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.

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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