Homework Answers
BANK RECONCILIATION STATEMENT AS ON OCTOBER 31, 20XE
| BALANCE AS PER BOOK | 93,200 | BALANCE AS PER BANK | 110,760 | |
| Add: | Add: | |||
| Interest earned | 20 | Cash receipt outstanding | 22,000 | |
| Note collected by bank directly | 5,100 | |||
| Cheque 1154 incorrectly recorded (12000-11200) | 800 | |||
| Less: | Less: | |||
| NSF Cheque | 1,500 | Outstanding cheque 1156 | 9,200 | |
| Automatic withdrawal for rent | 3,000 | Outstanding cheque 1127 | 29,000 | |
| Bank service charges- NSF | 50 | |||
| Bank service charges- maintenance | 10 | |||
| Reconciled balance as per books | 94,560 | Reconciled balance as per bank | 94,560 |
21. Outstanding cheque 1156 = 9,200
Oustanding cheque 1157 = 29,000
Cheque to be deducted from bank balance = 38,200
22. Cash receipt outstanding = 22,000
23. A) Add 800 to the company cash account (12000-11200)
24. Total amount used to reconcile the balance = 110,760-94,560 = 16,200
25. Cash balance after reconciliation = 94,560
Add Answer to:
23. When performing the bank reconciliation, how should the company treat check 11542 A. add $800...
TJ Company's cash ledger reports the following for the month ending October 31, 20XE. Deposits Date...
TJ Company's cash ledger reports the following for the month ending October 31, 20XE. Deposits Date 3-Oct 10-Oct 17-Oct 24-Oct Cash receipts 10/26-10/27 No. 1151 1152 Amount $20,000 25,000 26,000 24,000 12,000 $107,000 1153 Checks Date Amount 4-Oct $15,000 6-Oct 8,000 15-Oct 24,000 16-Oct 1,200 20-Oct 3,000 22-Oct 25,000 29-Oct 8,000 $84,200 1154 1155 1156 1157 Balance on October 1 $20,000 Receipts Disbursements Balance on October 31 107,000 84,200 $42,800 Information from October's bank statement and company records reveals the...
TJ Company's cash ledger reports the following for the month ending October 31, 20XE. Deposits Date...
TJ Company's cash ledger reports the following for the month ending October 31, 20XE. Deposits Date 3-Oct 10-Oct 17-Oct 24-Oct Cash receipts 10/26 - 10/27 Amount $30,000 47,500 44,000 39,500 8,000 $169,000 No. 1151 1152 1153 1154 1155 Checks Date Amount 4-Oct $20,000 6-Oct 18,000 15-Oct 42,000 16-Oct 10,000 20-Oct 2,500 22-Oct 1,700 29-Oct 32,000 $126,200 1156 1157 Balance on October 1 Receipts Disbursements Balance on October 31 $32,000 169,000 126,200 $74,800 Information from October's bank statement and company records...
Use the following to answer questions 21 - 25 TJ Company's cash ledger reports the following...
Use the following to answer questions 21 - 25 TJ Company's cash ledger reports the following for the month ending October 31, 20XE. Deposits Checks Date Date Amount No Amount 115 3-Oct $30,000 4-Oct $20,000 115 10-Oct 47,500 6-Oct 18,000 115 17-Oct 44,000 3 15-Oct 42,000 115 24-Oct 39,500 16-Oct 10,000 115 Cash receipts 10/26-10/27 8.000 20-Oct 2,500 $169.00 115 1,700 115 22-Oct 29-Oct 7 32,000 $126,200 Balance on October 1 Receipts Disbursements Balance on October 31 $32,000 169,000 126,200...
Use the following to answer questions 21 - 25 TJ Company's cash ledger reports the following...
Use the following to answer questions 21 - 25 TJ Company's cash ledger reports the following for the month ending October 31, 20XE. Deposits Duke od stood usilo 100 4. Solus 17Oct us is 24-Octwo sod 11516-0d Cashier 10 26.10 SI Lused 10 SX Balance on October 512.00 Recipe Dushur me 1 20 Balance on October 1974, Information from October's bank statement and company records reveals the following additional information: The ending cash balance shown on the bank statement is...
Exercise 6-12 Bank reconciliation P3 Wright Company deposits all cash receipts on the day when they...
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Need help in bank reconciliation and general journal. McDermott Company's bank statement for September 30 showed...
Need help in bank reconciliation and general journal.
