Balance as per 12/31 bank statement | 49,144 | ||
Add: | Deposit in transit | 4,508 | |
53,652 | |||
Less: | Check outstanding | 20,932 | |
Balance as per ledger on 12/31 | 32,720 | ||
Add: | Check outstanding | 31,752 | |
Less: | Dec'31 Check not returned | 8,269 | |
Less: | Jan'31 Check not returned | 3,631 | |
Balance as per 1/31 bank statement | 52,572 |
Outstanding over disbursement as per client - $1812
During the audit of Sunset Building Supply, you are given the following year-end bank reconciliation prepared...
During the audit of Sunset Building Supply, you are given the following year-end bank reconciliation prepared by the client: SUNSET BUILDING SUPPLY Bank Reconciliation December 31 Balance per 12/31 bank statement $ 49,064 Add: Deposits in transit 4,500 $ 53,564 Less: Checks outstanding 20,897 Balance per ledger, 12/31 $ 32,667 According to the client’s accounting records, checks totaling $31,700 were issued between January 1 and January 14 of the following year. You have obtained a cutoff bank statement dated January...
L03 EXERCISE 7.5 Bank Reconciliation Shown below is the information needed to prepare a bank reconciliation for Warren Electric at December 31: 1. At December 31, cash per the bank statement was $15,200; cash per the company's records was $17,500. 2. Two debit memoranda accompanied the bank statement: service charges for December of $25, and a $775 check drawn by Jane Jones marked "NSE." 3. Cash receipts of $10,000 on December 31 were not deposited until January 4. 4. The...
The following client-prepared bank reconciliation is being examined by Mautz, CPA, during an audit of the financial statements of Wolfe Company: Wolfe Company Bank Reconciliation Village Bank Account 2 December 31, 2022 Balance per bank (a $ 18,375.91 Deposits in transit (b) 12/30 $1,471.10 12/31 2,840.69 4,311.79 Subtotal 22,687.70 Outstanding checks (c) 837 6,000.00 1941 671.80 1966 320.00 1984 1,855.42 1985 3,621.22 1987 2,576.89 1991 4,420.88 __419,466.21) Subtotal 3,221.49 NSF check returned 12/29 (d) 200.00 Bank charges (e) 550.00 Error...
The following client-prepared bank reconciliation is being examined by Zachary Kallick, CPA, during the examination of the financial statements of 16-26 Simmons Company SIMMONS COMPANY Bank Reconciliation 1st National Bank of U.S. Bank Account September 30, 2018 Procedure(s) Balance per bank $28.375 a. Select 2 procedures Deposits in transit b. Select 5 procedures 9/29/18 $4.500 9/30/18 6,025 1,525 $34,400 Outstanding checks: c. Select 5 procedures 8/31/18 988 2,200 9/26/18 675 1281 9/28/18 1285 850 9/29/18 1289 2,500 9/30/18 (13.450) 1292...
Shown is the information needed to prepare a bank reconciliation for Warren Electric at December 31 1. At December 31, cash per the bank statement was $15,200, cash per the company's records was $19,000. 2. Two debit memoranda accompanied the bank statement: service charges for December of $22, and a $700 check drawn by Jane Jones marked NSF. 3. Cash receipts of $10,000 on December 31 were not deposited until January 4. 4. The following checks had been issued in...
El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2021, reconciliation of the bank balance is as follows: Balance per bank, November 30 $ 3,241 Add: Deposits outstanding 1,210 Less: Checks outstanding #363 $ 124 #365 202 #380 57 #381 87 #382 350 (820 ) Adjusted balance per bank, November 30 $ 3,631 The company’s general ledger checking account showed the following for December: Balance,...
bank reconciliation Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Burgoon Enterprises on May 31: a. The balance on the May 31 bank statement is $8,432.11. b. Not included on the bank statement is a $1,250 deposit made by Burgoon Enterprises late on May 31. c. A comparison between the canceled checks returned with the bank statement and the company records indicated that the following checks are outstanding at May 31: No....
Requirements: 1. Prepare the bank reconciliation statements 2. Adjusting entries NOTE: P is Philippine Peso (Philippine Currency) F. CITIBANK Jetro also maintains a bank account with Citibank. Your review of the bank reconciliation statement disclosed the following information: 1. On December 22, 2018, the bank erroneously credited the account of Jetro Corporation for P 195,000 representing deposit for the account of another company, 2. Postdated checks totaling P 37,900 were included in the deposits in transit. These represent collections of...
El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2021, reconciliation of the bank balance is as follows: $3,241 1,210 Balance per bank, November 30 Add: Deposits outstanding Less: Checks outstanding #363 #365 #380 #381 #382 Adjusted balance per bank, November 30 $ 124 202 57 87 350 (820) $3,631 The company's general ledger checking account showed the following for December: Balance, December 1 Receipts...
prepare a bank reconciliation as of October 31 from the above information Refer to the information given below a. The October 31 cash balance in the general ledger is $836. b. The October 31 balance shown on the bank statement is $335 c. Checks issued but not returned with the bank statement were No. 462 for $14 and No. 483 for $43 d. A deposit made late on October 31 for $472 is included in the general ledger balance but...