When Crane Holdings Ltd. received its bank statement for the month of October, it showed that the company had a cash balance of $13,760 as at October 31. Crane's general ledger showed a cash balance of $15,637 at that date. A comparison of the bank statement and the accounting records revealed the following information: 1. 2. 3. 4. 5. 6. Bank service charges and debit and credit card processing fees for the month were $53. A cheque in the amount of $472 from one of Crane's customers that had been deposited during the last week of October was returned with the bank statement as "NSF." Cheque #3421, which was a payment for utilities expenses, had been correctly written for $705 but had been incorrectly recorded in the general ledger as $558. Crane had written and mailed out cheques with a value of $2,173 that had not yet cleared the bank account. During the month, the bank collected a $1,640 note receivable plus the outstanding interest of $148 on behalf of Crane. The interest had already been accrued by Crane. The cash receipts for October 31 amounted to $5,166 and had been deposited in the night deposit chute at the bank on the evening of October 31. These were not reflected on the bank statement for October.
When Crane Holdings Ltd. received its bank statement for the month of October, it showed that the company had a cash balance of $13,760 as at October 31. Crane's general ledger showed a cash balance of $15,637 at that date. A comparison of the bank statement and the accounting records revealed the following information: 1. 2. 3. 4. 5. 6. Bank service charges and debit and credit card processing fees for the month were $53. A cheque in the amount of $472 from one of Crane's customers that had been deposited during the last week of October was returned with the bank statement as "NSF." Cheque #3421, which was a payment for utilities expenses, had been correctly written for $705 but had been incorrectly recorded in the general ledger as $558. Crane had written and mailed out cheques with a value of $2,173 that had not yet cleared the bank account. During the month, the bank collected a $1,640 note receivable plus the outstanding interest of $148 on behalf of Crane. The interest had already been accrued by Crane. The cash receipts for October 31 amounted to $5,166 and had been deposited in the night deposit chute at the bank on the evening of October 31. These were not reflected on the bank statement for October.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format ? And Fast Answering Please And Explain Proper Step by Step.
![When Crane Holdings Ltd. received its bank statement for the month of October, it showed that the company had a cash balance of
$13,760 as at October 31. Crane's general ledger showed a cash balance of $15,637 at that date. A comparison of the bank statement
and the accounting records revealed the following information:
1.
2.
3.
4.
5.
6.
Bank service charges and debit and credit card processing fees for the month were $53.
A cheque in the amount of $472 from one of Crane's customers that had been deposited during the last week of October was
returned with the bank statement as "NSF."
Cheque # 3421, which was a payment for utilities expenses, had been correctly written for $705 but had been incorrectly
recorded in the general ledger as $558.
Crane had written and mailed out cheques with a value of $2,173 that had not yet cleared the bank account.
During the month, the bank collected a $1,640 note receivable plus the outstanding interest of $148 on behalf of Crane. The
interest had already been accrued by Crane.
Show Transcribed Text
The cash receipts for October 31 amounted to $5,166 and had been deposited in the night deposit chute at the bank on the
evening of October 31. These were not reflected on the bank statement for October.
Cash balance per bank statement
Add v
Less ✓
Add
Reconciled cash balance per bank
Less
Deposits in transit
Cash balance per books
Outstanding cheques
Note receivable collections
Interest receivable collection on note
Cheque # 3421 error
NSF cheque
Bank service charges
Reconciled cash balance per books
V
V
3
OGLVDCTUA
$
Ĉ
$
1640
148
147 i
53 i
472
13,760
5166
18,926
-2173 i
16753
15637
1788
17425
-672
16753](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff54002f3-a6ac-4359-8c66-58264ca1743c%2Fca83f55d-bba6-4240-9a10-373057864b8e%2Fly8y8pe_processed.jpeg&w=3840&q=75)
Transcribed Image Text:When Crane Holdings Ltd. received its bank statement for the month of October, it showed that the company had a cash balance of
$13,760 as at October 31. Crane's general ledger showed a cash balance of $15,637 at that date. A comparison of the bank statement
and the accounting records revealed the following information:
1.
2.
3.
4.
5.
6.
Bank service charges and debit and credit card processing fees for the month were $53.
A cheque in the amount of $472 from one of Crane's customers that had been deposited during the last week of October was
returned with the bank statement as "NSF."
Cheque # 3421, which was a payment for utilities expenses, had been correctly written for $705 but had been incorrectly
recorded in the general ledger as $558.
Crane had written and mailed out cheques with a value of $2,173 that had not yet cleared the bank account.
During the month, the bank collected a $1,640 note receivable plus the outstanding interest of $148 on behalf of Crane. The
interest had already been accrued by Crane.
Show Transcribed Text
The cash receipts for October 31 amounted to $5,166 and had been deposited in the night deposit chute at the bank on the
evening of October 31. These were not reflected on the bank statement for October.
Cash balance per bank statement
Add v
Less ✓
Add
Reconciled cash balance per bank
Less
Deposits in transit
Cash balance per books
Outstanding cheques
Note receivable collections
Interest receivable collection on note
Cheque # 3421 error
NSF cheque
Bank service charges
Reconciled cash balance per books
V
V
3
OGLVDCTUA
$
Ĉ
$
1640
148
147 i
53 i
472
13,760
5166
18,926
-2173 i
16753
15637
1788
17425
-672
16753
![Prepare any journal entries required from the reconciliation. (List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts.)
Date Account Titles and Explanation
Oct. 31
31
31
31
Bank Indebtedness
Bad Debts Expense
(To record NSF cheque)
(To adjust cheque #3421)
(To record bank service charge)
Show Transcribed Text
I need answer for the 3rd picture
thank you so much
Debit
000 00
53
Credit
00000
53](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff54002f3-a6ac-4359-8c66-58264ca1743c%2Fca83f55d-bba6-4240-9a10-373057864b8e%2Fcv4p9bb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare any journal entries required from the reconciliation. (List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts.)
Date Account Titles and Explanation
Oct. 31
31
31
31
Bank Indebtedness
Bad Debts Expense
(To record NSF cheque)
(To adjust cheque #3421)
(To record bank service charge)
Show Transcribed Text
I need answer for the 3rd picture
thank you so much
Debit
000 00
53
Credit
00000
53
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