3. The bank statement for Indiana Inc. shows an unadjusted balance of $2,330 at June 30, 2018, while the unadjusted cash...
3. The bank statement for Indiana Inc. shows an unadjusted balance of $2,330 at June 30, 2018, while the unadjusted cash balance per books was $599. The following information pertains to the bank transactions for the company. (20 marks)
1. Deposits of $160, representing cash receipts of June 30, did not appear on the bank statement.
2. Outstanding cheques totalled $240.
3. Bank service charges for June were $9.
4. Electronic collections on account totalled $1,740, and have not yet been recorded by the company.
5. An NSF cheque for $80 from a customer was returned with the statement.
Instructions
(a) Prepare a bank reconciliation at June 30. (10 marks)
(b) Prepare any journal entries necessary as a result of the bank reconciliation. (10 marks)
Homework Answers
| a) | ||
| Indiana Inc. | ||
| Bank Reconciliation | ||
| 30-Jun | ||
| Cash balance per Bank | $ 2,330.00 | |
| Add: Deposit in Transit | $ 160.00 | |
| $ 2,490.00 | ||
| Less: outstanding Checks | $ (240.00) | |
| Adjusted Cash Balance Per books | $ 2,250.00 | |
| Cash balance per books | $ 599.00 | |
| Add: Electronic collections on account | $ 1,740.00 | |
| $ 2,339.00 | ||
| Less: Bank Service Charge | $9 | |
| NSF | $80 | ($89) |
| $ 2,250.00 | ||
| b) | ||
| Journal entries on June 30 | ||
| Account Titles | Debit | Credit |
| Cash | $ 1,740.00 | |
| Accounts Receivables | $ 1,740.00 | |
| (To record collection of accounts recivables) | ||
| Accounts receivables | $80 | |
| Cash | $80 | |
| (To record NSF check) | ||
| Bank service Charge | $9 | |
| Cash | $9 | |
| (To record Bank service charge) | ||
Add Answer to:
3. The bank statement for Indiana Inc. shows an unadjusted balance of $2,330 at June 30, 2018, while the unadjusted cash...
The bank statement for Dillon Company indicates a balance of $1,730 on June 30. The cash balance per books had a balance of $799 on this date.
The bank statement for Dillon Company indicates a balance of $1,730 on June 30. The cash balance per books had a balance of $799 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $760, representing cash receipts of June 30, did not appear on the bank statement. 2. Outstanding checks totaled $340. 3. Bank service charges for June amounted to $25 4. The bank collected a note receivable for the company for $1,400 plus $56 interest...
On 30 June 2019, Parson Limited had a cash balance in its general ledger of $13,034.30...
On 30 June 2019, Parson Limited had a cash balance in its general ledger of $13,034.30 debit. The bank statement from ASB on that date showed a credit balance of $19,495.00. A comparison of the statement with the cash ledger account and the bank reconciliation for May 2019 revealed the following facts: (i) Two cheques, totalling $1,770.10, from the May 2019 bank reconciliation had still not been presented to the bank. (ii) Cash sales of $2,945 on 20 June were...
6) On July 31 Dubeau Ltd had a cash balance per books of $7,393. The statement...
6) On July 31 Dubeau Ltd had a cash balance per books of $7,393. The statement from the bank showed a balance of $9,134. A comparison of the bank statement with the company's accounting records revealed the following: 1. The bank statement included a debit memo of $50 for bank service charges 2. The bank statements included two credit memos. The first was an electronic deposit of $2,031 received from a customer on account. The second was for $24 of...
The bank statement balance is $ 4 800 and shows a service charge of $ 14,...
The
bank statement balance is $ 4 800 and shows a service charge of $
14, interest earned of $ 6, and an NSF cheque for $ 400. Deposits
in transit total $ 1100; outstanding cheques are $ 575. The
bookkeeper recorded as $ 160 a cheque of $ 138 in payment of an
account payable.
The bank statement balance is $4,800 and shows a service charge of $14, interest earned of $6, and an NSF cheque for $400. Deposits...
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here:...
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: Withdrawals Deposits $26,400 Balance, June 1 Deposits during June Cheques cleared during June Bank service charges Balance, June 30 Balance $ 9,200 35,600 4,500 4,270 4,270 $31,100 230 + Cash (A) June 1 June Balance Deposits 8,800 29,000 31,200 Cheques written June June 30 Balance 6,600 Required: 1. Prepare a bank reconciliation. A comparison of the cheques written with the cheques that have cleared...
Problem 7-15 (Part Level Submission) The cash account of Swifty Corporation shows a ledger balance of...
Problem 7-15 (Part Level Submission) The cash account of Swifty Corporation shows a ledger balance of $3,963.20 on June 30, 2020. The bank statement as at that date shows a balance of $4,196. When the statement was compared with the cash records, the following facts were determined: 1. There were bank service charges for June of $25. A bank memo stated that a note from Bao Dai for $900 and interest of $40 had been collected on June 29, and...
Question 4 (17 marks) You have just received the 30 June 2020 bank statement of Zoom...
Question 4 (17 marks) You have just received the 30 June 2020 bank statement of Zoom Electronics from Costco Bank. To assist you in your bank reconciliation, you have gathered the following information i Zoom Electronics' cash account shows a balance of $2,900 on 30 June ii. The bank statement includes two dishonoured cheques from customers of $400 (cheque number 190) and $110 (cheque number 192). Hi, The following Zoom Electronics cheques are outstanding at 30 June Cheque number Amount...
a company’s cash account was last reconciled on november 30, 20x5. the unadjusted cash balance at...
a company’s cash account was last reconciled on november 30, 20x5. the unadjusted cash balance at december 31, 20x5 was $215,322. a comparison of the bank statement to the cash account revealed the following (note that none of the items below have been recorded on the books): • interest on the bank loan of $4,600 was charged on the bank statement. • bank service charges for the month were $670 • outstanding cheques at december 31, 20x5 were $46,520 •...
1. The bank statement for Allen Co. indicates a balance of $7,100.00 on June 30. The...
1. The bank statement for Allen Co. indicates a balance of $7,100.00 on June 30. The cash account balance had a balance of $3,975.00. Prepare bank reconciliation on the basis of the following information, and journalize the changes on the company's cash balance. Cash Receipts of $672 had been recorded on the company's books as $654, • Deposits in transit not record by the bank, $400 • Bank service charges, $20 Note collected by the bank and not yet notified...
The bank statement for Adcock Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date.
Exercise 219 The bank statement for Adcock Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $840, representing cash receipts of July 31, did not appear on the bank statement. 2. Outstanding checks totaled $390. 3. Bank service charges for June amounted to $30. 4. The bank collected a note receivable for the company for $1,200 plus $48 interest...
On 30 June 2019, Parson Limited had a cash balance in its general ledger of $13,034.30 debit. The bank statement from ASB on that date showed a credit balance of $19,495.00. A comparison of the statement with the cash ledger account and the bank reconciliation for May 2019 revealed the following facts: (i) Two cheques, totalling $1,770.10, from the May 2019 bank reconciliation had still not been presented to the bank. (ii) Cash sales of $2,945 on 20 June were...
6) On July 31 Dubeau Ltd had a cash balance per books of $7,393. The statement from the bank showed a balance of $9,134. A comparison of the bank statement with the company's accounting records revealed the following: 1. The bank statement included a debit memo of $50 for bank service charges 2. The bank statements included two credit memos. The first was an electronic deposit of $2,031 received from a customer on account. The second was for $24 of...
The
bank statement balance is $ 4 800 and shows a service charge of $
14, interest earned of $ 6, and an NSF cheque for $ 400. Deposits
in transit total $ 1100; outstanding cheques are $ 575. The
bookkeeper recorded as $ 160 a cheque of $ 138 in payment of an
account payable.
The bank statement balance is $4,800 and shows a service charge of $14, interest earned of $6, and an NSF cheque for $400. Deposits...
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: Withdrawals Deposits $26,400 Balance, June 1 Deposits during June Cheques cleared during June Bank service charges Balance, June 30 Balance $ 9,200 35,600 4,500 4,270 4,270 $31,100 230 + Cash (A) June 1 June Balance Deposits 8,800 29,000 31,200 Cheques written June June 30 Balance 6,600 Required: 1. Prepare a bank reconciliation. A comparison of the cheques written with the cheques that have cleared...
Problem 7-15 (Part Level Submission) The cash account of Swifty Corporation shows a ledger balance of $3,963.20 on June 30, 2020. The bank statement as at that date shows a balance of $4,196. When the statement was compared with the cash records, the following facts were determined: 1. There were bank service charges for June of $25. A bank memo stated that a note from Bao Dai for $900 and interest of $40 had been collected on June 29, and...
Question 4 (17 marks) You have just received the 30 June 2020 bank statement of Zoom Electronics from Costco Bank. To assist you in your bank reconciliation, you have gathered the following information i Zoom Electronics' cash account shows a balance of $2,900 on 30 June ii. The bank statement includes two dishonoured cheques from customers of $400 (cheque number 190) and $110 (cheque number 192). Hi, The following Zoom Electronics cheques are outstanding at 30 June Cheque number Amount...
1. The bank statement for Allen Co. indicates a balance of $7,100.00 on June 30. The cash account balance had a balance of $3,975.00. Prepare bank reconciliation on the basis of the following information, and journalize the changes on the company's cash balance. Cash Receipts of $672 had been recorded on the company's books as $654, • Deposits in transit not record by the bank, $400 • Bank service charges, $20 Note collected by the bank and not yet notified...
Exercise 219 The bank statement for Adcock Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $840, representing cash receipts of July 31, did not appear on the bank statement. 2. Outstanding checks totaled $390. 3. Bank service charges for June amounted to $30. 4. The bank collected a note receivable for the company for $1,200 plus $48 interest...
Most questions answered within 3 hours.
-
Blue Spruce Corp. owns equipment that cost $63,400 when
purchased on January 1, 2017. It has...
asked 15 minutes ago -
A lottery exists where balls numbered 1 to 17 are placed in an
urn. To win,...
asked 1 hour ago -
Please explain steps:
An 80 kg swimmer steps off a platform 10 m above the water...
asked 1 hour ago -
26) Briefly describe, using words or simple diagrams, the
chemiosmotic theory for coupling oxidation to phosphorylation...
asked 3 hours ago -
Suppose that XX is a random variable with mean 16 and standard
deviation 5 . Also...
asked 4 hours ago -
Calculate the number density of argon gas at a temperature of
24C and a pressure of...
asked 7 hours ago -
Alternative
Classification
How to Estimate
Probabilities from Data? ( For continuous Attributes)
And How to generate...
asked 7 hours ago -
An explosion breaks a 20.0-kg object into three parts. The
object is initially moving at a...
asked 8 hours ago -
Calculate the approximate number of residues of Rubisco, which
is involved in carbon fixation in plants,...
asked 9 hours ago -
Other decisions about scientific claims can have a much broader
impact.ENERGYarrow-10x10.png, environment, health, security - all...
asked 10 hours ago -
I need to write a research paper and work cited about this
topic: The United States...
asked 10 hours ago -
Hello! I was wondering if I could have some help?
If the vapor pressure of carvone...
asked 10 hours ago