1. Bank Reconciliation
Balance as per Bank Statement | $12,360 | |
Add: Deposit in transit | $4,640 | |
17,000 | ||
Less: Error in recording cheque | $400 | |
Less: Cheques were drawn outstanding | $4,450 | $4,850 |
Balance as per cash account | $9,810 | |
Add: Note collected by bank | $2,410 | |
12,220 | ||
Less: Error in recording cheque ret | $40 | |
Less: Bank Service charges | $30 | $70 |
Correct balance | $12,150 |
Cash+ | Notes rec= | Acct. Pable+ | Reatined earnigs | ||
+ 2,410 | - 2,290 | 120 | |||
Statement of Cashflows | Income Statement | ||||
Operating activities $ 2,410 | Interest revenue $120 | ||||
Cash+ | Notes rec= | Acct. Pable+ | Reatined earnigs | ||
-70 | -40 | -30 | |||
Statement of Cashflows | Income Statement | ||||
Operating activities ($70) | Service expenses (30) | ||||
The cash account for Deaver Consulting at October 31, 2016, indicated a balance of $9,810. The...
The Cash account of Reitmeier Corp. reported a balance of $3,600 at October 31, 2016. Included were outstanding checks totaling $1,600 and an October 31 deposit of $400 that did not appear on the bank statement. The bank statement, which came from Tumpike State Bank, listed an October 31 balance of $5,388. Included in the bank balance was an October 30 collection of $614 on account from a customer who pays the bank directy. The bank statement also shows a...
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Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 2015, indicated a balance of $9,155. The bank statement indicated a balance of $11,610 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos records reveals the following reconciling items: a. Checks outstanding totaled $4,180. b. A deposit of $4,350, representing receipts of July 31, had been made too late to appear on the bank statement. c. The bank had collected $2,260...
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E7-22 Preparing a bank reconciliation Jim Root Corporation operates four bowling alleys. The business just received the October 31, 2018, bank statement from City National Bank, and the statement shows an ending balance of $910. Listed on the statement are an EFT rent collection of $440, a service charge of $7, NSF checks totaling $50, and a $23 charge for printed checks. In reviewing the cash records, the business identified outstanding checks total- ing $440 and a deposit in transit of...