Homework Help is Here – Start Your Trial Now!
Business
Accounting
Apex Company's bank statement for the month of September showed a balance per bank of S6,190. The company's Cash account in the general ledger had a balance of $4,830 at September 30. Other information is as follows: 26. Cash receipts for September 30 recorded on the company's books were $5,040 but this amount does not appear on the bank statement. This amount is a deposit in transit. 27. The bank statement shows a debit memorandum for $30 for check printing charges. 28. The total amount of checks still outstanding at September 30 amounted to $4,420. 29. Check No. 138 was correctly written and paid by the bank for $590. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for S660. 30. The bank returned an NSF check from a customer for $320. 6. The bank included a credit memorandum for $2,260 which represents collection of a customer's note by the bank for the company; principal amount of the note was $2,200 and interest was $60. Interest has not been accrued. Instructions (b) Prepare any adjusting entries necessary as a result of the bank reconciliation

Apex Company's bank statement for the month of September showed a balance per bank of S6,190. The company's Cash account in the general ledger had a balance of $4,830 at September 30. Other information is as follows: 26. Cash receipts for September 30 recorded on the company's books were $5,040 but this amount does not appear on the bank statement. This amount is a deposit in transit. 27. The bank statement shows a debit memorandum for $30 for check printing charges. 28. The total amount of checks still outstanding at September 30 amounted to $4,420. 29. Check No. 138 was correctly written and paid by the bank for $590. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for S660. 30. The bank returned an NSF check from a customer for $320. 6. The bank included a credit memorandum for $2,260 which represents collection of a customer's note by the bank for the company; principal amount of the note was $2,200 and interest was $60. Interest has not been accrued. Instructions (b) Prepare any adjusting entries necessary as a result of the bank reconciliation

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 1PB
See similar textbooks
icon
Related questions
Question
I'm a little confused how to prep the bank reconciliation and the journal entrys.
Apex Company's bank statement for the month of September showed a balance per bank of $6,190. The company's Cash account in the general ledger had a balance of $4,830 at September 30. Other information is as follows: 26. Cash receipts for September 30 recorded on the company's books were $5,040 but this amount does not appear on the bank statement. This amount is a deposit in transit. 27. The bank statement shows a debit memorandum for $30 for check printing charges. 28. The total amount of checks still outstanding at September 30 amounted to $4,420. 29. Check No. 138 was correctly written and paid by the bank for $590. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $660. 30. The bank returned an NSF check from a customer for $320. 6. The bank included a credit memorandum for $2,260 which represents collection of a customer's note by the bank for the company; principal amount of the note was $2,200 and interest was $60. Interest has not been accrued. Instructions (a) (b) Prepare a bank reconciliation for Apex Corporation at September 30. Prepare any adjusting entries necessary as a result of the bank reconciliation
Transcribed Image Text:Apex Company's bank statement for the month of September showed a balance per bank of $6,190. The company's Cash account in the general ledger had a balance of $4,830 at September 30. Other information is as follows: 26. Cash receipts for September 30 recorded on the company's books were $5,040 but this amount does not appear on the bank statement. This amount is a deposit in transit. 27. The bank statement shows a debit memorandum for $30 for check printing charges. 28. The total amount of checks still outstanding at September 30 amounted to $4,420. 29. Check No. 138 was correctly written and paid by the bank for $590. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $660. 30. The bank returned an NSF check from a customer for $320. 6. The bank included a credit memorandum for $2,260 which represents collection of a customer's note by the bank for the company; principal amount of the note was $2,200 and interest was $60. Interest has not been accrued. Instructions (a) (b) Prepare a bank reconciliation for Apex Corporation at September 30. Prepare any adjusting entries necessary as a result of the bank reconciliation
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS