Homework Help is Here – Start Your Trial Now!
Business
Accounting
Daytona Recycling Center reports the following information concerning cash bal- ances and cash transactions for the month of September: PROBLEM 7A4 Another Com- prehensive Benk Reconcil- 1 Cash balance per bank statement as of September 30 was $20,893.25. 2 Two debit memoranda accompanied the bank statement: one for $10 was for service charges for the month; the other for $64.60 was attached to an NSF check from A. Smith. letlon 3 Included with the bank statement was $69 credit memorandum for interest earned on the bank account in September. 4 The paid checks returned with the September bank statement disclosed an error in Daytona's cash records. Check no. 851 for $77.44 for telephone expense had erroneously been listed in the cash payments journal as $44.77. 5 A collection charge for $26.00 (not applicable to Daytona) was erroneously de- ducted from the account by the bank. Notice that this was the banh's crror. 6 Cash receipts of September 30 amounting to $585.25 were mailed to the bank too late to be included in the September bank statement. Checks outstanding as of September 30 were as follows: no. 860 for $151.93, no. 867 for $82.46, and no. 869 for $123.61. The Cash account showed the following entries during September: 7 8 Cash Month's payments 18,341.82 Sept 14,441.58 Sept Balance 30 11,598.63- 30 Month's receipts a Prepare a bank reconciliation at September 30. Prenare the necessary adjusting entries in general journal form. INSTRUCTIONS

Daytona Recycling Center reports the following information concerning cash bal- ances and cash transactions for the month of September: PROBLEM 7A4 Another Com- prehensive Benk Reconcil- 1 Cash balance per bank statement as of September 30 was $20,893.25. 2 Two debit memoranda accompanied the bank statement: one for $10 was for service charges for the month; the other for $64.60 was attached to an NSF check from A. Smith. letlon 3 Included with the bank statement was $69 credit memorandum for interest earned on the bank account in September. 4 The paid checks returned with the September bank statement disclosed an error in Daytona's cash records. Check no. 851 for $77.44 for telephone expense had erroneously been listed in the cash payments journal as $44.77. 5 A collection charge for $26.00 (not applicable to Daytona) was erroneously de- ducted from the account by the bank. Notice that this was the banh's crror. 6 Cash receipts of September 30 amounting to $585.25 were mailed to the bank too late to be included in the September bank statement. Checks outstanding as of September 30 were as follows: no. 860 for $151.93, no. 867 for $82.46, and no. 869 for $123.61. The Cash account showed the following entries during September: 7 8 Cash Month's payments 18,341.82 Sept 14,441.58 Sept Balance 30 11,598.63- 30 Month's receipts a Prepare a bank reconciliation at September 30. Prenare the necessary adjusting entries in general journal form. INSTRUCTIONS

College Accounting (Book Only): A Career Approach
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 1PA
See similar textbooks
icon
Related questions
Question
Daytona Recycling Center reports the following information concerning cash bal- ances and cash transactions for the month of September: PROBLEM 7A4 Another Com- prehensive Benk Reconcil- iztlon 1 Cash balance per bank statement as of September 30 was $20,893.25. 2 Two debit memoranda accompanied the bank statement: one for $10 was for service charges for the month; the other for $64.60 was attached to an NSF check from A. Smith. 3 Included with the bank statement was $69 credit memorandum for interest earned on the bank account in September. 4 The paid checks returned with the September bank statement disclosed an error in Daytona's cash records. Check no. 851 for $77.44 for telephone expense had erroneousły been listed in the cash payments journal as $44.77. 5 A collection charge for $26.00 (not applicable to Daytona) was erroneously de- ducted from the account by the bank. Notice that this was the bank's crror. Cash receipts of September 30 amounting to $585.25 were mailed to the bank too late to be included in the September bank statement. Checks outstanding as of September 30 were as follows: no. 860 for $151.93, no. 867 for $82.46, and no. 869 for $123.61.. 8 The Cash account showed the following entries during September: Cash Sept Balance 18,341.82 Sept 30 Month's payments. 11,598.63 30 Month's recelpts 14,441.58 a Prepare a bank reconciliation at September 30. b Prepare the necessary adjusting entries in general journal form. INSTRUCTIONS
Transcribed Image Text:Daytona Recycling Center reports the following information concerning cash bal- ances and cash transactions for the month of September: PROBLEM 7A4 Another Com- prehensive Benk Reconcil- iztlon 1 Cash balance per bank statement as of September 30 was $20,893.25. 2 Two debit memoranda accompanied the bank statement: one for $10 was for service charges for the month; the other for $64.60 was attached to an NSF check from A. Smith. 3 Included with the bank statement was $69 credit memorandum for interest earned on the bank account in September. 4 The paid checks returned with the September bank statement disclosed an error in Daytona's cash records. Check no. 851 for $77.44 for telephone expense had erroneousły been listed in the cash payments journal as $44.77. 5 A collection charge for $26.00 (not applicable to Daytona) was erroneously de- ducted from the account by the bank. Notice that this was the bank's crror. Cash receipts of September 30 amounting to $585.25 were mailed to the bank too late to be included in the September bank statement. Checks outstanding as of September 30 were as follows: no. 860 for $151.93, no. 867 for $82.46, and no. 869 for $123.61.. 8 The Cash account showed the following entries during September: Cash Sept Balance 18,341.82 Sept 30 Month's payments. 11,598.63 30 Month's recelpts 14,441.58 a Prepare a bank reconciliation at September 30. b Prepare the necessary adjusting entries in general journal form. INSTRUCTIONS
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Cash and cash equivalents
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.
Similar questions
Recommended textbooks for you
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
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
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
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
SEE MORE TEXTBOOKS