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, $424.20.3.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 $830.30.7.Outstanding checks, $2,032.55. Includes a duplicate check of $65.85 to C. Brown, who notified Miller 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.

1. Bank reconciliation MILLER CORPORATION Bank Reconciliation December 31, 2016 Balance per…

Answered: statement showed a $2,054.25 balance.…

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

See similar textbooks

Related questions

Concept explainers

Question

100%

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.
3.	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.
7.	Outstanding checks, $2,032.55. Includes a duplicate check of $65.85 to C. Brown, who notified Miller 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.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub