The cash account for Samson Supplies Co. at April 30, 2014, indicated a balance of $18,885. The bank statement indicated a balance of $23,775 on April 30, 2014. Comparing the bank statement and the accompanying canceled cheques and memos with the records revealed the following reconciling items:Cheques outstanding totaled $7,840A deposit of $3,580, representing receipts on April 30, had been made too late to appear on the bank statement.The bank collected $3,780 on a note left for collection. The face of the note was $3,600.A cheque for $770 returned with the statement had been incorrectly recorded by Samson Supplies Co. as $700. The cheque was for the payment of an obligation to Copelin Co. for a purchase on account.A cheque drawn for $330 had been erroneously charged by the bank as $3,300.Bank service charges for April amounted to $110.Required:Prepare a bank reconciliation statement for Samson Supplies Co., at April 30.Journalize the necessary entries. Assume that the accounts have not been closed.State the amount of cash that should be included in the balance sheet at April 30.

The bank reconciliation statement is prepared to equate the balance of cash book and pass book with…

Answered: The cash account for Samson Supplies…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

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The cash account for Samson Supplies Co. at April 30, 2014, indicated a balance of $18,885. The bank statement indicated a balance of $23,775 on April 30, 2014. Comparing the bank statement and the accompanying canceled cheques and memos with the records revealed the following reconciling items:

Cheques outstanding totaled $7,840
A deposit of $3,580, representing receipts on April 30, had been made too late to appear on the bank statement.
The bank collected $3,780 on a note left for collection. The face of the note was $3,600.
A cheque for $770 returned with the statement had been incorrectly recorded by Samson Supplies Co. as $700. The cheque was for the payment of an obligation to Copelin Co. for a purchase on account.
A cheque drawn for $330 had been erroneously charged by the bank as $3,300.
Bank service charges for April amounted to $110.

Required:

Prepare a bank reconciliation statement for Samson Supplies Co., at April 30.
Journalize the necessary entries. Assume that the accounts have not been closed.
State the amount of cash that should be included in the balance sheet at April 30.

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