Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 5, Problem 1R
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In the process of your examination of the financial statements of the Malu-oy Company for the year ended December 31, 20X6, you obtained the following data on its current account. The bank statement on November 30, 20X6 showed a balance of P76,500. Among the bank credits in November was a customer’s note for P25,000 collected for the account of the company which the company recognized in December among its receipts. Included on the bank debits were cost of checkbooks amounting to P300 and a P10,000 check which was charged by the bank in error against Malu-oy Company account. Also in November, you ascertained that there were deposits in transit amounting to P20,000 and outstanding checks totaling P42,500. The bank statement for the month of December showed total credit of P104,000 and total charges of P51,000. The company’s books for December showed total receipts of P183,900, disbursements of P101,800 and a balance of P121,400. Bank debit memos for December were: No. 14334 for service…
Haverman Company maintains a checking account at the Commerce Bank. At July 31, selected data from the ledger balance and the bank statement are shown below.
Per Books
Per Bank
Balance, July 1
$17,600
$16,800
July receipts
81,400
July credits
82,470
July disbursements
77,150
July debits
74,756
Balance, July 31
$21,850
$24,514
Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $3,470 for the collection of a $3,400 note plus interest revenue of $70. The July debits per bank consist of checks cleared $74,700 and a debit memorandum of $56 for printer additional company checks.
You also discover the following errors involving July checks: (1) A check for $230 to a creditor on an account that cleared the bank in July was journalized and posted as $320. (2) A salary check to an…
On October 1, Jessica Clay received her bank statement showing a balance of $374.52.Her checkbook records indicate a balance of $338.97. There was a service charge for themonth of $4.40 on the statement. The outstanding checks were for $47.10, $110.15, $19.80,and $64.10. The deposits in transit totaled $125.50. There was a $75.70 debit for automaticpayment of her telephone bill. Use the following form to reconcile Jessica's checking account.Debits Checks OutstandingAmount AmountSvc. Chg.Total TotalCHECKBOOK BALANCE STATEMENT BALANCEAdd: Interest & Other Credits Add: Deposits in TransitSUB TOTAL SUB TOTALDeduct: Service Charges & Other Debits Deduct: Outstanding ChecksADJUSTED CHECK BOOK BALANCE ADJUSTED STATEMENT BALANCE
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Excel Applications for Accounting Principles
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- The book balance in the checking account of Kyri Enterprises as of November 30 is $2,964. The bank statement shows an ending balance of $2,525. The following information is discovered by (1) comparing last month’s deposits in transit and outstanding checks with this month’s bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement. Deposits in transit: 11/29 $125 11/30 200 Outstanding checks: No. 322 17 No. 324 105 No. 327 54 Unrecorded ATM withdrawal:* 100 Bank service charge: 25 NSF check: 185 Error on Check No. 321 Checkbook shows it was for $64, but it was actually written for $44. Accounts Payable was debited. *Funds were withdrawn by Susan Kyri for personal use. Kyri Enterprises Bank Reconciliation November 30, 20-- 1 Bank statement balance, November 30 2…arrow_forward1 Bank statement balance, November 30 2 (Label) 3 (Label) 4. 6. 7 (Label) 8 (Label) 6. 10 11 12 Adjusted bank balance 13 14 Book balance, November 30 15 (Label) 16arrow_forwardThe following data have been gathered for Syncronics, Inc.: Thė July 31 bank balance was $4,000, b. The bank statement included $65 in servicę charges. There was an EFT deposit of $900 on the bank statement for the monthly rent from the tenant. а. C. d. Checks #541 and #543 for $205 and $320, respectively, were not among the can- celed checks returned with the statement. The July 31 deposit of $350 did not appear on the bank statement. · f. The bookkeeper had erroneously recorded a $50 check as $500. The check was written to a vendor to pay off a debt. е. g. Included with the'canceled checks was a check written by Syncronize Corporation for $200 which was deducted from Syncronics' account. h. The bank statement also included an NSF check written by Multimedia, Inc. or a $460 payment on account. The cash account showed a balance of $3,200 on July 31. i. Required: 1. Prepare the July 31 bank reconciliation for Syncronics, Inc. 2. ADJUST The Co'r CASH BA/AN cearrow_forward
