In an excel document 262, $105. There is a deposit in transit of $2,646. LU 4-2(2)HALLENGE PROBLEMSCarolyn Crosswell, who banks in New Jersey, wants to balance her checkbook, which shows abalance of $985.20. The bank shows a balance of $1,430.33. The following transactions occurred:$135.20 automatic withdrawal to the gas company, $6.50 ATM fee, $8.00 service fee, and $1,030.05direct deposit from the IRS. Carolyn used her debit card five times and was charged 45 cents foreach transaction; she was also charged $3.50 for check printing. A $931.08 deposit was not shownon her bank statement. The following checks were outstanding: No. 235, $158.20; No. 237, $184.13;No. 238, $118.12; and No. 239, $38.83. Carolyn received $2.33 interest. Prepare Carolyn's bankreconciliation. LU 4-2(3)Melissa Jackson, bookkeeper for Kinko Company, cannot prepare a bank reconciliation. From thefollowing facts, can you help her complete the June 30, 2020, reconciliation? The bank statementh n 201 00 1-1.O2022 McGraw Hill. All Rights Reserved.Privacy Terms of Use

arolyn Crosswell, who banks in New Jersey, wants to balance her checkbook, which show lance of $985.20. The bank shows a balance of $1,430.33. The following transactions oc 35.20automatic withdrawal to the gas company, $6.50 ATM fee, $8.00 service fee, and S rect deposit from the IRS Carolyn used her debit card five times and was charged 45 cer

arolyn Crosswell, who banks in New Jersey, wants to balance her checkbook, which show lance of $985.20. The bank shows a balance of $1,430.33. The following transactions oc 35.20automatic withdrawal to the gas company, $6.50 ATM fee, $8.00 service fee, and S rect deposit from the IRS Carolyn used her debit card five times and was charged 45 cer

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

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Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
Moon Lee received her bank statement on September 8, showing a balance of $2,009.32. The balance shown in her checkbook was $2,469.31. Deposits in transit amounted to $1.197.87 and there was a service charge of $6.00. Outstanding checks were $310.18 and $324.50, and the interest earned was $109.20. Find the reconciled balance.
Mackie Company had the following information on March 31, 2023: 1. Cash balance per bank, March 31, $80,100 2. Miscellaneous bank fees, $185. 3. Cash balance per books, March 31, $71,810 4. The bank charged Mackie's account $660 for a customer's NSF check. 5. Deposits in transit, March 31: $7,780 6. Mackie recorded a check payment of $950 to a supplier as a decrease to cash of $590. The bank correctly paid the $950. 7. The bank collected a $12,500 EFT payment for Mackie in March. The collection has not been recorded by Mackie. 8. Outstanding checks as of March 31: $4,630 9. Interest earned on the bank balance was $145 for the month of March. Questions: a. Prepare a bank reconciliation for Mackie Company for the month of March. You must show your calculations for both the bank side and the book (ledger) side, and the two sides must equal each other after all adjustments are made. b. Prepare the journal entry to record the Non-Sufficient Funds check (from #4).
The following data were available for Nina School of Rock at Dec 31, 2022:Cash in bank - BPI (per books) 75,000Cash in bank - Metrobank (1,000)Payroll fund 25,000Petty cash fund, 3,000 (includes 500 unreplenished vouchers)Additional information at Dec 31:a. Outstanding checks, P1,200b. Service charge for Dec P200 (unrecorded by books)c. Deposit in transit, P2,000How much is the amount of cash at Dec 31, 2022? 102,000 102,300 102, 800 103,100
The following information is for Pharoah Company: 1. Cash balance per bank, July 31, $6,185. 2. July bank service charge not recorded by the depositor, $17. 3. The bank erroneously charged another company’s $590 cheque against Pharoah’s account. 4. Cash balance per books, July 31, $7,379. 5. The bank charged Pharoah’s account $290 for a customer’s NSF cheque. 6. Deposits in transit, July 31, $1,850. 7. Pharoah recorded a cash receipt for a cash sale from a customer as $32. The bank correctly recorded it as $23. 8. The bank collected a $1,050 note for Pharoah in July, plus interest of $30, less a fee of $17. The collection has not been recorded by Pharoah and no interest has been accrued. 9. Outstanding cheques, July 31, $499 Journalize the adjusting entries for July 31 on the books of Pharoah Company.
The following information is for Pharoah Company: 1. Cash balance per bank, July 31, $6,185. 2. July bank service charge not recorded by the depositor, $17. 3. The bank erroneously charged another company’s $590 cheque against Pharoah’s account. 4. Cash balance per books, July 31, $7,379. 5. The bank charged Pharoah’s account $290 for a customer’s NSF cheque. 6. Deposits in transit, July 31, $1,850. 7. Pharoah recorded a cash receipt for a cash sale from a customer as $32. The bank correctly recorded it as $23. 8. The bank collected a $1,050 note for Pharoah in July, plus interest of $30, less a fee of $17. The collection has not been recorded by Pharoah and no interest has been accrued. 9. Outstanding cheques, July 31, $499. Prepare a bank reconciliation for July 31
The following data were available for Nina School of Rock at Dec 31, 2022:Cash in bank - BPI (per books) 75,000Cash in bank - Metrobank (1,000)Payroll fund 25,000Petty cash fund, 3,000 (includes 500 unreplenished vouchers)Additional information at Dec 31:a. Outstanding checks, P1,200b. Service charge for Dec P200 (unrecorded by books)c. Deposit in transit, P2,000The journal entries required at Dec 31, 2022 includes: Cr Petty Cash Fund 500 Dr Cash in bank 700 Dr Expenses 300 Cr Cash in bank 700
10. Maricel Aguilar received her bank statement for February 28, which showed a balance of ₱19,713.60. Her checkbook balance on the same date was ₱19,393.60. Upon examining her bank statement and cancelled checks, she discovered the following: She failed to record check #368 for ₱1,625.60 on her stub. Two checks #240 for ₱5,208 and #272 for ₱1,953.60 were still outstanding. A service fee of ₱80 charge by the bank was found in the bank statement but not on the check stub. Check #336 which she wrote for ₱2,320 was recorded on the check stub as ₱2,464. A deposit made on February 22 for ₱1,920 was also not recorded on the stub. A deposit on February 28 for ₱7,200 was too late to be included in the bank statement. Prepare a reconciliation statement.
On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20X0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…
On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20X0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…
Jessie has a cash account per general ledger that shows a balance of $78,659 atOctober 31, 2021. Bank statement from Ocean Paradise Bank on that dateshows the following date shows the following balance. 31 October Amount $88,080 Comparison of checking account details with cash account details reveals factsas follows.1. A note receivable of $13,070 was invoiced by the bank for Jessie on the 14thOctober plus $713 interest and the bank has charged $137 on the billing. No interest has been recognized on these notes.2. Check No. 175 the amount of $5,741 was entered in the cash journal as $5,471and Check No. 189 of $2,040 was entered in the cash journal as$2,400. Both checks have been issued to pay for the purchase of supplies.3. The bank has charged Jessie account. for customer unbilled checks amounting to $789 on October 23. 4. Deposit in progress is $7,388 and outstanding check no. 123 on October 28totaling $5,309.5. There was a canceled check issued by Kenny to Leo for $2,079 that was…
Miss Corina Cruz bank statement on September 30 showed a balance of P 26,091.20.Her checkbook showed a balance of P 23,305.70.She had noticed that checks # 13 for P 1,168.00 and # 18 for P 1,628.50 were outstanding.There was also a service charge of P 11.00. Prepare a bank reconciliation statement.