Presented below Is Information related to Scuba Dive Company. The balance according to the books at October 31, 2020, was $99,657.29; cash recelpts recorded during November were $64,805.69; and cash disbursements recorded for November were S76,850.30. The balance according to the bank statement on November 30, 2020, was $82,370.68. The following cheques were outstanding at November 30: Cheque T920 Amount 947.29 #991 2,843.50 #1030 1,971.34 #1064 824.66 Included with the November bank statement and not recorded by the company were a bank deblt memo for $32.26 covering bank charges for the month, a deblt memo for $5,200.75 for a customer's cheque (Marnie Wiesen) returned and marked NSF, and a credit memo for $615.32 representing Interest collected by the bank for Scuba Dive Company. Cash on hand at November 30, which has been recorded and Is awalting deposit, amounted to $7,211.10.

Presented below Is Information related to Scuba Dive Company. The balance according to the books at October 31, 2020, was $99,657.29; cash recelpts recorded during November were $64,805.69; and cash disbursements recorded for November were S76,850.30. The balance according to the bank statement on November 30, 2020, was $82,370.68. The following cheques were outstanding at November 30: Cheque T920 Amount 947.29 #991 2,843.50 #1030 1,971.34 #1064 824.66 Included with the November bank statement and not recorded by the company were a bank deblt memo for $32.26 covering bank charges for the month, a deblt memo for $5,200.75 for a customer's cheque (Marnie Wiesen) returned and marked NSF, and a credit memo for $615.32 representing Interest collected by the bank for Scuba Dive Company. Cash on hand at November 30, which has been recorded and Is awalting deposit, amounted to $7,211.10.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 16P

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The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following: A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared. Cheques #251 for $1,200 and #260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020. The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600. The company’s accountant recordThe cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed…
The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following: A deposit of$6,794.62 was received by the bank on August 31 after the bank statement was prepared. Cheques #251 for $1,200 and #260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020. The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600. The company’s accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,000 The bank credited a deposit of $200 as $2,000 to Corey’s Construction account. A cheque for $13,500 from a customer Ali Woods was returned for insufficient funds. The bank charged $50 for Wood’s NSF cheque. The company’s policy states that the bank…
The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following: A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared. Cheques #251 for $1,200 and #260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020. The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600. The company’s accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,000 The bank credited a deposit of $200 as $2,000 to Corey’s Construction account. A cheque for $13,500 from a customer Ali Woods was returned for insufficient funds. The bank charged $50 for Wood’s NSF cheque. The company’s policy states that the…
The cash account for Valley Bike Co. on October 1, 2019, indicated a balance of $5,140. During October, the total cash deposited was $39,175, and checks written totaled $40,520. The bank statement indicated a balance of $8,980 on October 31, 2019. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $5,560. A deposit of $1,050 representing receipts of October 31 had been made too late to appear on the bank statement. The bank had collected for Valley Bike Co. $2,120 on a note left for collection. The face of the note was $2,000. A check for $370 returned with the statement had been incorrectly charged by the bank as $730. A check for $310 returned with the statement had been recorded by Valley Bike Co. as $130. The check was for the payment of an obligation to Sports Pro Co. on account. Bank service charges for October amounted to $25. A check for $880 from Overwatch Condos…
The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following: 1.A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared. 2.Cheques #251 for $1,200 and #260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020. 3.The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600. 4.The company’s accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,000 5.The bank credited a deposit of $200 as $2,000 to Corey’s Construction account. 6.A cheque for $13,500 from a customer Ali Woods was returned for insufficient funds. The bank charged $50 for Wood’s NSF cheque. The company’s policy states that the bank…
The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following: 1.A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared. 2.Cheques #251 for $1,200 and #260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020. 3.The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600. 4.The company’s accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,000 5.The bank credited a deposit of $200 as $2,000 to Corey’s Construction account. 6.A cheque for $13,500 from a customer Ali Woods was returned for insufficient funds. The bank charged $50 for Wood’s NSF cheque. The company’s policy states that the bank…