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Miler Corporation's December 31, 2016, bank statement showed a $2.054 25 balance. On this date, Miler's Cash account refected a $326.60 overdrat In reconciling these amounts, the following information is discovered 1. Cash on hand for undeposited sales receipts, December 31, $133 25. 2 Customer NSF check returned with bank statement, 5424 20. Cash sales of 5627 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 S2.300.00 and interest of S23 collected by the bank and not recorded on the books. 5. Depost in transt December 31, $340.00. 6. A customer check for $380.30 in payment of its account was recorded on the books at 5830.30 Outstanding checks, 52.032 55. Includes a duplicate check of 585.85 to C. Brown, who notfied Miler 7. mat the original was lost. Miler 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 Miler. 2. Prepare any joumal entries necessary by Miler to record the information from Requirement 1.

Miler Corporation's December 31, 2016, bank statement showed a $2.054 25 balance. On this date, Miler's Cash account refected a $326.60 overdrat In reconciling these amounts, the following information is discovered 1. Cash on hand for undeposited sales receipts, December 31, $133 25. 2 Customer NSF check returned with bank statement, 5424 20. Cash sales of 5627 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 S2.300.00 and interest of S23 collected by the bank and not recorded on the books. 5. Depost in transt December 31, $340.00. 6. A customer check for $380.30 in payment of its account was recorded on the books at 5830.30 Outstanding checks, 52.032 55. Includes a duplicate check of 585.85 to C. Brown, who notfied Miler 7. mat the original was lost. Miler 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 Miler. 2. Prepare any joumal entries necessary by Miler to record the information from Requirement 1.

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 5E
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Miller Corporation's December 31, 2016, bank statement showed a $2,054.25 balance. On this date, Miller's Cash account reflected a $326.60 overdraft. In reconciling these amounts, the following information is discovered: 1. Cash on hand for undeposited sales receipts, December 31, $133.25. 2. Customer NSF check returned with bank statement, $424.20. Cash sales of $627.25 for the week ended December 18 were recorded on the books. The cashier reports this amount missing, and it was not deposited in the bank. 4. Note receivable of $2,300.00 and interest of $23 collected by the bank and not recorded on the books. 5. Deposit in transit December 31, $340.00. 6. A customer check for $380.30 in payment of its account was recorded on the books at $830.30. Outstanding checks, $2,032.55. Includes a duplicate check of $65.85 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 entries Miller record the information from Requirement 1.
Transcribed Image Text:Miller Corporation's December 31, 2016, bank statement showed a $2,054.25 balance. On this date, Miller's Cash account reflected a $326.60 overdraft. In reconciling these amounts, the following information is discovered: 1. Cash on hand for undeposited sales receipts, December 31, $133.25. 2. Customer NSF check returned with bank statement, $424.20. Cash sales of $627.25 for the week ended December 18 were recorded on the books. The cashier reports this amount missing, and it was not deposited in the bank. 4. Note receivable of $2,300.00 and interest of $23 collected by the bank and not recorded on the books. 5. Deposit in transit December 31, $340.00. 6. A customer check for $380.30 in payment of its account was recorded on the books at $830.30. Outstanding checks, $2,032.55. Includes a duplicate check of $65.85 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 entries Miller record the information from Requirement 1.
CHART OF ACCOUNTS Miller Corporation General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 431 Interest Income 125 Notes Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511 Insurance Expense 198 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense 231 Salaries Payable 541 Depreciation Expense 250 Unearned Revenue 559 Miscellaneous Expenses 261 Income Taxes Payable 632 Loss from Missing Deposit 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings
Transcribed Image Text:CHART OF ACCOUNTS Miller Corporation General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 431 Interest Income 125 Notes Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511 Insurance Expense 198 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense 231 Salaries Payable 541 Depreciation Expense 250 Unearned Revenue 559 Miscellaneous Expenses 261 Income Taxes Payable 632 Loss from Missing Deposit 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings
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