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Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account.

Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.4.3P
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144 506.88 751 299.37 758 259.60 745 117.25 752 537.01 759 90150 746 298.66 753 380.95 760 486.39 Total amount of checks issued in June $8,395.66 BANK RECONCILIATION FOR PRECEDING MONTH: Beeler Furniture Company Bank Reconciliation May 31 20Y2 $ 9,447.20 Cash balance according to bank statement.. Add deposit for May 31, not recorded by bank. Deduct outstanding checks: No. 731 690.25 $162.15 736 345.95 738 251.40 739 60.55 820.05 Adjusted balance.... Cash balance according to company's records. Deduct bank service charges. Adjusted balance... $ 9,317.40 $ 9,352.50 35.10 $ 9,317.40 Instructions 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. 2. Journalize the necessary entries. The accounts have not been closed. 3. What is the amount of Cash that should appear on the balance sheet as of June 30? 4. Assume that a canceled check for $390 has been incorrectly recorded by the bank as $930. Briefly explain how the error would be included in a bank reconciliation and how it should be corrected. JUNE BΑNK STAΤΕMΕΝT:
Transcribed Image Text:144 506.88 751 299.37 758 259.60 745 117.25 752 537.01 759 90150 746 298.66 753 380.95 760 486.39 Total amount of checks issued in June $8,395.66 BANK RECONCILIATION FOR PRECEDING MONTH: Beeler Furniture Company Bank Reconciliation May 31 20Y2 $ 9,447.20 Cash balance according to bank statement.. Add deposit for May 31, not recorded by bank. Deduct outstanding checks: No. 731 690.25 $162.15 736 345.95 738 251.40 739 60.55 820.05 Adjusted balance.... Cash balance according to company's records. Deduct bank service charges. Adjusted balance... $ 9,317.40 $ 9,352.50 35.10 $ 9,317.40 Instructions 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. 2. Journalize the necessary entries. The accounts have not been closed. 3. What is the amount of Cash that should appear on the balance sheet as of June 30? 4. Assume that a canceled check for $390 has been incorrectly recorded by the bank as $930. Briefly explain how the error would be included in a bank reconciliation and how it should be corrected. JUNE BΑNK STAΤΕMΕΝT:
Beeler Furniture Company deposits all cash receipts each Wednesda Financial Accounting Financial Accounting Chapter 8, Problem 5PA 15th Edition Carl Warren + 2 others Textbook Problem Publisher: Cengage Learning Buy 2 ISBN: 9781337272124 Beeler Furniture Company deposits all cash receipts each Solutions Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of June 30 Chapter have been taken from various documents and records and are 8 Internal Control And Cash reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. Section CASH ACCOUNT: Balance as of June 1 Chapter Questions $9,317.40 $9,223.76 CASH RECEIPTS FOR MONTH OF JUNE DUPLICATE DEPOSIT TICKETS: Problem 1DQ Date and amount of each deposit in June: Problem 2DQ Date Amount Date Amount Date Amount June 1 $1,080.50 June 10 $ 996.61 June 22 $ 897.34 3 854.17 15 882.95 24 947.21 Problem 3DQ 8 840.50 17 1,606.74 30 1,117.74 Problem 4DQ CHECKS WRITTEN: Problem 5DQ Number and amount of each check issued in June: Problem 6DQ Check No. Amount Check No. Amount Check No. Amount 740 $237.50 747 Void 754 $ 449.75 741 495.15 748 $450.90 755 272.75 Problem 7DQ 742 501.90 749 640.13 756 113.95 743 761.30 750 276.77 757 407.95 744 506.88 751 299.37 758 259.60 745 117.25 752 537.01 759 90150 746 298.66 753 380.95 760 486.39
Transcribed Image Text:Beeler Furniture Company deposits all cash receipts each Wednesda Financial Accounting Financial Accounting Chapter 8, Problem 5PA 15th Edition Carl Warren + 2 others Textbook Problem Publisher: Cengage Learning Buy 2 ISBN: 9781337272124 Beeler Furniture Company deposits all cash receipts each Solutions Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of June 30 Chapter have been taken from various documents and records and are 8 Internal Control And Cash reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. Section CASH ACCOUNT: Balance as of June 1 Chapter Questions $9,317.40 $9,223.76 CASH RECEIPTS FOR MONTH OF JUNE DUPLICATE DEPOSIT TICKETS: Problem 1DQ Date and amount of each deposit in June: Problem 2DQ Date Amount Date Amount Date Amount June 1 $1,080.50 June 10 $ 996.61 June 22 $ 897.34 3 854.17 15 882.95 24 947.21 Problem 3DQ 8 840.50 17 1,606.74 30 1,117.74 Problem 4DQ CHECKS WRITTEN: Problem 5DQ Number and amount of each check issued in June: Problem 6DQ Check No. Amount Check No. Amount Check No. Amount 740 $237.50 747 Void 754 $ 449.75 741 495.15 748 $450.90 755 272.75 Problem 7DQ 742 501.90 749 640.13 756 113.95 743 761.30 750 276.77 757 407.95 744 506.88 751 299.37 758 259.60 745 117.25 752 537.01 759 90150 746 298.66 753 380.95 760 486.39
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