Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found. A bank debit memo issued for an NSF check from a customer of $21.25. A bank credit memo issued for interest of $8.50 earned during the month. During the evening of July 31, a deposit of $1,948.25 was made, which is not shown a. b. on the bank statement. A bank debit memo issued for $18.50 for bank service charges. Checks for the amounts of $34.00, $17.85, and $93.25 were written during July but d. e. have not yet been recelved by the bank. The reconciliation from the previous month, June, showed outstanding checks of $260.80. One of these checks in the amount of $7.38 has not yet been received by f. the bank. After comparing the canceled checks to the bank statement, It was discovered that a check written for the amount of $18.90 was deducted as $19.80 by the bank. It was discovered that a check written to a creditor in the amount of $145.60 was 9. h. recorded in the books as $14.56.
Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found. A bank debit memo issued for an NSF check from a customer of $21.25. A bank credit memo issued for interest of $8.50 earned during the month. During the evening of July 31, a deposit of $1,948.25 was made, which is not shown a. b. on the bank statement. A bank debit memo issued for $18.50 for bank service charges. Checks for the amounts of $34.00, $17.85, and $93.25 were written during July but d. e. have not yet been recelved by the bank. The reconciliation from the previous month, June, showed outstanding checks of $260.80. One of these checks in the amount of $7.38 has not yet been received by f. the bank. After comparing the canceled checks to the bank statement, It was discovered that a check written for the amount of $18.90 was deducted as $19.80 by the bank. It was discovered that a check written to a creditor in the amount of $145.60 was 9. h. recorded in the books as $14.56.
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 5PA
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Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found.
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