Homework Answers
7.
| Sue's Check book balance | $ 682.80 | Bank Balance | $ 620.55 | |
| Add : | Add : | |||
| Interest Revenue | $ 11.55 | Deposit made but not cleared | $ 1,236.85 | |
| Subtotal | $ 694.35 | Subtotal | $ 1,857.40 | |
| Less : | Less : | |||
| Overdraft fee | $ 30.00 | no. 250 | $ 721.75 | |
| Service charges | $ 15.20 | no. 253 | $ 348.90 | |
| Subtotal | $ 45.20 | no. 254 | $ 137.60 | |
| Reconciled Balance | $ 649.15 | Reconciled Balance | $ 649.15 | |
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7 Banks are finding more ways to charge fees, such as a $30.00 overdraft fee. Sue...
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Atlas Company's January bank statement had a balance of $32,360. Their accounting general ledger showed a cash balance of $35,465 on January 31st. The following additional information was discovered when the bank statement was compared to the accounting records: There was interest earned of $10 on the bank statement that the company bookkeeper had not recorded yet. Atlas made a $4,500 deposit on January 31st that was not showing on the January bank statement. There was a bank service charge...
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Chapter 4 Financial Planning Exercise 6 Checking account reconciliation Use Worksheet 4.1. Carlos Perez has a NOW account at the First State Bank. His checkbook ledger lists the following checks: Amount Check Numbers 654 658 $206.05 55.00 103.00 98.57 6.13 50.01 24.90 32.43 44.50 30.00 30.00 111.23 38.04 97.99 486.19 43.50 75.21 98.22 Carlos also made the following withdrawals and deposits at an ATM near his home: Date Amount Transaction 11/1 $50.00 withdrawal 11/2 $525.60 deposit 11/6 $100.00 deposit 11/14...
5-2 APPLICATION PROBLEM Reconciling a bank statement and recording a bank service charge Forms are given below. On May 31 of the current year, Parties Plus received a bank statement dated May 30. The following information is obtained from the bank statement and from the records of the business. Bank statement balance Bank service charge Outstanding deposit, May 30 $ 1,927.00 20.00 756.25 Outstanding checks: No. 310 421.76 150.50 2,130.99 No. 311 Checkbook balance on Check Stub No. 312 Instructions:...
Turner Excavation maintains a checking account. During July, the following checks were written and recorded in the accounting records (this information is from the Cash general ledger account): July 2 Cash, Check #301, $100 5 Office Rent Expense, Check #302, $650 13 Cash, Check #303, 997 15 Office Equipment, Check #304, $525 17 Supplies, Check #305, $133 18 Attorney Fees Expense, Check #306, $1,000 30 Advertising Expense, Check #307, $200.20 31 Cash, Check #308, $63.50 The following deposits had been...
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