On February 28 th , THE Company’s general ledger shows a checking account balance of $18,720....
On February 28
th
, THE Company’s general ledger shows a checking
account balance of $18,720. The company’s cash receipts for the
month which haven’t cleared the bank yet are $5,200 and checks
written by the company this month which have not cleared the bank
total $12,400.
While comparing the bank statement with the general ledger THE
determined the bank overcharged them $200 for a check the bank
cleared. The bank statement also reported service fees of $25, interest
THE earned on their account of $20, and an automatic withdrawal of
$300 for the phone bill. The bank statement also showed the bank had
collected a $1,200 note receivable for THE. The company noted that
one of the checks they wrote was incorrectly recorded in the general
ledger, it was written for $150 but they had subtracted $15 from their
checking account.
The bank statement reported the company checking account balance
was $26,480 on February 28.
Answer the following based on performing a bank reconciliation for
THE Company.
1. How should the company treat the bank error? (add/sub from
bank/general ledger)
2. How should the company treat the company error? (add/sub from
bank/ general ledger)
3. What is the general ledger cash balance before reconciliation? $____
4. What is the bank statement balance before reconciliation? $_____
5. What is the general ledger balance after reconciliation? $_______
Homework Answers
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On February 28
th
, THE Company’s general ledger shows a checking
account balance of $18,720....
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On October 31, 2021, Damon Company’s general ledger shows a
checking account balance of $8,400. The company’s cash receipts for
the month total $74,340, of which $71,300 has been deposited in the
bank. In addition, the company has written checks for $72,470, of
which $71,000 has been processed by the bank.
The bank statement reveals an ending balance of $11,800 and
includes the following items not yet recorded by Damon: bank
service fees of $160, note receivable collected by the...
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,436. The company's cash receipts for the month total $74,580, of which $71,360 has been deposited in the bank. In addition, the company has written checks for $72,506, of which $71,216 has been processed by the bank The bank statement reveals an ending balance of $12,676 and includes the following items not yet recorded by Damon: bank service fees of $280, note receivable collected by the...
On February 28th, the general ledger of CAC shows a balance for cash of $220,000. Cash receipts yet to be deposited into the checking account total $126,000, while checks written by CAC but not yet processed by the bank total $147,500. The company's balance of cash does not reflect a NSF check of $119, a service fee of $20 and interest earned of $32 and a customer payments collected by the bank of $6,250; however, these amounts are included in...
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hey
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