Please help with this accounting problem. It is long and I can not solve it! The small drop downs on the left say add or less. (a)Prepare a bank reconciliation (to the correct balance) at November 30, for Vaughn Inc. from the information above. (Enter answersto 2 decimal places, e.g. 125.62.)eTextbook and MediaList of AccountsVAUGHN INC.Bank Reconciliation$$$$ View PoliciesCurrent Attempt in ProgressPresented below is information related to Vaughn Inc.Balance per books at October 31, $106,712.02; receipts $442,485.97; disbursements $420,478.53. Balance per bank statementNovember 30, $143,499.21.The following checks were outstanding at November 30.1224$4,169.9912306,294.1712325,419.1312331,229.53Included with the November bank statement and not recorded by the company were a bank debit memo for $69.87 covering bankcharges for the month, a debit memo for $948.93 for a customer's check returned and marked NSF, and a credit memo for$3,570 representing bond interest collected by the bank in the name of Vaughn Inc. Cash on hand at November 30 recorded andawaiting deposit amounted to $4,884.27.(a)Prepare a bank reconciliation (to the correct balance) at November 30, for Vaughn Inc. from the information above. (Enter answersto 2 decimal places, e.g. 125.62.)

Answered: Image /qna-images/answer/f9e8c6df-9a28-42ca-9ebd-2a9b9411840d.jpg

Answered: (a) Prepare a bank reconciliation (to…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