McDermott Company's bank statement for September 30 showed an ending cash balance of $1,420. The company's Cash account in its general ledger showed a $1,070 debit balance. The following information was also available as of September 30. • The bank deducted $150 for an NSF check from a customer deposited on September 15. • The September 30 cash receipts, $1,300, were placed in the bank's night depository after banking hours on that...
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Exercise 4-44 (Algorithmic) Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $21,676, whereas Johnson's cash account shows a balance of $21,220 on October 31. The following additional information is available: A $755 deposit made on October 31 was not recorded by the bank until November. At the end of October, outstanding checks total $1,222. The bank statement shows bank service charges of $125 not yet recorded by the company. The company erroneously recorded as $973...
Bank Balance Options: Add, NA, Subtract 1st Book Balance Options: Add, NA, Subtract 2nd Book Balance...
Bank Balance Options: Add, NA, Subtract
1st Book Balance Options: Add, NA, Subtract
2nd Book Balance Option: DR, CR, NA
Exercise 8-11 Bank reconciliation and adjusting entries LO P3 A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the...
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Use the following to answer questions 5-8 Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number 1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1. 1. Added to bank statement balance 2. Subtracted from bank statement balance 3. Added to company cash balance 4. Subtracted from company cash balance 6 7 8 Item Bank deducted too...
TJ Company's cash ledger reports the following for the month ending October 31, 20XE. Deposits Date 3-Oct 10-Oct 17-Oct 24-Oct Cash receipts 10/26-10/27 No. 1151 1152 Amount $20,000 25,000 26,000 24,000 12,000 $107,000 1153 Checks Date Amount 4-Oct $15,000 6-Oct 8,000 15-Oct 24,000 16-Oct 1,200 20-Oct 3,000 22-Oct 25,000 29-Oct 8,000 $84,200 1154 1155 1156 1157 Balance on October 1 $20,000 Receipts Disbursements Balance on October 31 107,000 84,200 $42,800 Information from October's bank statement and company records reveals the...
TJ Company's cash ledger reports the following for the month ending October 31, 20XE. Deposits Date 3-Oct 10-Oct 17-Oct 24-Oct Cash receipts 10/26 - 10/27 Amount $30,000 47,500 44,000 39,500 8,000 $169,000 No. 1151 1152 1153 1154 1155 Checks Date Amount 4-Oct $20,000 6-Oct 18,000 15-Oct 42,000 16-Oct 10,000 20-Oct 2,500 22-Oct 1,700 29-Oct 32,000 $126,200 1156 1157 Balance on October 1 Receipts Disbursements Balance on October 31 $32,000 169,000 126,200 $74,800 Information from October's bank statement and company records...
Use the following to answer questions 21 - 25 TJ Company's cash ledger reports the following for the month ending October 31, 20XE. Deposits Checks Date Date Amount No Amount 115 3-Oct $30,000 4-Oct $20,000 115 10-Oct 47,500 6-Oct 18,000 115 17-Oct 44,000 3 15-Oct 42,000 115 24-Oct 39,500 16-Oct 10,000 115 Cash receipts 10/26-10/27 8.000 20-Oct 2,500 $169.00 115 1,700 115 22-Oct 29-Oct 7 32,000 $126,200 Balance on October 1 Receipts Disbursements Balance on October 31 $32,000 169,000 126,200...
Use the following to answer questions 21 - 25 TJ Company's cash ledger reports the following for the month ending October 31, 20XE. Deposits Duke od stood usilo 100 4. Solus 17Oct us is 24-Octwo sod 11516-0d Cashier 10 26.10 SI Lused 10 SX Balance on October 512.00 Recipe Dushur me 1 20 Balance on October 1974, Information from October's bank statement and company records reveals the following additional information: The ending cash balance shown on the bank statement is...
Exercise 6-12 Bank reconciliation P3 Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, its Cash account shows a $27.500 debit balance. The company's May 31 bank statement shows $25.800 on deposit in the bank. Prepare a bank reconciliation for the company using the following information. a. The May 31 bank statement lists $100 in bank service charges the company...
Need help in bank reconciliation and general journal.
McDermott Company's bank statement for September 30 showed an ending cash balance of $1,420. The company's Cash account in its general ledger showed a $1,070 debit balance. The following information was also available as of September 30. • The bank deducted $150 for an NSF check from a customer deposited on September 15. • The September 30 cash receipts, $1,300, were placed in the bank's night depository after banking hours on that...
Bank Balance Options: Add, NA, Subtract
1st Book Balance Options: Add, NA, Subtract
2nd Book Balance Option: DR, CR, NA
Exercise 8-11 Bank reconciliation and adjusting entries LO P3 A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the...
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