1. Prepare the bank reconciliation as follows: | ||
Valentine Investigations | ||
Bank Reconciliation Schedule | ||
February 28, 20XX | ||
Cash balance from bank statement | 12064 | |
Add: Deposits in transit | 4090 | |
Less: Outstanding checks | -5124 | |
Adjusted cash balance | 11030 | |
Cash balance from company records | 11880 | |
Less: | ||
Bank service charge | -50 | |
Debit memo (electric bill) | -800 | -850 |
Adjusted cash balance | 11030 |
2. Prepare the adjusting entry as follows: | ||||
Date | Account Title | Post Ref. | Debit | Credit |
28-Feb | Bank service charge/Miscellaneous expense | 50 | ||
Cash | 50 | |||
28-Feb | Utilities expense | 800 | ||
Cash | 800 |
3. The amount of cash that should be reported on February 28 balance sheet is $11,030.
Valentine Investigations has the following information for its cash account: Balance, 1/31 $ 7,420 Deposits during...
Valentine Investigations has the following information for its cash account: Balance, 1/31 $ 7,379 Deposits during February 106,890 Checks written during February 102,470 Valentine’s bank statement for February contained the following information: Valentine Investigations Bank Reconciliation Schedule February 28, 20XX 1 Balance per bank, 1/31 $8,898.00 2 Add: 3 February deposits 105,400.00 4 $114,298.00 5 Less: 6 Checks paid in February $(100,100.00) 7 Bank service charge (50.00) 8 Debit memo (electric bill) (700.00) (100,850.00) 9 Balance per bank, 2/28 $13,448.00...
Bank Reconciliation Instructions Chart Of Accounts Amount Descriptions Bank Reconciliation General Journal Instructions Valentine Investigations has the following information for its cash account: Balance, 1/31 Deposits during February Checks written during February $ 7,445 106,720 102,370 Valentine's bank statement for February contained the following information: Valentine Investigations Bank Reconciliation Schedule February 28, 20XX 1 Balance per bank, 1/31 $8,860.00 2 Add: 3 February deposits 105,050.00 $113,910.00 Less eBook Show Me How Calculator Bank Reconciliation Instructions Chart Of Accounts Amount Descriptions...
A company general ledger shows a checking account balance of $22,820 on July 31, Year 1. The July cash receipts of $1,735, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $40. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except...
The December bank statement and cash T-account for Stewart Company follow: Withdrawals Deposits $ 550 7,500 125 Balance $50,500 49,950 42,450 42,325 72,225 70,075 57,575 600 $30,500 2,150 12,500 Date Dec. 1 2-Cheque 4-Cheque 6-Cheque 11-Cheque 13-Cheque 17-Cheque 23-Cheque 26-Cheque 28-Cheque 30-Cheque 30–NSF* 31-Cheque 31-Interest earned 31-Service charge 36,500 . 925 93,085 2,450 17,500 350 1,700 90,6 92,6 о л л op www л л 19,500 92,285 90,585 90,640 90,465 175 *NSF cheque from J. Left, a customer. + Cash...
Problem 6-21B Bank reconciliation and adjustments to the cash account The following information is available for Pyle Garage for March Year 1: BANK STATEMENT HAZARD STATE BANK 215 MAIN STREET HAZARD, GA 30321 Pyle Garage 629 Main Street Hazard, GA 30321 Account number 62-00062 March 31, Year1 Beginning balance V1/Year 1 Total deposits and other credits $15,000.00 7,000.00 Total checks and other debits 6,000.00 16,000.00 Ending balance 3/31/Year 1 Checks and Debits Deposits and Credits Amount $1,000.00 Check No. Amount...
On August 31 Year 1 the general ledger of a company shows a balance for cash of $7.934 Cash receipts yet to be deposited into the checking account total 53.328, and checks written by the academy but not yet processed by the bank total $1415 The company's balance of cash does not reflect a bank service fee of $34 and interest earned on the checking account of $45. These amounts are included in the balance of cash of $6,032 reported...
Required information Use the following information for the Exercises below The following information applies to the questions displayed below.] Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2017, its Cash account shows an $15,966 debit balance. Del Gato Clinic's June 30 bank statement shows $16,274 on deposit in the bank. a. Outstanding checks as of June 30 total...
Using the following information: The bank statement balance is $5,550. The cash account balance is $5,720. Outstanding checks amounted to $875. Deposits in transit are $1,002. The bank service charge is $34. A check for $43 for supplies was recorded as $34 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement$ Adjustments: Deposits in transit not recorded by bank $ Outstanding checks Total adjustments...
Madison Company's cash ledger reports the following for the month ending March 31 Deposits: Anunt $ 1,700 2,000 Date 3/4 3/11 3/11 3/25 3/26-3/31 No Checkst 561 502 543 544 545 Date 3/2 3/8 3/12 3/19 3/27 3/28 3/30 3,400 2,500 $ 13,400 Amount $ 5,480 900 2.700 1.680 300 600 1.50 $13,000 Cash receipts SE Balance on March 1 Receipts Disbursements Balance on March 31 $ 5,900 13,400 (13,000) 56,300 Information from March's bank statement and company records reveals...
Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31, 2019: Cash in Bank Acct. No. 101 Balance DR CR Folio Date Nov. 30 Dec. 1-31 Cash receipts Dec. 1-31 Cash Payments Description Balance (overdraft) Debit Credit CRJ10 CDJ21 221,000 1,034,000 62,000 813,000 972,000 December deposits made and checks issued were as follows Deposits Checks Date Amount No. Amount 30,000 210,000 85,000 Dec. 5 232 233 12 15 21 24 26 28 31 110,000...