Homework Answers
Answer:
a. Bank Reconciliation statement
| Particulars | Amount | Amount |
| Balance as per bank Statement | $22,000 | |
| Less: Cheque Directly Deposited in bank and other credit in bank | ||
| Oustanding Cheque | 9000 | |
| Entry Wrongly made by bookkeeper (1832-1283) | 549 | (9,549) |
| Add: Cheque Reveived but not deposited in bank & other debit in bank | ||
| Deposited in transit | 5,000 | |
| Bank Charges | 200 | |
| NSF from customer | 3,000 | 8200 |
| Balance as per Bank book ( cash book) | $21749 |
b. balance in cash and cash Equivalent as on 31 Dec.
cash $22,000
Add: Money Market Account $60,000
Highly Liquid Stock $5,000
Total $87,000
c.
if the basis of Cash books
1 Cash A/cc dr. $5,000
To Supplier name $5,000
2 Bank Charges acc dr $200
To cash $200
3 Oustanding Cheque dr. $9,000
to Cash $9,000
4 Cash a/cc dr. $3,000
to Susque Company $3,000
5 office supplies acc dr. 549
to cash 549
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The Cash account in the general ledger of Lyco Corporation showed a balance of $21,749 at...
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The Cash account in the general ledger of Lyco Corporation showed a balance of $21,749 at December 31 (but prior to performing a bank reconciliation). The company's bank statement showed a balance of $22,000 at the same date. The only reconciling items consisted of (1) a $5,000 deposit in transit, (2) a bank service charge of $200, (3) outstanding checks totaling $9,000, (4) a $3,000 check marked "NSF" from Susque Company, one of Lyco's customers, and (5) a check written...
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Bank reconciliation homework help PLEASE!
Could you please tell me how to find the answers to this question?The Cash account in the general ledger of Lyco Corporation showed a balance of $21,749 at December 31 (but prior to performing a bank reconciliation). The company'sbank statement showed a balance of $22,000 at the same date. The only reconciling items consisted of: (1) a $5,000 deposit in transit, (2) a bank service charge of$200, (3) outstanding checks totaling $9,000, (4) a $3,000 check marked "NSF" from Susque...
The Cash account in the general ledger of Lyco Corporation showed a balance of $21,749 at December 31 (but prior to performing a bank reconciliation). The company's bank statement showed a balance of $22,000 at the same date. The only reconciling items consisted of (1) a $5,000 deposit in transit, (2) a bank service charge of $200, (3) outstanding checks totaling $9,000, (4) a $3,000 check marked "NSF" from Susque Company, one of Lyco's customers, and (5) a check written...
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Submit Check my work The balance in Happ Inc's general ledger Cash account was $71,580 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $63,780. Reconciling items included deposits in transit, $6,200, bank service charges, $120, NSF check written by a customer and returned with the bank statement, $2,850, outstanding checks, 51.280, and interest credited to the account during September but not recorded on the company's books, $90 Required: a. Show the reconciling items...
The balance in Happ Inc's general ledger Cash account was $71,580 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $63,780. Reconciling items included deposits in transit, $6.200; bank service charges, $120, NSF check written by a customer and returned with the bank statement. $2,850, outstanding checks, $1,280; and interest credited to the account during September but not recorded on the company's books, $90. Required: a. Show the reconciling items in a horizontal model...
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