You are in the process of preparing a bank reconciliation for Charter Boat Company as of May 31. Identify the appropriate information to prepare the reconciliation. 1. Deposit in transit of $1,500 as of May 31. 2. April service charge of $30 recorded by the company in May. Deducted from the balance per bank statement 3. Checks totaling $1,100 written in April that have not cleared the bank by May 31. Added to the balance per bank statement 4. Check of Tomi, Inc. for $780 deposited in May by Charter Boat Company and Deducted from the balance per company records returned by the bank with the NSF notation in May bank statement. 5. Canceled check No. 205 written by Charter Boat Company for $200 to Mays, Inc., Added to the balance per company records had been recorded on the company's books as $2,000. Omitted from the reconciliation 6. Note receivable face value plus interest collected by the bank and deposited into Carpenter's account and not previously recorded by Charter Boat Company. 7. Bank service charge of $35 for May. 8. Check of Carpets, Inc. charged in error against Charter Boat's account by the bank during May and not corrected as of May 31.
You are in the process of preparing a bank reconciliation for Charter Boat Company as of May 31. Identify the appropriate information to prepare the reconciliation. 1. Deposit in transit of $1,500 as of May 31. 2. April service charge of $30 recorded by the company in May. Deducted from the balance per bank statement 3. Checks totaling $1,100 written in April that have not cleared the bank by May 31. Added to the balance per bank statement 4. Check of Tomi, Inc. for $780 deposited in May by Charter Boat Company and Deducted from the balance per company records returned by the bank with the NSF notation in May bank statement. 5. Canceled check No. 205 written by Charter Boat Company for $200 to Mays, Inc., Added to the balance per company records had been recorded on the company's books as $2,000. Omitted from the reconciliation 6. Note receivable face value plus interest collected by the bank and deposited into Carpenter's account and not previously recorded by Charter Boat Company. 7. Bank service charge of $35 for May. 8. Check of Carpets, Inc. charged in error against Charter Boat's account by the bank during May and not corrected as of May 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
You are in the process of preparing a bank reconciliation for Charter Boat Company as of May 31. Identify the appropriate information to prepare the reconciliation.
1. Deposit in transit of $1,500 as of May 31.
2. April service charge of $30 recorded by the company in May.
3. Checks totaling $1,100 written in April that have not cleared the bank by May 31.
4. Check of Tomi, Inc. for $780 deposited in May by Charter Boat Company and
returned by the bank with the NSF notation in May bank statement.
5. Canceled check No. 205 written by Charter Boat Company for $200 to Mays, Inc.,
had been recorded on the company's books as $2,000.
6. Note receivable face value plus interest collected by the bank and deposited into
Carpenter's account and not previously recorded by Charter Boat Company.
7. Bank service charge of $35 for May.
8. Check of Carpets, Inc. charged in error against Charter Boat's account by the bank
during May and not corrected as of May 31.
Transcribed Image Text:You are in the process of preparing a bank reconciliation for Charter Boat Company as of May 31. Identify the appropriate information to prepare the reconciliation.
1. Deposit in transit of $1,500 as of May 31.
2. April service charge of $30 recorded by the company in May.
Deducted from the balance per bank statement
3. Checks totaling $1,100 written in April that have not cleared the bank by May 31.
Added to the balance per bank statement
4. Check of Tomi, Inc. for $780 deposited in May by Charter Boat Company and
Deducted from the balance per company records
returned by the bank with the NSF notation in May bank statement.
5. Canceled check No. 205 written by Charter Boat Company for $200 to Mays, Inc.,
Added to the balance per company records
had been recorded on the company's books as $2,000.
Omitted from the reconciliation
6. Note receivable face value plus interest collected by the bank and deposited into
Carpenter's account and not previously recorded by Charter Boat Company.
7. Bank service charge of $35 for May.
8. Check of Carpets, Inc. charged in error against Charter Boat's account by the bank
during May and not corrected as of May 31.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education