College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 6, Problem 1PA
1.
To determine
Prepare the bank reconciliation for AM Shop, as on November 30, 20--.
2.
To determine
Prepare the
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Sanchez's Men's Shop deposits all receipts in the bank each evening and makes all payments by check. On November 30, its ledger balance of cash is $2,326.65. The bank statement balance of cash as of November 30 is $3,057.03. Use the following information to reconcile the bank statement:
The reconciliation for October, the previous month, showed three checks outstanding on October 31: no. 1417 for $165.00, no. 1420 for $200.23, and no. 1422 for $206.00. Check no. 1417 and no. 1422 were returned with the November bank statement; however, check no. 1420 was not returned.
Check no. 1500 for $215.00, no. 1517 for $202.00, no. 1518 for $298.00, and no. 1519 for $201.15 were written during November and have not been returned by the bank.
A deposit of $990 was placed in the night depository on November 30 and did not appear on the bank statement.
The canceled checks were compared with the entries in the checkbook, and it was observed that check no. 1487, for $124, was written correctly,…
Arthur's Men's Shop deposits all receipts in the bank each evening and makes all payments by check. On November 30, its ledger balance of cash is $2,375.05. The bank statement balance of cash as of November 30 is $2,784.77. Use the following information to reconcile the bank statement:
The reconciliation for October, the previous month, showed three checks outstanding on October 31: no. 1417 for $95.00, no. 1420 for $125.87, and no. 1422 for $136.00. Check no. 1417 and no. 1422 were returned with the November bank statement; however, check no. 1420 was not returned.
Check no. 1500 for $155.00, no. 1517 for $132.00, no. 1518 for $218.00, and no. 1519 for $128.85 were written during November and have not been returned by the bank.
A deposit of $945 was placed in the night depository on November 30 and did not appear on the bank statement.
The canceled checks were compared with the entries in the checkbook, and it was observed that check no. 1487, for $89, was written correctly, payable…
Haas's Men's Shop deposits all receipts in the bank each evening and makes all payments by check. On November 30, its ledger balance of cash is $2,160.00. The bank statement balance of cash as of November 30 is $3,292.50. Use the following information to reconcile the bank statement:
The reconciliation for October, the previous month, showed three checks outstanding on October 31: no. 1417 for $110.00, no. 1420 for $144.35, and no. 1422 for $151.00. Check no. 1417 and no. 1422 were returned with the November bank statement; however, check no. 1420 was not returned.
Check no. 1500 for $160.00, no. 1517 for $147.00, no. 1518 for $243.00, and no. 1519 for $146.15 were written during November and have not been returned by the bank.
A deposit of $935 was placed in the night depository on November 30 and did not appear on the bank statement.
The canceled checks were compared with the entries in the checkbook, and it was observed that check no. 1487, for $24, was written correctly, payable…
Chapter 6 Solutions
College Accounting (Book Only): A Career Approach
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
Ch. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - Prob. 8DQCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - a. Describe the entries that have been posted to...Ch. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 5PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - Prob. 5PBCh. 6 - Prob. 1ACh. 6 - Prob. 2ACh. 6 - You work as a cashier for a service business. Some...
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- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?arrow_forwardThe bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.arrow_forwardThe bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.arrow_forward
- Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?arrow_forwardUsing the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35arrow_forwardThe Quilt Shop deposits all receipts in the bank each evening and makes all payments by check. On July 31, its ledger balance of cash is $2,830.15. The bank statement balance of cash as of July 31 is $3,215.20. Use the following information to reconcile the bank statement: The reconciliation for June, the previous month, showed three checks outstanding on June 30: no. 1820 for $85.00, no. 1822 for $115.20, and no. 1823 for $120.00. Check no. 1820 and no. 1822 were returned with the July bank statement; however, check no. 1823 was not returned. Check no. 2500 for $255.00, no. 2517 for $332.00, no. 2518 for $115.00, and no. 2519 for $28.85 were written during July and have not been returned by the bank. A deposit of $446.80 was placed in the night depository on July 31 and did not appear on the bank statement. The canceled checks were compared with the entries in the checkbook, and it was observed that check no. 2587, for $26, was written correctly, payable to J. L. Lang, the owner, for…arrow_forward
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