Homework Answers
NSF check means that the check of customer is not cleared and as a result the debit made to the bank earlier now needs to be reversed and the accounts receivable has to be reinstated again.
Journal Entry: Debit Credit
Accounts Receivable 950
Cash 950
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Following is a bank reconciliation for Zocar Enterprises for June 30, Year 1: Cash Account $23,510...
Following is a bank reconciliation for Zocar Enterprises for June 30, 2018 Cash Account $24,485 Bank...
Following is a bank reconciliation for Zocar Enterprises for June 30, 2018 Cash Account $24,485 Bank Statement $20,785 4,500 (420) Balance as of 6/30/2018 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/2018 1,760 (30) (1,350) $24,865 $24,865 When reviewing the bank reconciliation, Zocar's auditor was unable to locate any reference to the NSF check on the bank statement. Furthermore, the clerk who reconciles the bank account and records...
Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2: Cash Account Bank...
Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2: Cash Account Bank Statement Balance as of 6/30/Year 2 $ 23,880 $ 20,185 Deposit in transit 4,425 Outstanding checks (485 ) Note collected by bank 1,335 Bank service charge (40 ) NSF check (1,050 ) Adjusted cash balance as of 6/30/Year 2 $ 24,125 $ 24,125 As part of the normal process for handling an NSF check, the accounting clerk has notified the customer that their account...
Following is a bank reconciliation for Zocar Enterprises for June 30, 2018. Cash Account Bank Statement...
Following is a bank reconciliation for Zocar Enterprises for June 30, 2018. Cash Account Bank Statement Balance as of 6/30/2018 $ 25,220 $ 21,265 Deposit in transit 4,675 Outstanding checks (400 ) Note collected by bank 1,065 Bank service charge (45 ) NSF check (700 ) Adjusted cash balance as of 6/30/2018 $ 25,540 $ 25,540 As part of the normal process for handling an NSF check, the accounting clerk has notified the customer that their account did not contain...
Help Following is a bank reconciliation for Zocar Enterprises for June 30, 2018 points Cash Bank...
Help Following is a bank reconciliation for Zocar Enterprises for June 30, 2018 points Cash Bank Account Statement $23,895 $19,905 5,000 (490) 1,340 (20) (800) $24,415 $ 24, 415 Balance as of 6/30/2018 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/2018 eBook References As part of the normal process for handling an NSF check, the accounting clerk has notified the customer that their account did not contain sufficient...
Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following information...
Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2017. a. On July 31, the company's Cash account has a $24,754 debit balance, but its July bank statement shows a $27,425 cash balance. b. Check No. 3031 for $1,660 and Check No. 3040 for...
Required information Problem 6-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following information...
Required information Problem 6-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following information applies to the questions displayed below.) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,176 debit balance, but its July bank statement shows a $28,240 cash balance. b. Check No. 3031 for $1,790, Check No. 3065 for $671, and...
Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following info...
Required information
Problem 8-4A Preparing a bank reconciliation and recording
adjustments LO P3
[The following information applies to the questions
displayed below.]
The following information is available to reconcile Branch
Company’s book balance of cash with its bank statement cash balance
as of July 31, 2017.
On July 31, the company’s Cash account has a $25,644 debit
balance, but its July bank statement shows a $28,407 cash
balance.
Check No. 3031 for $1,690 and Check No. 3040 for $837...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash b...
The following information is available to reconcile Branch
Company’s book balance of cash with its bank statement cash balance
as of July 31, 2017.
On July 31, the company’s Cash account has a $25,752 debit
balance, but its July bank statement shows a $26,965 cash
balance.
Check No. 3031 for $1,070 and Check No. 3040 for $527 were
outstanding on the June 30 bank reconciliation. Check No. 3040 is
listed with the July canceled checks, but Check No. 3031 is...
The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance...
