Homework Help is Here – Start Your Trial Now!
Business
Accounting
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, 20Y2, 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. Refer to the June Bank Statement (2nd attached image)   Please ONLY complete the Bank Reconciliation    Required: 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. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

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, 20Y2, 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. Refer to the June Bank Statement (2nd attached image)   Please ONLY complete the Bank Reconciliation    Required: 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. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

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
See similar textbooks
icon
Related questions
Question

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, 20Y2, 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.

Refer to the June Bank Statement (2nd attached image)
 
Please ONLY complete the Bank Reconciliation 
 
Required:
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. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
JUNE BANK STATEMENT: PAGE 1 MEMBER FDIC ACCOUNT NUMBER AMERICAN NATIONAL BANK OF CHICAGO CHICAGO, IL 60603 (312) 441-1239 FROM 6/01/20Y2 то 6/30/20Y2 BALANCE 9,447.20 9 DEPOSITS 8,691.77 20 WITHDRAWALS Y,899.26 BEELER FURNITURE COMPANY 4 OTHER DEBITS AND CREDITS 3,08B.00CR NEW BALANCE 13,624.71 +--- CHECKS AND OTHER DEBITS --- +-- DEPOSITS – - +- DATE - +-- BALANCE-- + No. 731 162.15 No. 736 348.95 690.28 6/01 9,629.38 No. 739 60.88 No. 740 237.50 1,080.ВО 6/02 10,411.80 No. 741 498.18 No. 742 B01.90 8B4.17 6/04 10,268.92 No. 743 No. 748 671.30 No. 744 вов.88 840.80 6/09 9,931.24 MS 3,800.00 6/09 117.25 No. 746 298.66 13,015.33 No. 748 No. 780 450.90 No. 749 640.13 MS 210.00 8/09 12,134.30 276.7Y No. 751 299.37 896.61 6/11 12,454.77 No. 752 837.01 No. 753 380.95 882.98 8/16 12,419.76 No. 754 449.78 No. 788 272.78 1,606.74 8/18 13,304.00 No. 787 407.98 No. 780 486.39 897.34 8/23 13,307.00 942.71 6/26 14,249.71 NSF 580.00 8/28 13,699.71 SC 78.00 8/30 13,624.71 BC - ERROR CORRECTION OD- OVERDRAFT MS – MISCELLANEOUS PS – PAYMENT STOPPED NSF – NOT SUFFICIENT FUNDS SC - SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL. ANY BRROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATBLY.
Transcribed Image Text:JUNE BANK STATEMENT: PAGE 1 MEMBER FDIC ACCOUNT NUMBER AMERICAN NATIONAL BANK OF CHICAGO CHICAGO, IL 60603 (312) 441-1239 FROM 6/01/20Y2 то 6/30/20Y2 BALANCE 9,447.20 9 DEPOSITS 8,691.77 20 WITHDRAWALS Y,899.26 BEELER FURNITURE COMPANY 4 OTHER DEBITS AND CREDITS 3,08B.00CR NEW BALANCE 13,624.71 +--- CHECKS AND OTHER DEBITS --- +-- DEPOSITS – - +- DATE - +-- BALANCE-- + No. 731 162.15 No. 736 348.95 690.28 6/01 9,629.38 No. 739 60.88 No. 740 237.50 1,080.ВО 6/02 10,411.80 No. 741 498.18 No. 742 B01.90 8B4.17 6/04 10,268.92 No. 743 No. 748 671.30 No. 744 вов.88 840.80 6/09 9,931.24 MS 3,800.00 6/09 117.25 No. 746 298.66 13,015.33 No. 748 No. 780 450.90 No. 749 640.13 MS 210.00 8/09 12,134.30 276.7Y No. 751 299.37 896.61 6/11 12,454.77 No. 752 837.01 No. 753 380.95 882.98 8/16 12,419.76 No. 754 449.78 No. 788 272.78 1,606.74 8/18 13,304.00 No. 787 407.98 No. 780 486.39 897.34 8/23 13,307.00 942.71 6/26 14,249.71 NSF 580.00 8/28 13,699.71 SC 78.00 8/30 13,624.71 BC - ERROR CORRECTION OD- OVERDRAFT MS – MISCELLANEOUS PS – PAYMENT STOPPED NSF – NOT SUFFICIENT FUNDS SC - SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL. ANY BRROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATBLY.
Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Final Questions Instructions Chart of Accounts Bank Reconciliation Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to CHART OF ACCOUNTS 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts Beeler Furniture Company sources of the data are printed in capital letters. All checks were written for payments on account. payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & Amount Descriptions General Ledger "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. (Note: For those boxes in which you must enter subtracted or negative numbers use a minus sign. ) ASSETS REVENUE CASH ACCOUNT: Amount Descriptions 110 Cash 410 Sales Balance as of June 1 $9,317.40 Adjusted balance CASH RECEIPTS FOR MONTH OF JUNE 9,223.76 Bank service charges 111 Petty Cash 610 Interest Revenue Beeler Furniture Company Check returned because of insufficient funds 120 Accounts Receivable Bank Reconciliation DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: 131 Notes Receivable EXPENSES Error in recording June 10 deposit June 30, 20Y2 141 Merchandise Inventory 510 Cost of Merchandise Sold Date Amount Date Amount Error in recording June 24 deposit 1 Cash balance according to bank statement Date Amount Error in recording Check No. 743 145 Office Supplies 515 Credit Card Expense June 1 $1,080.50 June 10 $996.61 June 22 $897.34 2 146 Store Supplies 516 Cash Short and Over 3 854.17 15 882.95 24 947.21 Deposit in transit on June 30 3 Note collected by bank, including $210 interest 151 Prepaid Insurance 520 Salaries Expense 8 840.50 17 1,606.74 30 1,117.74 4 181 Land 531 Advertising Expense Outstanding Check No. 738 CHECKS WRITTEN: Number and amount of each check issued in June: 191 Office Equipment 532 Delivery Expense Outstanding Check No. 756 192 Accumulated Depreciation-Office Equipment 533 Insurance Expense 6 Outstanding Check No. 758 Check No. Amount Check No. Amount Check No. Amount 193 Store Equipment 534 Office Supplies Expense Outstanding Check No. 759 740 $237.50 747 Void 754 $449.75 194 Accumulated Depreciation-Store Equipment 535 Rent Expense Final Questions Total additions 8 741 495.15 748 $450.90 755 272.75 536 Repairs Expense Total deductions 9 742 501.90 749 640.13 756 113.95 3. What is the amount of Cash that should appear on the balance sheet as of June LIABILITIES 537 Selling Expenses 743 761.30 750 276.77 757 407.95 10 Cash balance according to company's records 30? 210 Accounts Payable 538 Store Supplies Expense 744 506.88 751 299.37 758 259.60 11 221 Notes Payable 561 Depreciation Expense-Office Equipment 2$ 745 117.25 752 537.01 759 901.50 12 222 Interest Payable 562 Depreciation Expense-Store Equipment 746 298.66 753 380.95 760 486.39 231 Salaries Payable 590 Miscellaneous Expense 13 4. Assume that a canceled check for $390 has been incorrectly recorded by the 241 Sales Tax Payable 710 Interest Expense 14 bank as $930. Select how the error would be included in a bank reconciliation and Total amount of checks issued in June: $8,395.66 15 how it should be corrected. EQUITY 16 310 Common Stock Treatment: BANK RECONCILIATION FOR PRECEDING MONTH: 17 311 Retained Earnings Not included in a bank reconciliation 18 312 Dividends 19 O Deduction from cash per company's records Beeler Furniture Company Journal O Addition to cash per company's records Bank Reconciliation O Addition to cash per bank statement May 31, 20Y2 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. 1 Cash balance according to bank statement $9,447.20 O Deduction from cash per bank statement 2 Add: Deposit in transit on May 31 690.25 PAGE 1 To correct: Deduct: Outstanding Check No. 731 $162.15 3 JOURNAL Outstanding Check No. 736 345.95 O Journalize a correcting entry adding $930 to cash ACCOUNTING FOLUATION LIABILITIES DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS EQUITY Outstanding Check No. 738 251.40 5 O Journalize an entry deducting $930 from cash Outstanding Check No. 739 60.55 6 2 O Journalize an entry adding $540 to cash Total deductions (820.05) 7 3 8 Adjusted balance $9,317.40 O Journalize an entry deducting $540 from cash 4 9 Deduct from the amount of bank service charges O Request that the bank correct the error 6 7 8 ооо оо O O O O
