for $3,880 which represents a collection of a customer's note by the bank for the company; the principal amount of the note was $3,748 and interest was $132. Interest has not been accrued. Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) Date Account Titles and Explanation Nov. 30 Debit Credit 30 (To correct error in recording Check No. 138) 30 (To record collection of note receivable and interest by the bank) 30 (To record check printing charges) (To record NSF check)
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