The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance December 1 $ 57,600 December 6 $ 7,700 49,900 December 11 630 $ 28,000 77,270 December 17 17,900 59,370 December 23 37,000 96,370 December 26 630 95,740 December 30 24,800 19,000 NSF* $ 380 89,560 December 31 Interest earned 90 89,650 December 31 Service charge 230 89,420 * NSF check from J. Left, a customer. Cash (A) Debit Credit December 1 Balance 57,600 Deposits Checks written during December: December 11 28,000 7,700 December 23 37,000 630 December 30 19,000 17,900 December 31 14,000 630 230 24,800 5,700 December 31 Balance 98,010 There were no deposits in transit or outstanding checks at November 30. PA5-3 (Algo) Part 4 Prepare any journal entries that the company should make as a result of the bank reconciliation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance December 1 $ 57,600 December 6 $ 7,700 49,900 December 11 630 $ 28,000 77,270 December 17 17,900 59,370 December 23 37,000 96,370 December 26 630 95,740 December 30 24,800 19,000 NSF* $ 380 89,560 December 31 Interest earned 90 89,650 December 31 Service charge 230 89,420 * NSF check from J. Left, a customer. Cash (A) Debit Credit December 1 Balance 57,600 Deposits Checks written during December: December 11 28,000 7,700 December 23 37,000 630 December 30 19,000 17,900 December 31 14,000 630 230 24,800 5,700 December 31 Balance 98,010 There were no deposits in transit or outstanding checks at November 30. PA5-3 (Algo) Part 4 Prepare any journal entries that the company should make as a result of the bank reconciliation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter4: Internal Control And Cash
Section: Chapter Questions
Problem 60APSA
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Question
The December bank statement and cash T-account for Stewart Company follow:
| BANK STATEMENT | |||||
| Date | Checks | Deposits | Other | Balance | |
|---|---|---|---|---|---|
| December 1 | $ 57,600 | ||||
| December 6 | $ 7,700 | 49,900 | |||
| December 11 | 630 | $ 28,000 | 77,270 | ||
| December 17 | 17,900 | 59,370 | |||
| December 23 | 37,000 | 96,370 | |||
| December 26 | 630 | 95,740 | |||
| December 30 | 24,800 | 19,000 | NSF* | $ 380 | 89,560 |
| December 31 | Interest earned | 90 | 89,650 | ||
| December 31 | Service charge | 230 | 89,420 |
* NSF check from J. Left, a customer.
| Cash (A) | |||||
|---|---|---|---|---|---|
| Debit | Credit | ||||
| December 1 | Balance | 57,600 | |||
| Deposits | Checks written during December: | ||||
| December 11 | 28,000 | 7,700 | |||
| December 23 | 37,000 | 630 | |||
| December 30 | 19,000 | 17,900 | |||
| December 31 | 14,000 | 630 | |||
| 230 | |||||
| 24,800 | |||||
| 5,700 | |||||
| December 31 | Balance | 98,010 |
There were no deposits in transit or outstanding checks at November 30.
PA5-3 (Algo) Part 4
- Prepare any journal entries that the company should make as a result of the bank reconciliation. (If no entry is required for a transaction/event, select "No
Journal Entry Required" in the first account field.)
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