See similar textbooks

Similar questions

Presented below is information related to Shamrock Inc. Balance per books at October 31, $58,586.99; receipts $242,933.47; disbursements $230,850.96. Balance per bank statement November 30, $78,783.88. The following checks were outstanding at November 30. 1224 $2,289.41 1230 1232 1233 3,455.62 (a) 2,975.21 675.04 Included with the November bank statement and not recorded by the company were a bank debit memo for $38.36 covering bank charges for the month, a debit memo for $520.98 for a customer's check returned and marked NSF, and a credit memo for $1,960 representing bond interest collected by the bank in the name of Shamrock Inc. Cash on hand at November 30 recorded and awaiting deposit amounted to $2,681.56. Prepare a bank reconciliation (to the correct balance) at November 30, for Shamrock Inc. from the information above. (Enter answers to 2 decimal places, e.g. 125.62.)
Nik.3
(Bank Reconciliation and Adjusting Entries) Presented below is information related to Haselhof Inc. Balance per books at October 31, $41,847.85; receipts $173,523.91; disbursements $164,893.54. Balance per bank statement November 30, $56,274.20.The following checks were outstanding at November 30.1224 $1,635.291230 2,468.301232 2,125.151233 482.17Included with the November bank statement and not recorded by the company were a bank debit memo for $27.40 covering bank charges for the month, a debit memo for $372.13 for a customer’s check returned and marked NSF, and a credit memo for $1,400 representing bond interest collected by the bank in the name of Haselhof Inc. Cash on hand at November 30 recorded and awaiting deposit amounted to $1,915.40.Instructions(a) Prepare a bank reconciliation (to the correct balance) at November 30, for Haselhof Inc. from the information above.(b) Prepare any journal entries required to adjust the cash account at November 30
[The following information applies to the questions displayed below.]The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance Dec. 1 $ 45,600 6 $ 7,600 38,000 11 530 $ 27,000 64,470 17 12,900 51,570 23 35,000 86,570 26 530 86,040 30 17,800 18,000 NSF* $ 280 85,960 31 Interest earned 60 86,020 31 Service charge 130 85,890 * NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 45,600 Deposits Checks written during December: Dec. 11 27,000 7,600 23 35,000 530 30 18,000 12,900 31 12,000 530 130 17,800 4,500 Dec. 31 Balance 93,610 There were no deposits in transit or outstanding checks at November 30. After the reconciliation journal…
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5 , were as follows: Instructions 1. Journalize the selected transactions. 2. Based on the following data, prepare a bank reconciliation for December of the current year: Balance according to the bank statement at December 31, $283,000. Balance according to the ledger at December 31, $245,410. Checks outstanding at December 31. $68,540. Deposit in transit, not recorded by bank, $29,500. Bank debit memo for service charges , $750. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. 3. Based on the bank reconciliation prepared in (2), journalise the entry or entries to be made by Kornett Company.Use the Miscellaneous Administrative Expense account to record bank service charges. 4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year: A. Estimated uncollectible accounts at December…
A review of the March 30 bank statement and other data of Sangster Aviation revealed a $16,220 balance at March 31 on the bank statement and $15,940 as the balance in the cash account in the company’s ledger. In addition, the following information was determined: 1.NSF Check from J. Beiber in payment of account .....................$ 180 2.Collection of a customer electronic payment by the bank.................2,200 3.Deposits in transit at March 31 ...................................2,920 4.Outstanding checks at March 31 ..................................1,740 5.A check written by Sangster to Copytronics for a copy machine repair on March 13 was recorded at $1,320 but correctly cleared the bank at $1,230. 6.A check drawn on the account of Halen Electronics for $650 was mistakenly charged against Sangster’s account by the bank. Instructions: As of March 31, prepare: The bank reconciliation for the month of March (omit heading) Related journal entries 1.BANK…
Bank reconciliation and entriesThe cash account for Pala Medical Co. at June 30, 20Y1, indicated abalance of $166,436. The bank statement indicated a balance of $195,688on June 30, 20Y1. Comparing the bank statement and the accompanyingcanceled checks and memos with the records revealed the followingreconciling items:A. Checks outstanding totaled $19,427.B. A deposit of $12,300, representing receipts of June 30, had beenmade too late to appear on the bank statement.C. The bank collected $26,500 on a $25,000 note, including interestof $1,500. D. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. Thecheck was for the payment of an obligation to Skyline Supply Co. for a purchase on account.E. A check drawn for $195 had been erroneously charged by the bank as $915.F. Bank service charges for June amounted to $55.Instructions1. Prepare a bank reconciliation.2. Journalize the necessary entries.3. If a balance sheet were prepared for Pala…
What is the total outstanding checks on December?
[The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance $ 48,000 40, 380 67,830 53,930 ৪9,938 ৪৪, 978 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28,000 13,900 11 17 23 36, 800 26 960 NSF Interest earned 30 19, eee $300 5e 19, 200 31 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance Deposits Dec. 11 48, e00 28,e00 36, e00 19,e09 13, еев Checks written during December: 7,620 550 13,900 960 23 30 31 150 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 5. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? 6. If the company also has $300 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the…
The following bank reconciliation is presented for O00 Company for the month of November of the current year: Balance per bank statement, November 31 Add: Deposit in transit 3,600,000 800,000 4,400,000 Less: Outstanding checks 1,200,000 200,000 Bank credit recorded in error 1,400,000 3,000,000 Balance per book, November 30 Data per bank statement for the month of December follow: December deposits (including note collected of P1,000,000 for O00) December disbursements (including NSF, P350,000 and Service charge, P50,000) 5,500,000 4,400,000 All items that were outstanding on November 30 cleared through the bank in December, P500,000 December 31. including the bank credit. outstanding and deposits addition, of P700,000 checks in amounting transit In to were were of 16. What is the cash balance per ledger on December 31? 17. What is the amount of cash receipts per book in December? 18. What is the amount of cash disbursements per book in December? 19. What is the adjusted bank balance?
Prepare a bank reconciliation from the following information:a. Balance per bank statement as of May 31, $17,755.44b. Balance per books as of May 31, $12,211.94c. Deposits in transit, $2,254.81d. Outstanding checks, $7,819.16e. Bank service charge, $20.85
Reconcile the bank account and theaccounting books based on the followinginformation: a. The bank statement for theaccount of Hungry Joe Companyreflects the July 31 balance ofP54,780.00 b. P68,757 was the ending balance ofthe general ledger cash account onJuly 31. c. A check issued by Hungry JoeCompany for P3,000 was recorded inthe accounting books as P4,500. d. checks that were issued and received bypayees that have not yet cleared the bankas of July 31 totaled to P9,885. e. Bank service charge according tothe July bank statement is P210.Hungry Joe ‘s accountant has not yetrecorded this on the books. f. Deposit in transit as for July amountedto P13,425 g. Comparison of the accountingrecords and bank statement showeda July 3 P600 deposit (with validateddeposit slip on file) that was notfound in the bank statement. h. There were two customers checks thatwere dishonored by the bank in July fornonsufficient funds: From Cris Corporation = P1,296 From May Incorporated = P14,265 i. The…

SEE MORE QUESTIONS

Recommended textbooks for you

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781305084087

Author:

Cathy J. Scott

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS