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 1PB
1.
To determine
Prepare the bank reconciliation for Company M, as on November 30, 20--.
2.
To determine
Prepare the
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Refer to the Information given below:
a. The October 31 cash balance in the general ledger is $1,688.
b. The October 31 balance shown on the bank statement is $746.
c. Checks issued but not returned with the bank statement were No. 462 for $26 and No. 483 for $100.
d. A deposit made late on October 31 for $900 is included in the general ledger balance but not in the bank statement balance.
e. Returned with the bank statement was a notice that a customer's check for $150 that was deposited on October 25 had been
returned because the customer's account was overdrawn.
f. During a review of the checks that were returned with the bank statement, It was noted that the amount of Check No. 471 was $64
but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment
of an account payable in the amount of $46.
Required:
Prepare a bank reconciliation as of October 31 from the above Information. (Total the entries of the same account…
The bank statement for Adcock Company indicates a balance of $830 on July 31. The cash balance per
books had a balance of $390 on this date. The following information pertains to the bank transactions for
the company.
1. Deposit of $840, representing cash receipts of July 31, did not appear on the bank statement.
2. Outstanding checks totaled $390.
3. Bank service charges for July amounted to $30.
4. The bank collected a note receivable for the company for $1,200 plus $48 interest revenue.
5. A NSF check for $328 from a customer was returned with the statement.
a. Prepare a bank reconciliation for July 31.
The June 30 cash balance in the general ledger is $785.
The June 30 balance shown on the bank statement is $288.
Checks issued but not returned with the bank statement were Number 712 for $13 and Number 723 for $44.
A deposit made late on June 30 for $472 is included in the general ledger balance but not in the bank statement balance.
Returned with the bank statement was a notice that a customer's check for $73 that was deposited on June 24 had been returned because the customer's account was overdrawn.
During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56.
Required:
Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on June 30.
Prepare the adjusting journal entry that should be…
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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- a. The June 30 cash balance in the general ledger is $878. b. The June 30 balance shown on the bank statement is $402. c. Checks Issued but not returned with the bank statement were Number 712 for $24 and Number 723 for $55. d. A deposit made late on June 30 for $472 Is Included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $74 that was deposited on June 24 had been returned because the customer's account was overdrawn. 1. During a review of the checks that were returned with the bank statement, It was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: Prepare a bank reconciliation as of June 30 from the above information. Note: Total the entries of the same account together when entering in the bank…arrow_forwardRefer to the information given below: a. The August 31 balance shown on the bank statement is $9,050. b. There is a deposit in transit of $1,300 at August 31. c. Outstanding checks at August 31 totaled $1,620. d. Interest credited to the account during August but not recorded on the company's books amounted to $68. e. A bank charge of $44 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived. f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $142 had been recorded as a disbursement of $412. g. The August 31 balance in the general ledger Cash account, before reconciliation, is $8,436. Required: a-1. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on August 31. (Use amounts with + for increases and amounts with for decreases.) Cash Assets…arrow_forwardRefer to the Information given below: a. The August 31 balance shown on the bank statement is $9,050. b. There is a deposit in transit of $1,300 at August 31. c. Outstanding checks at August 31 totaled $1,620. d. Interest credited to the account during August but not recorded on the company's books amounted to $68. e. A bank charge of $44 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived. f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $142 had been recorded as a disbursement of $412 g. The August 31 balance in the general ledger Cash account, before reconciliation, is $8,436. Required: Prepare a bank reconciliation as of August 31 from the above Information. Balance per bank Add: Deduct: Reconciled balance Bank Reconciliation August 31 Balance per books Add: Deduct: Reconciled balancearrow_forward
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