Bank Reconciliation and Entries
The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $12,800. The bank statement indicated a balance of $15,970 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items:
Required:
1. Prepare a bank reconciliation.
Stone Systems | ||
Bank Reconciliation | ||
July 31, 20Y5 | ||
Cash balance according to bank statement | $ | |
Add: Deposit in transit on July 31 | ||
Deduct: Outstanding checks | $ | |
Deduct: Bank error in charging check as $30 instead of $300 | ||
Total deductions | ||
Adjusted balance | $ | |
Cash balance according to company's records | $ | |
Adjustments: | ||
Add: Note collected by bank, including $160 interest | $ | |
Add: Error in recording check by Stone Systems | ||
Total additions | ||
Deduct: Bank service charges | ||
Adjusted balance | $ |
Feedback
2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. If an amount box does not require an entry, leave it blank.
20Y5 July 31 | Cash | ||
Notes Receivable | |||
Interest Revenue | |||
Accounts Payable-Holland Co. | |||
July 31 | Miscellaneous Expense | ||
Cash |
3. If a balance sheet were prepared for Stone
Systems on July 31, 20Y5, what amount should be reported as
cash?
$
Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 20Y5, indicated a...
Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $12,670. The bank statement indicated a balance of $16,000 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: Checks outstanding totaled $5,760. A deposit of $6,000, representing receipts of July 31, had been made too late to appear on the bank statement. The bank had collected $3,120 on...
Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 2015, indicated a balance of $9,155. The bank statement indicated a balance of $11,610 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos records reveals the following reconciling items: a. Checks outstanding totaled $4,180. b. A deposit of $4,350, representing receipts of July 31, had been made too late to appear on the bank statement. c. The bank had collected $2,260...
Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: a. Checks outstanding totaled $17,865. b. A deposit of $9,150, representing receipts of July 31, had been made too late to appear on the bank statement. c. The bank had collected $6,095 on a note...
Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $12,830. During May, the total cash deposited was $ 64,640 and checks written totaled $60,020. The bank statement indicated a balance of $21,910 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $9,760. b. A deposit of $7,950, representing receipts of May 31, had been...
Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,640. During May, the total cash deposited was $73,260 and checks written totaled $68,020. The bank statement indicated a balance of $24,840 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $11,060. A deposit of $9,010, representing receipts of May 31, had been made too late...
Only need help with Question 2 Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,600. During May, the total cash deposited was $73,740 and checks written totaled $68,470. The bank statement indicated a balance of $25,000 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $11,130. b. A deposit of $9,070, representing receipts...
Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,370. During May, the total cash deposited was $72,740 and checks written totaled $67,540. The bank statement indicated a balance of $24,660 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $10,980. b. A deposit of $8,950, representing receipts of May 31, had been made...
Bank Reconciliation and Entries. The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,640. During May, the total cash deposited was $73,180 and checks written totaled $67,950. The bank statement indicated a balance of $24,810 on May 31. Comparing the bank statement, the canceled checks, ans fhe accompaying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $11,050 2 matches shor De ories & Problems BLANKSH. ALGO eBook Show Me How...
Bank Reconciliation and Entries The cash account for American Medical Co. at April 30 indicated a balance of $10,945. The bank statement indicated a balance of $12,340 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $4,440. b. A deposit of $4,630, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $2,410...
The cash account for Deaver Consulting at October 31, 2016, indicated a balance of $9,810. The bank statement indicated a balance of $12,360 on October 31, 2016 Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $4,450. b. A deposit of $4,640, representing receipts from October 31, had been made too late to appear on the bank statement. C. The bank had collected $2,410 on a...