Transcribed Image Text:Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Final Questions Instructions Chart of Accounts Bank Reconciliation Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to CHART OF ACCOUNTS 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts Beeler Furniture Company sources of the data are printed in capital letters. All checks were written for payments on account. payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & Amount Descriptions General Ledger "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. (Note: For those boxes in which you must enter subtracted or negative numbers use a minus sign. ) ASSETS REVENUE CASH ACCOUNT: Amount Descriptions 110 Cash 410 Sales Balance as of June 1 $9,317.40 Adjusted balance CASH RECEIPTS FOR MONTH OF JUNE 9,223.76 Bank service charges 111 Petty Cash 610 Interest Revenue Beeler Furniture Company Check returned because of insufficient funds 120 Accounts Receivable Bank Reconciliation DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: 131 Notes Receivable EXPENSES Error in recording June 10 deposit June 30, 20Y2 141 Merchandise Inventory 510 Cost of Merchandise Sold Date Amount Date Amount Error in recording June 24 deposit 1 Cash balance according to bank statement Date Amount Error in recording Check No. 743 145 Office Supplies 515 Credit Card Expense June 1 $1,080.50 June 10 $996.61 June 22 $897.34 2 146 Store Supplies 516 Cash Short and Over 3 854.17 15 882.95 24 947.21 Deposit in transit on June 30 3 Note collected by bank, including $210 interest 151 Prepaid Insurance 520 Salaries Expense 8 840.50 17 1,606.74 30 1,117.74 4 181 Land 531 Advertising Expense Outstanding Check No. 738 CHECKS WRITTEN: Number and amount of each check issued in June: 191 Office Equipment 532 Delivery Expense Outstanding Check No. 756 192 Accumulated Depreciation-Office Equipment 533 Insurance Expense 6 Outstanding Check No. 758 Check No. Amount Check No. Amount Check No. Amount 193 Store Equipment 534 Office Supplies Expense Outstanding Check No. 759 740 $237.50 747 Void 754 $449.75 194 Accumulated Depreciation-Store Equipment 535 Rent Expense Final Questions Total additions 8 741 495.15 748 $450.90 755 272.75 536 Repairs Expense Total deductions 9 742 501.90 749 640.13 756 113.95 3. What is the amount of Cash that should appear on the balance sheet as of June LIABILITIES 537 Selling Expenses 743 761.30 750 276.77 757 407.95 10 Cash balance according to company's records 30? 210 Accounts Payable 538 Store Supplies Expense 744 506.88 751 299.37 758 259.60 11 221 Notes Payable 561 Depreciation Expense-Office Equipment 2$ 745 117.25 752 537.01 759 901.50 12 222 Interest Payable 562 Depreciation Expense-Store Equipment 746 298.66 753 380.95 760 486.39 231 Salaries Payable 590 Miscellaneous Expense 13 4. Assume that a canceled check for $390 has been incorrectly recorded by the 241 Sales Tax Payable 710 Interest Expense 14 bank as $930. Select how the error would be included in a bank reconciliation and Total amount of checks issued in June: $8,395.66 15 how it should be corrected. EQUITY 16 310 Common Stock Treatment: BANK RECONCILIATION FOR PRECEDING MONTH: 17 311 Retained Earnings Not included in a bank reconciliation 18 312 Dividends 19 O Deduction from cash per company's records Beeler Furniture Company Journal O Addition to cash per company's records Bank Reconciliation O Addition to cash per bank statement May 31, 20Y2 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. 1 Cash balance according to bank statement $9,447.20 O Deduction from cash per bank statement 2 Add: Deposit in transit on May 31 690.25 PAGE 1 To correct: Deduct: Outstanding Check No. 731 $162.15 3 JOURNAL Outstanding Check No. 736 345.95 O Journalize a correcting entry adding $930 to cash ACCOUNTING FOLUATION LIABILITIES DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS EQUITY Outstanding Check No. 738 251.40 5 O Journalize an entry deducting $930 from cash Outstanding Check No. 739 60.55 6 2 O Journalize an entry adding $540 to cash Total deductions (820.05) 7 3 8 Adjusted balance $9,317.40 O Journalize an entry deducting $540 from cash 4 9 Deduct from the amount of bank service charges O Request that the bank correct the error 6 7 8 ооо оо O O O O
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

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
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
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
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS