The bank reconciliation prepared by Gatz Company on May 31, 2020, appeared as follows: GATZ COMPANY Bank Reconciliation $ 9,364.35 May 31, 2020 Book balance Bank statement balance $19,639.00 Add: Deposit of May 31 in transit 959.00 $10,323.35 Deduct: Deduct: NSF cheque plus service charge $11,655.65 Outstanding cheques: #876 #882 2$ 643.00 1,763.00 2,406.00 Bank service charge 66.00 11,721.65 Adjusted bank balance $ 7,917.35 Adjusted book balance $ 7,917.35 The Cash account in the General Ledger appeared as follows on June 30 (Gatz uses only a General Journal to record transactions): Acct. No. Cash 101 Date Explanation PR Debit Credit Balance 2020 May 31 Balance June 1 Cheque #883 1 Cheque #884 3 Cheque #885 4 Cheque #886 9 Deposit 12 Cheque #887 12 Cheque #888 12 Cheque #889 18 Deposit 20 Cheque #890 21 Cheque #891 24 Cheque #892 26 Cheque #893 29 Deposit 7,917.35 1,850.00 6,067.35 107.00 5,960.35 618.00 5,342.35 1,917.00 3,425.35 8,011.35 425.15 7,586.20 3,143.00 4,443.20 937.00 3,506.20 7,392.20 2,540.00 4,852.20 1,406.24 3,445.96 950.96 GJ16 GJ16 GJ16 GJ16 GJ16 4,586.00 GJ16 GJ16 GJ16 GJ16 3,886.00 GJ16 GJ16 GJ16 2,495.00 GJ16 71.00 879.96 GJ16 1,748.00 2,627.96
The bank reconciliation prepared by Gatz Company on May 31, 2020, appeared as follows: GATZ COMPANY Bank Reconciliation $ 9,364.35 May 31, 2020 Book balance Bank statement balance $19,639.00 Add: Deposit of May 31 in transit 959.00 $10,323.35 Deduct: Deduct: NSF cheque plus service charge $11,655.65 Outstanding cheques: #876 #882 2$ 643.00 1,763.00 2,406.00 Bank service charge 66.00 11,721.65 Adjusted bank balance $ 7,917.35 Adjusted book balance $ 7,917.35 The Cash account in the General Ledger appeared as follows on June 30 (Gatz uses only a General Journal to record transactions): Acct. No. Cash 101 Date Explanation PR Debit Credit Balance 2020 May 31 Balance June 1 Cheque #883 1 Cheque #884 3 Cheque #885 4 Cheque #886 9 Deposit 12 Cheque #887 12 Cheque #888 12 Cheque #889 18 Deposit 20 Cheque #890 21 Cheque #891 24 Cheque #892 26 Cheque #893 29 Deposit 7,917.35 1,850.00 6,067.35 107.00 5,960.35 618.00 5,342.35 1,917.00 3,425.35 8,011.35 425.15 7,586.20 3,143.00 4,443.20 937.00 3,506.20 7,392.20 2,540.00 4,852.20 1,406.24 3,445.96 950.96 GJ16 GJ16 GJ16 GJ16 GJ16 4,586.00 GJ16 GJ16 GJ16 GJ16 3,886.00 GJ16 GJ16 GJ16 2,495.00 GJ16 71.00 879.96 GJ16 1,748.00 2,627.96
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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