Carol Stokke receives her April 6 bank statement showing a balance of $1,154.75; her checkbook balance is $972.75. The bank statement shows an ATM charge of $29.00, NSF fee of $36.40, earned interest of $2.95, and Carol's $823.05 refund check, which was processed by the IRS and deposited to her account. Carol has two checks that have not cleared-Number 115 for $610.25 and Number 116 for $315.20. There is also a deposit in transit for $1,504.05. Prepare Carol's bank reconciliation. Note: Input all amounts as positive values. Round your answers to 2 decimal places. Carol's checkbook balance Add: Subtotal Deduct: Subtotal Reconciled balance BANK RECONCILIATION Bank balance Add: Deposit in transit Interest Subtotal Deduct: ATM card fee NSF fee Reconciled balance

Carol Stokke receives her April 6 bank statement showing a balance of $1,154.75; her checkbook balance is $972.75. The bank statement shows an ATM charge of $29.00, NSF fee of $36.40, earned interest of $2.95, and Carol's $823.05 refund check, which was processed by the IRS and deposited to her account. Carol has two checks that have not cleared-Number 115 for $610.25 and Number 116 for $315.20. There is also a deposit in transit for $1,504.05. Prepare Carol's bank reconciliation. Note: Input all amounts as positive values. Round your answers to 2 decimal places. Carol's checkbook balance Add: Subtotal Deduct: Subtotal Reconciled balance BANK RECONCILIATION Bank balance Add: Deposit in transit Interest Subtotal Deduct: ATM card fee NSF fee Reconciled balance

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 5PB

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On December 29, 2019, an employee received a 5,000 check from her employers client. The check was payable to the employer. The employee did not remit the funds to the employer until December 30, 2019. The employer deposited the check on December 31, 2019, but the bank did not credit the employers bank account until January 2, 2020. When is the cash basis employer required to include the 5,000 in gross income?
On September 1, Sharon Santos was given his monthly bank statement with a bank balance of P 17,063.50. On that date , her checkbook balance was P 24,194.50. Upon examining the bank statement and her checkbook she discovered the following: a) outstanding check as P 4,035; b) deposit of P 7,500 was not recorded on the stub. c) deposit of P 6,185 was entered as P 6,851 on the stub d) check deposit for P 25,930 was entered as P 24,930 e) deposit of P 10,240 was recorded twice on the stub f) deposit of P 12,560 was late to be included in the bank statement. g) service charge of P 200 was deducted by the bank h) check issued for P 15,645 as written on the stub as P 18,645. Prepare a bank reconciliation statement for Sharon Santos.
Jenna issued a check amounting to P50,000 on January 15, 2021 knowing that she has a balance of P25,000 on her checking account. The said check was post dated on January 30, 2021, thus, she has 15 days fund the account. The said check was issued to Ruben for the payment of 20 bags of Japanese rice. On April 10, 2021, Ruben encashed the check but it was dishonored by the bank for insufficiency of funds. Can Ruben file an action against Jenna for violating BP 22? A. No because the check was post dated and that Jenna has 5 banking days to fund the check from notice of dishonor. B. No, because Ruben failed to encsash within a reasonable period C. Yes, because Jenna issued with knowledge that she has no sufficient fund at the time of issuing the check D. Yes because Jenna failed to keep sufficient balance for a period of 90 days from the date appearing on the check
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