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Can you help me prepare a corrected four-column proof of cash as of April 30, 20x0. (b) Please include solutions and/or adjusting entries.

Can you help me prepare a corrected four-column proof of cash as of April 30, 20x0. (b) Please include solutions and/or adjusting entries.

Quickbooks Online Accounting
Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter4: Operating Activities: Sales And Cash Receipts
Section: Chapter Questions
Problem 3.6C
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Situation:

Your assistant shows you the working paper that she has prepared. Your review of your assistant's work reveals that the dollar amounts of all the items in her working paper are correct. You learn that the accountant for Reliable Auto Part, Inc. makes no journal entries for the bank service charges or note collections until the month following the bank's recording of the item. In addition, Reliable's accountant makes no journal entries whatsoever for NSF checks that are redeposited and cleared. 

(see image)

Question:

(a) Can you help me prepare a corrected four-column proof of cash as of April 30, 20x0. (b) Please include solutions and/or adjusting entries.

RELIABLE AUTO PARTS, INC. Proof of Cash for April 20XO July 31, 20XO Balance Balance 3/31/XO Deposits Checks 4/30/XO Per bank statement $ 71,682.84 $61,488.19 $ 68,119.40 $ 65,051.63 Deposits in transit: At 3/31/XO 2,118.18 (2,118.18) At 4/30/XO 4,918.16 4,918.16 Outstanding checks: At 3/31/XO (14,888.16) 14,888.16 At 4/30/XO (22,914.70) 22,914.70 Bank service charges: March 20X0 (22.18) 22.18 April 20X0 (19.14) 19.14 Note receivable collected by bank 4/30/XO 18,180.00 18,180.00 NSF check of customer L. G. Waite, charged back by _(418.19) 418.19 bank 3/31/X0, redeposited and cleared 4/3/X0 Balances as computed 58,472.49 85,004.54 60,095.90 108,964.45 Balances per book 59,353.23 76,148.98 28,894.23 45,689.98 Unlocated difference $ (880.74) $39,314.56 $(16,053.08) $ 80,071.22
Transcribed Image Text:RELIABLE AUTO PARTS, INC. Proof of Cash for April 20XO July 31, 20XO Balance Balance 3/31/XO Deposits Checks 4/30/XO Per bank statement $ 71,682.84 $61,488.19 $ 68,119.40 $ 65,051.63 Deposits in transit: At 3/31/XO 2,118.18 (2,118.18) At 4/30/XO 4,918.16 4,918.16 Outstanding checks: At 3/31/XO (14,888.16) 14,888.16 At 4/30/XO (22,914.70) 22,914.70 Bank service charges: March 20X0 (22.18) 22.18 April 20X0 (19.14) 19.14 Note receivable collected by bank 4/30/XO 18,180.00 18,180.00 NSF check of customer L. G. Waite, charged back by _(418.19) 418.19 bank 3/31/X0, redeposited and cleared 4/3/X0 Balances as computed 58,472.49 85,004.54 60,095.90 108,964.45 Balances per book 59,353.23 76,148.98 28,894.23 45,689.98 Unlocated difference $ (880.74) $39,314.56 $(16,053.08) $ 80,071.22
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