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The cash account for Stone Systems at July 31 indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items:

The cash account for Stone Systems at July 31 indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items:

College Accounting (Book Only): A Career Approach
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
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Complete the attached excel sheet using the data
Obj. 5 The cash account for Stone Systems at July 31 indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31. Comparing the bank Excel statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: Show Me How a. Checks outstanding totaled $17,865. b. A deposit of $9,150, representing receipts of July 31, had been made too late to appear on the bank statement. c. The bank had collected $6,095 on a note left for collection. The face of the note was $5,750. d. A check for $390 returned with the statement had been incorrectly recorded by Stone Systems as $930. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account. e. A check drawn for $1,810 had been incorrectly charged by the bank as $1,180. f. Bank service charges for July amounted to $80.
Transcribed Image Text:Obj. 5 The cash account for Stone Systems at July 31 indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31. Comparing the bank Excel statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: Show Me How a. Checks outstanding totaled $17,865. b. A deposit of $9,150, representing receipts of July 31, had been made too late to appear on the bank statement. c. The bank had collected $6,095 on a note left for collection. The face of the note was $5,750. d. A check for $390 returned with the statement had been incorrectly recorded by Stone Systems as $930. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account. e. A check drawn for $1,810 had been incorrectly charged by the bank as $1,180. f. Bank service charges for July amounted to $80.
fx C H. J. 1. STONE SYSTEMS Bank Reconciliation July 31 Cash balance according to bank statement Add: Deduct: Adjusted balance Cash balance according to company's records Add: Deduct Adjusted balance 2. July 31 31 3. Amount to be reported on July 31 balance sheet Pr. 8-3B
Transcribed Image Text:fx C H. J. 1. STONE SYSTEMS Bank Reconciliation July 31 Cash balance according to bank statement Add: Deduct: Adjusted balance Cash balance according to company's records Add: Deduct Adjusted balance 2. July 31 31 3. Amount to be reported on July 31 balance sheet Pr. 8-3B
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