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 4PB
1.
To determine
Prepare the bank reconciliation for N Motel, as on July 31, 20--.
2.
To determine
Prepare the
3.
To determine
Prepare the bank form to compute the adjusted bank balance.
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On august 31, baginski aunt company receives its bank statement on below. The company deposit it’s receipts in the bank and makes all payments by check. The debit memo for $95 is for an NSF check written by L. Pets. Check number 925 for $47, payable to Jordan company(a creditor) was recorded in the checkbook and journal as $74.
The ledger balance of cash as of august 31st are no. 928, $150 and no. 929, $292. The accountant notes that the deposit of august 31 for $599 did not appear on the bank statement. How would I prepare a bank reconciliation as of august 31, assuming that the debit memos have not been recorded, as well as journal the entries, as well as complete the bank form to determine the adjusted balance of cash?
Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found.
Peterson Company's general ledger shows a cash balance of $7,480 on May 31. May cash receipts of $1,320, included in the general
ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement
dated May 31 shows an NSF check from a customer for $160 and a service fee of $70. The bank processes all checks written by the
company by May 31 and lists them on the bank statement, except for one check totaling $1,830. The bank statement shows a balance
of $7,760 on May 31.
Required:
Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with
a minus sign.)
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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- Peterson Company's general ledger shows a cash balance of $7,450 on May 31. May cash receipts of $1,220, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check for $170 and a service fee of $90. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,830. The bank statement shows a balance of $7,800 on May 31. Prepare a bank reconciliation to calculate the correct ending balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) PETERSON COMPANY Bank Reconciliation May 31 Bank's Cash Balance Company's Cash Balance Before reconciliation Before reconciliation After reconciliation After reconciliationarrow_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_forwardThe 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…arrow_forward
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