Homework Help is Here – Start Your Trial Now!
Business
Accounting
Bank Reconciliation and Entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $7,905. The bank statement indicated a balance of $10,270 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $3,700. b. A deposit of $3,850, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $2,000 on a note left for collection. The face of the note was $1,900. d. A check for $660 returned with the statement had been incorrectly recorded by Deaver Consulting as $600. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. e. A check drawn for $660 had been incorrectly charged by the bank as $60. f. Bank service charges for October amounted to $25. Instructions: 1. Prepare a bank reconciliation.

Bank Reconciliation and Entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $7,905. The bank statement indicated a balance of $10,270 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $3,700. b. A deposit of $3,850, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $2,000 on a note left for collection. The face of the note was $1,900. d. A check for $660 returned with the statement had been incorrectly recorded by Deaver Consulting as $600. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. e. A check drawn for $660 had been incorrectly charged by the bank as $60. f. Bank service charges for October amounted to $25. Instructions: 1. Prepare a bank reconciliation.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.1AP
See similar textbooks
icon
Related questions
Question

Can you please assist me?

Thank you!

Bank Reconciliation and Entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $7,905. The bank statement indicated a balance of $10,270 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $3,700. b. A deposit of $3,850, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $2,000 on a note left for collection. The face of the note was $1,900. d. A check for $660 returned with the statement had been incorrectly recorded by Deaver Consulting as $600. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. e. A check drawn for $660 had been incorrectly charged by the bank as $60. f. Bank service charges for October amounted to $25. Instructions: 1. Prepare a bank reconciliation. Deaver Consulting Bank Reconciliation October 31, 20Y6 Cash balance according to bank statement $ 10,270 Add: Deposit of October 31, not recorded by bank v 3,850 14,120 Deduct: Outstanding checks v $ -3,700 V Deduct: Bank error in charging check as $60 instead of $660 y -600 Adjusted balance Cash balance according to Deaver Consulting 7,905 Add: Proceeds of note collected by bank, including $100 interest v Deduct: Error in recording check by the company as $600 instead of $660 y Deduct: Bank service charges v 25 V Adjusted balance Feedback
Transcribed Image Text:Bank Reconciliation and Entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $7,905. The bank statement indicated a balance of $10,270 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $3,700. b. A deposit of $3,850, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $2,000 on a note left for collection. The face of the note was $1,900. d. A check for $660 returned with the statement had been incorrectly recorded by Deaver Consulting as $600. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. e. A check drawn for $660 had been incorrectly charged by the bank as $60. f. Bank service charges for October amounted to $25. Instructions: 1. Prepare a bank reconciliation. Deaver Consulting Bank Reconciliation October 31, 20Y6 Cash balance according to bank statement $ 10,270 Add: Deposit of October 31, not recorded by bank v 3,850 14,120 Deduct: Outstanding checks v $ -3,700 V Deduct: Bank error in charging check as $60 instead of $660 y -600 Adjusted balance Cash balance according to Deaver Consulting 7,905 Add: Proceeds of note collected by bank, including $100 interest v Deduct: Error in recording check by the company as $600 instead of $660 y Deduct: Bank service charges v 25 V Adjusted balance Feedback
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Balance Of Payment
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
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
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
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS