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A) Prepare a bank reconciliation for Finac Company using the above information B) Journalize any transactions required from the bank reconciliation.

A) Prepare a bank reconciliation for Finac Company using the above information B) Journalize any transactions required from the bank reconciliation.

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 1PB
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Finac Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, its Cash account shows an $12,820 debit balance. Finac Company's June 30 bank statement shows $13,483 on deposit in the bank. a. Outstanding checks as of June 30 total $3,002. b. The June 30 bank statement lists a $65 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Finac Company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2,283 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. A) Prepare a bank reconciliation for Finac Company using the above information B) Journalize any transactions required from the bank reconciliation.
Transcribed Image Text:Finac Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, its Cash account shows an $12,820 debit balance. Finac Company's June 30 bank statement shows $13,483 on deposit in the bank. a. Outstanding checks as of June 30 total $3,002. b. The June 30 bank statement lists a $65 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Finac Company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2,283 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. A) Prepare a bank reconciliation for Finac Company using the above information B) Journalize any transactions required from the bank reconciliation.
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