Instructions Chart of Accounts Amount Descriptions General Journal Bank Reconciliation Instructions Miller Corporation's December 31, 2016, bank statement showed a $2.041.25 balance. On this date, Miler's Cash account reflected a $150.90 overdraft In reconciling these amounts, the following information is discovered 1. Cash on hand for undeposited sales receipts, December 31, $131.25. 2 Customer NSF check returned with bank statement 5426 20. Cash sales of 5625.25 for the week ended December 18 were recorded on the books. The cashier 3. reports this amount missing, and it was not deposited in the bank 4. Note receivable of 52.400.00 and interest of $24 collected by the bank and not recorded on the books. 5. Depost in transit December 31, $330.00. 6. A customer check for $195.40 in payment of its account was recorded on the books at $945. 10. Outstanding checks, 52.030.55. Includes a duplicate check of S63.85 to C. Brown, who notified Miler 7. that the original was lost. Miller stopped payment on the original check and has already adjusted the cash account in the accounting records for this amount Required: 1. Prepare a December 31 bank reconciliation for Mier. 2. Prepare any jourmal entries necessary by Miler to record the information from Requirement 1.
Instructions Chart of Accounts Amount Descriptions General Journal Bank Reconciliation Instructions Miller Corporation's December 31, 2016, bank statement showed a $2.041.25 balance. On this date, Miler's Cash account reflected a $150.90 overdraft In reconciling these amounts, the following information is discovered 1. Cash on hand for undeposited sales receipts, December 31, $131.25. 2 Customer NSF check returned with bank statement 5426 20. Cash sales of 5625.25 for the week ended December 18 were recorded on the books. The cashier 3. reports this amount missing, and it was not deposited in the bank 4. Note receivable of 52.400.00 and interest of $24 collected by the bank and not recorded on the books. 5. Depost in transit December 31, $330.00. 6. A customer check for $195.40 in payment of its account was recorded on the books at $945. 10. Outstanding checks, 52.030.55. Includes a duplicate check of S63.85 to C. Brown, who notified Miler 7. that the original was lost. Miller stopped payment on the original check and has already adjusted the cash account in the accounting records for this amount Required: 1. Prepare a December 31 bank reconciliation for Mier. 2. Prepare any jourmal entries necessary by Miler to record the information from Requirement 1.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.5.3C
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Transcribed Image Text:Instructions
Chart of Accounts
Amount Descriptions
General Journal
Bank Reconciliation
Instructions
Miller Corporation's December 31, 2016, bank statement showed a $2,041.25 balance. On this date, Miller's Cash account reflected a $150.90 overdraft. In reconciling these amounts, the following information is discovered:
1.
Cash on hand for undeposited sales receipts, December 31, $131.25.
2.
Customer NSF check returned with bank statement, $426.20.
Cash sales of $625.25 for the week ended December 18 were recorded on the books. The cashier
3
reports this amount missing, and it was not deposited in the bank.
Note receivable of $2,400.00 and interest of $24 collected by the bank and not recorded on the books.
5. Deposit in transit December 31, $330.00.
6. A customer check for $195.40 in payment of its account was recorded on the books at $945.10.
Outstanding checks, $2,030.55. Includes a duplicate check of $63.85 to C. Brown, who notified Miller
7. that the original was lost. Miller stopped payment on the original check and has already adjusted the
cash account in the accounting records for this amount.
Required:
1. Prepare a December 31 bank reconciliation for Miller.
2. Prepare any journal entries necessary by Miller to record the information from Requirement 1.
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