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Instructions: 1 Prepare a bank reconciliation as of June 30. 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. 2 Journalize the necessary entries. The accounts have not been closed. 3 What is the amount of Cash that should appear on the balance sheet as of June 30?

Instructions: 1 Prepare a bank reconciliation as of June 30. 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. 2 Journalize the necessary entries. The accounts have not been closed. 3 What is the amount of Cash that should appear on the balance sheet as of June 30?

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
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JUNE BANK STATEMENT Member PDIC ACCOUNT NUMBER FAB FIRST NATIONAL BANK Montilla Blvd, Butuan City tel. no. 342-6778 From 6/01/2021 to 6/30/2021 Balance 9,447.20 Deposits Withdrawals 8,691.77 7,599.26 BEELER FURNITURE COMPANY Other Debits and Credits 3,085.00 CR NEW BALANCE 13,624.71 CHECKS AND OTHER DEBITS-- DEPOSITS- -- DATE BALANCE 9,629.35 6/01 6/02 6/04 6/09 6/09 6/09 6/11 6/16 6/18 6/23 6/25 6/28 6/30 No. 731 162.15 No. 736 345.95 690.25 739 60.55 740 237.50 1080.50 10,411.80 741 495.15 742 501.90 854.17 10,268.92 743 671.30 744 506.88 840.50 9,931.24 117.25 298.66 MS 3500.00 13,015.33 745 746 748 450.90 749 640.13 MS 210.00 12,134.30 12,454.77 12,419.76 13,304.00 750 276.77 751 299.37 896.61 752 537.01 753 380.95 882.95 754 449.75 755 272.75 1606.74 757 407.95 760 486.39 897.34 13,307.00 942.71 14,249.71 NSF 550.00 13,699.71 SC 75.00 13,624.71 EC -- 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 ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY.
Transcribed Image Text:JUNE BANK STATEMENT Member PDIC ACCOUNT NUMBER FAB FIRST NATIONAL BANK Montilla Blvd, Butuan City tel. no. 342-6778 From 6/01/2021 to 6/30/2021 Balance 9,447.20 Deposits Withdrawals 8,691.77 7,599.26 BEELER FURNITURE COMPANY Other Debits and Credits 3,085.00 CR NEW BALANCE 13,624.71 CHECKS AND OTHER DEBITS-- DEPOSITS- -- DATE BALANCE 9,629.35 6/01 6/02 6/04 6/09 6/09 6/09 6/11 6/16 6/18 6/23 6/25 6/28 6/30 No. 731 162.15 No. 736 345.95 690.25 739 60.55 740 237.50 1080.50 10,411.80 741 495.15 742 501.90 854.17 10,268.92 743 671.30 744 506.88 840.50 9,931.24 117.25 298.66 MS 3500.00 13,015.33 745 746 748 450.90 749 640.13 MS 210.00 12,134.30 12,454.77 12,419.76 13,304.00 750 276.77 751 299.37 896.61 752 537.01 753 380.95 882.95 754 449.75 755 272.75 1606.74 757 407.95 760 486.39 897.34 13,307.00 942.71 14,249.71 NSF 550.00 13,699.71 SC 75.00 13,624.71 EC -- 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 ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY.
BANK RECONCILIATION Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in night depository, after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documenta 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. CASH ACCOUNT: Balance as of June 1 CASH RECEIPTS FOR THE MONTH OF JUNE DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June Date June Amount 1,080.50 Date Amount Date Amount June 10 996.61 June 2. 897.34 3. 854.17 15 882.95 24 947.21 8. 840.50 17 1606.74 30 1117.74 CHECKS WRITTEN: Number and amount of each check issued in June: Check No. Amount Check No. Amount 747 Check Nc Amount 449.75 740 237,50 Void 754 495.15 755 272.75 113.95 407.95 741 748 450.90 742 501.90 749 640.13 756 750 743 744 761.30 506.88 276.77 757 758 759 259.60 751 752 299.37 901.50 486.39 537.01 745 746 117.25 298.66 753 380.95 760 Total amount of checks issued in June 8,395.66 BANK RECONCILIATION FOR PRECEDING MONTH: Beeler Furniture Company Bank Reconciliation May 31, 2021 Cash balance according to bank statement Add: Deposit for May 31, not recorded by bank 9,447.20 690.25 10,137.45 Deduct outstanding checks: No. 162.15 731 345.95 736 738 739 251.40 60.55 820.05 9,317.40 Adjusted balance Cash balance according to company records Deduct service charge 9,352.50 35.10 9,317.40 Instructions: 1 Prepare a bank reconciliation as of June 30. 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. 2 Journalize the necessary entries. The accounts have not been closed. 3 What is the amount of Cash that should appear on the balance sheet as of June 30?
Transcribed Image Text:BANK RECONCILIATION Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in night depository, after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documenta 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. CASH ACCOUNT: Balance as of June 1 CASH RECEIPTS FOR THE MONTH OF JUNE DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June Date June Amount 1,080.50 Date Amount Date Amount June 10 996.61 June 2. 897.34 3. 854.17 15 882.95 24 947.21 8. 840.50 17 1606.74 30 1117.74 CHECKS WRITTEN: Number and amount of each check issued in June: Check No. Amount Check No. Amount 747 Check Nc Amount 449.75 740 237,50 Void 754 495.15 755 272.75 113.95 407.95 741 748 450.90 742 501.90 749 640.13 756 750 743 744 761.30 506.88 276.77 757 758 759 259.60 751 752 299.37 901.50 486.39 537.01 745 746 117.25 298.66 753 380.95 760 Total amount of checks issued in June 8,395.66 BANK RECONCILIATION FOR PRECEDING MONTH: Beeler Furniture Company Bank Reconciliation May 31, 2021 Cash balance according to bank statement Add: Deposit for May 31, not recorded by bank 9,447.20 690.25 10,137.45 Deduct outstanding checks: No. 162.15 731 345.95 736 738 739 251.40 60.55 820.05 9,317.40 Adjusted balance Cash balance according to company records Deduct service charge 9,352.50 35.10 9,317.40 Instructions: 1 Prepare a bank reconciliation as of June 30. 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. 2 Journalize the necessary entries. The accounts have not been closed. 3 What is the amount of Cash that should appear on the balance sheet as of June 30?
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