- The following data have been gathered for Syncronics, Inc.: Thė July 31 bank balance was $4,000, b. The bank statement included $65 in servicę charges. There was an EFT deposit of $900 on the bank statement for the monthly rent from the tenant. а. с. d. Checks #541 and #543 for $205 and $320, respectively, were not among the can- celed checks returned with the statement. The July 31 deposit of $350 did not appear on the bank statement. f. The bookkeeper had erroneously recorded a $50 check as $500. The check was written to a vendor to pay off a debt. g.. Included with the canceled checks was a check written by Syncronize Corporation for $200 which was deducted from Syncronics' account, h. The bank statement also included an NSF check written by Multimedia, Inç. for a $460 payment on account. The cash account showed a balance of $3,200 on July 31. е. i. Required: 1. Prepare the July 31 bank reconciliation for Syncronics, Inc. 2. ADJUST The Co'r CASH BAIAN cearrow_forwardDottie's Yarn Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $5,537.43. The bank statement on July 31 reported a balance of $4,319.80. Upon comparing the bank statement to the books, the following items were found. a. A bank debit memo issued for $16.25 for bank service charges. b. A bank credit memo issued for interest of $8.50 earned during the month. During the evening of July 30, a deposit of $1,305.62 was made, which is not shown on the bank statement. A bank debit memo issued for an NSF check from a customer of $19.02. C. d. ITEM e. Checks for the amounts of $87.50, $11.00, and $16.26 were written during July but have not yet been received by the bank. Required: 1. Prepare a bank reconciliation as of July 31. Dottie's Yarn Shop Bank Reconciliation Statement July 31, 20xx GENERAL JOURNAL ENTRY REQUIRED? (Yes or No) yes yes no yes noarrow_forwardA review of the March 30 bank statement and other data of Sheridan Aviation revealed a $18,484 balance at March 31 on the bank statement and $18,158 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 $196 2. Collection of a customer electronic payment by the bank $2,508. 3. Deposits in transit at March 31 $3,322. 4. Outstanding checks at March 31 $1,987. 5. A check written by Sheridan 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 $741 was mistakenly charged against Sheridan’s account by the bank. (a) As of March 31, prepare the bank reconciliation for the month of March (omit heading)arrow_forward
- For the month of July, Adam Company had the following information: bank service charge for July, P16,500, “NSF” check, P40,000. Upon review of its records, Adam determined the following: deposit in transit P143,000, outstanding checks P110,000 and an unrecorded customer check of P38,500. If the cash in bank balance per ledger is P920,000, how much is the adjusted balance?arrow_forwardOn November 3, Micah Asuncion received from the bank her bank statement for the month of October. She compared her checkbook to the bank statement and discovered the following: Prepare a bank reconciliation. CHECKBOOK Balance P333,203.50 Balance P369,725.56 Deposits: Deposits: 10/3 P59,600.00 10/3 P59,600.00 10/10 P53,740.00 10/10 P53,700.00 10/26 P27,610.00 10/16 P46,030.00 10/31 P30,260.00 10/26 P27,610.00 Check Issued and Recorded: Checks Cancelled: No.3 P14,435.00 No.5 P38,206.00 No.5 P38,026.00 No.16 P17,300.00 No.16…arrow_forwardAs on October 31, the city cleaners have available the following data concerning its bank checking account:1. On October 31, cash as per the bank statement was $37,758; but as per company’s record /cash book, the amount was $ 42,500.2. The cash receipt of $ 6,244 on October 31, were deposited on Nov.01.3. Included in the bank statement was a credit for $ 167 interest earned on the checking account during October.4. Two checks were outstanding at October 31: No.921 for $ 964 and No. 925 for $ 1,0855. Enclosed with the bank statement were two debit memoranda for the following item:i). service charges for October, $ 14; and ii). $700 check received from a customer Zahid , subsequently sent to Bank but it was marked as NSF.Required: Prepare bank reconciliation at October 31 and adjusting entries based on the bank reconciliation adjustments.arrow_forward
- Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. Refer to the June Bank Statement (2nd attached image) Required: 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. For those boxes in which you must enter subtracted or negative…arrow_forwardA review of the March 30 bank statement and other data of Sangster Aviation revealed a $16,220 balance at March 31 on the bank statement and S15,940 as the balance in the cash account in the company's ledger. In addition, the following information was determined: 1.NSF Check from J. Beiber in payment of account .$ 180 2.Collection of a customer electronic payment by the bank .2,200 3.Deposits in transit at March 31 4.Outstanding checks at March 31 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: 1. The bank reconciliation for the month of March (omit heading) 2. Related journal entries ..2,920 .1,740 1.BANK RECONCILIATION: AmountAmount Balance per bank statement$16,220Balance per books$15,940 Adjusted balance per banks Adjusted…arrow_forwardHenry Inc. is preparing the monthly bank reconciliation of its checking account balance for the month of October.The bank statement indicates the following:Bank Statement balance, beginning of the month: $ 15,640Service charge for October $ 65Interest earned during October $ 80NSF check for goods purchased on account $ 615The company's records indicates the following:Company statement account balance $ 15,526Outstanding checks as of October 31 $ 1,410Deposit in transit as of October 31 $ 750Error in recording a check Issued by Henry Inc. Check was recorded as $660 by the company but correct amount of the check is $6061. Complete the reconciliation by adjusting the bank's end of period balance. List the name of each adjustment, the value on theadjustment (in a separate cell), and then calculated the new adjusted balance. 2. Complete the reconciliation by adjusting the company's end of period balance. List the name of each adjustment, the value onthe adjustment (in a separate cell), and…arrow_forward
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