View Policies Current Attempt in Progress Ivanhoe Spa shows a general ledger balance for the Cash account of $4,051.85 on June 30 and the bank statement as of that date indicates a balance of $4,170.00. When the statement was compared with the cash records, the following facts were determined: 1. 2. 3. 4. 5. 6. 7. 8. There were bank service charges for June of $33.00. A bank memo stated that Michael Brown's note for $904.00 and interest of $44.00 had been collected on June 29, and the bank had charged $3.50 for the collection. Any interest revenue has not been accrued. Deposits in transit June 30 were $2,902.00. Cheques outstanding on June 30 totalled $2.128.05 On June 29, the bank had charged Ivanhoe Spa's account for a customer's NSF cheque amounting to $465.20. Ac er's cheque received as a payment on account of $94.00 had been entered as $64.00 in the cash receipts journal by Ivanhoe Spa on June 15. Cheque no. 742 in the amount of $495.00 had been entered in the books as $459.00, and cheque no. 747 in the amount of $50.20 had been entered as $502.00, Both cheques were issued as payments on account In May, the bank had charged a $23.50 Wella Spa cheque against the Ivanhoe Spa account. The June bank statement indicated that the bank had reversed this charge and corrected its error. Prepare a bank reconciliation at June 30. (List items that increase balance as per bank & books first) Ivanhoe Spa
View Policies Current Attempt in Progress Ivanhoe Spa shows a general ledger balance for the Cash account of $4,051.85 on June 30 and the bank statement as of that date indicates a balance of $4,170.00. When the statement was compared with the cash records, the following facts were determined: 1. 2. 3. 4. 5. 6. 7. 8. There were bank service charges for June of $33.00. A bank memo stated that Michael Brown's note for $904.00 and interest of $44.00 had been collected on June 29, and the bank had charged $3.50 for the collection. Any interest revenue has not been accrued. Deposits in transit June 30 were $2,902.00. Cheques outstanding on June 30 totalled $2.128.05 On June 29, the bank had charged Ivanhoe Spa's account for a customer's NSF cheque amounting to $465.20. Ac er's cheque received as a payment on account of $94.00 had been entered as $64.00 in the cash receipts journal by Ivanhoe Spa on June 15. Cheque no. 742 in the amount of $495.00 had been entered in the books as $459.00, and cheque no. 747 in the amount of $50.20 had been entered as $502.00, Both cheques were issued as payments on account In May, the bank had charged a $23.50 Wella Spa cheque against the Ivanhoe Spa account. The June bank statement indicated that the bank had reversed this charge and corrected its error. Prepare a bank reconciliation at June 30. (List items that increase balance as per bank & books first) Ivanhoe Spa
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:View Policies
Current Attempt in Progress
Ivanhoe Spa shows a general ledger balance for the Cash account of $4,051.85 on June 30 and the bank statement as of that date
indicates a balance of $4,170.00. When the statement was compared with the cash records, the following facts were determined:
1.
2.
3.
4.
5.
6.
7.
8.
There were bank service charges for June of $33.00.
A bank memo stated that Michael Brown's note for $904.00 and interest of $44.00 had been collected on June 29, and the
bank had charged $3.50 for the collection. Any interest revenue has not been accrued.
Deposits in transit June 30 were $2,902.00.
Cheques outstanding on June 30 totalled $2.128.05
On June 29, the bank had charged Ivanhoe Spa's account for a customer's NSF cheque amounting to $465.20.
Ac
er's cheque received as a payment on account of $94.00 had been entered as $64.00 in the cash receipts journal by
Ivanhoe Spa on June 15.
Cheque no, 742 in the amount of $495.00 had been entered in the books as $459.00, and cheque no. 747 in the amount of
$50,20 had been entered as $502.00, Both cheques were issued as payments on account
In May, the bank had charged a $23.50 Wella Spa cheque against the Ivanhoe Spa account. The June bank statement
indicated that the bank had reversed this charge and corrected its error.
Prepare a bank reconciliation at June 30. (List items that increase balance as per bank & books first)
Ivanhoe Spa
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