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Problem #1: Bank Reconciliation Using the information provided below, complete 1) a bank reconciliation and 2) the necessary journal entries. The cash account for Vin D Co. at June 30, 2014, indicated a balance of $13,935. The bank statement indicated a balance of $21,550 on June 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: The bank had collected $7,000 on a note left for collection. The face of the note was $6,600. A deposit of $5,000, representing receipts of June 30, had been made too late to appear on the bank statement. Checks outstanding totaled $6,000. A check for $1000 returned with the statement had been incorrectly recorded by Vin D Co. as $1100. The check was for the payment of an obligation to Hirsch Co. for the purchase on ассount. A check drawn for $50 had been erroneously charged by the bank as $500. Bank service charges for June amounted to $35.

Problem #1: Bank Reconciliation Using the information provided below, complete 1) a bank reconciliation and 2) the necessary journal entries. The cash account for Vin D Co. at June 30, 2014, indicated a balance of $13,935. The bank statement indicated a balance of $21,550 on June 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: The bank had collected $7,000 on a note left for collection. The face of the note was $6,600. A deposit of $5,000, representing receipts of June 30, had been made too late to appear on the bank statement. Checks outstanding totaled $6,000. A check for $1000 returned with the statement had been incorrectly recorded by Vin D Co. as $1100. The check was for the payment of an obligation to Hirsch Co. for the purchase on ассount. A check drawn for $50 had been erroneously charged by the bank as $500. Bank service charges for June amounted to $35.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.1AP
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Problem #1: Bank Reconciliation Using the information provided below, complete 1) a bank reconciliation and 2) the necessary journal entries. The cash account for Vin D Co. at June 30, 2014, indicated a balance of $13,935, The bank statement indicated a balance of $21,550 on June 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: The bank had collected $7,000 on a note left for collection. The face of the note was $6,600. A deposit of $5,000, representing receipts of June 30, had been made too late to appear on the bank statement. Checks outstanding totaled $6,000. A check for $1000 returned with the statement had been incorrectly recorded by Vin D Co, as $1100. The check was for the payment of an obligation to Hirsch Co. for the purchase on ассount. A check drawn for $50 had been erroneously charged by the bank as $500. Bank service charges for June amounted to $35. casn of 2, 550 banh state ment. 139935 dePasit of 5,o0o f June 30 chech For looo incornaktly reard as lloor chuch s outsan dirg 5000 (6,00 | oot 3935 T4035
Transcribed Image Text:Problem #1: Bank Reconciliation Using the information provided below, complete 1) a bank reconciliation and 2) the necessary journal entries. The cash account for Vin D Co. at June 30, 2014, indicated a balance of $13,935, The bank statement indicated a balance of $21,550 on June 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: The bank had collected $7,000 on a note left for collection. The face of the note was $6,600. A deposit of $5,000, representing receipts of June 30, had been made too late to appear on the bank statement. Checks outstanding totaled $6,000. A check for $1000 returned with the statement had been incorrectly recorded by Vin D Co, as $1100. The check was for the payment of an obligation to Hirsch Co. for the purchase on ассount. A check drawn for $50 had been erroneously charged by the bank as $500. Bank service charges for June amounted to $35. casn of 2, 550 banh state ment. 139935 dePasit of 5,o0o f June 30 chech For looo incornaktly reard as lloor chuch s outsan dirg 5000 (6,00 | oot 3935 T4035
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