The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance Date Other 60,000 52,280 79,630 60,730 97,730 97,080 89,480 89,580 89,330 Dec. 1 $7,720 650 $28,000 18,900 11 17 23 37,000 26 650 $400 19,000 30 26,200 NSF* 31 Interest earned 100 Service charge 250 31 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 60,000 Deposits Checks written during December: 7,720 650 Dec. 11 28,000 37,e00 19,000 14,00e 23 18,900...
The September 30 bank statement for Bennett Company and the September ledger account for cash are...
The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: BANK STATEMENT Checks Deposits $ 26,000 $26,550 Balance, September 1 Deposits recorded during September Checks cleared during September NSF checks-Betty Brown Bank service charges Balance, September 30 Balance $ 6,650 32,650 6, 120 5,92€ 5,877 5,877 18e Cash (A) Sept. Checks written 29,400 Sept. 1 Balance Sept. Deposits 6,650 28,800 No outstanding checks and no deposits in transit were carried over from...
Following is a bank reconciliation for Zocar Enterprises for June 30, 2018 Cash Account $24,485 Bank Statement $20,785 4,500 (420) Balance as of 6/30/2018 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/2018 1,760 (30) (1,350) $24,865 $24,865 When reviewing the bank reconciliation, Zocar's auditor was unable to locate any reference to the NSF check on the bank statement. Furthermore, the clerk who reconciles the bank account and records...
Help Following is a bank reconciliation for Zocar Enterprises for June 30, 2018 points Cash Bank Account Statement $23,895 $19,905 5,000 (490) 1,340 (20) (800) $24,415 $ 24, 415 Balance as of 6/30/2018 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/2018 eBook References As part of the normal process for handling an NSF check, the accounting clerk has notified the customer that their account did not contain sufficient...
Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2017. a. On July 31, the company's Cash account has a $24,754 debit balance, but its July bank statement shows a $27,425 cash balance. b. Check No. 3031 for $1,660 and Check No. 3040 for...
Required information Problem 6-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following information applies to the questions displayed below.) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,176 debit balance, but its July bank statement shows a $28,240 cash balance. b. Check No. 3031 for $1,790, Check No. 3065 for $671, and...
Required information
Problem 8-4A Preparing a bank reconciliation and recording
adjustments LO P3
[The following information applies to the questions
displayed below.]
The following information is available to reconcile Branch
Company’s book balance of cash with its bank statement cash balance
as of July 31, 2017.
On July 31, the company’s Cash account has a $25,644 debit
balance, but its July bank statement shows a $28,407 cash
balance.
Check No. 3031 for $1,690 and Check No. 3040 for $837...
The following information is available to reconcile Branch
Company’s book balance of cash with its bank statement cash balance
as of July 31, 2017.
On July 31, the company’s Cash account has a $25,752 debit
balance, but its July bank statement shows a $26,965 cash
balance.
Check No. 3031 for $1,070 and Check No. 3040 for $527 were
outstanding on the June 30 bank reconciliation. Check No. 3040 is
listed with the July canceled checks, but Check No. 3031 is...
The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance Date Other 60,000 52,280 79,630 60,730 97,730 97,080 89,480 89,580 89,330 Dec. 1 $7,720 650 $28,000 18,900 11 17 23 37,000 26 650 $400 19,000 30 26,200 NSF* 31 Interest earned 100 Service charge 250 31 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 60,000 Deposits Checks written during December: 7,720 650 Dec. 11 28,000 37,e00 19,000 14,00e 23 18,900...
The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: BANK STATEMENT Checks Deposits $ 26,000 $26,550 Balance, September 1 Deposits recorded during September Checks cleared during September NSF checks-Betty Brown Bank service charges Balance, September 30 Balance $ 6,650 32,650 6, 120 5,92€ 5,877 5,877 18e Cash (A) Sept. Checks written 29,400 Sept. 1 Balance Sept. Deposits 6,650 28,800 No outstanding checks and no deposits in transit were carried over from...
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