The following information was available for Romney Supply Company for the month ended May 31, 2015 (2) On May 31, 2015 the Cash account of Romney Supply Company had a balance of $35,850. (b) On May 31, 2015 the bank statement indicated a balance of $54,580 (c) The bank reported the collection of a note receivable for Romney of $7,300 including $500 interest. (d) It was observed that the bank statement did not include a deposit of $4,700 made by Romney on May 31 and that cheques totalling $14,930 issued by Romney had not cleared the bank. (e) Romney recorded an insurance expense payment of $150 as $1,500. (0) Service charges of $150 were charged for cheque printing Required: Prepare the bank reconciliation at May 31, 2015
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- (Bank Reconciliation and Adjusting Entries) The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2017. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined.1. There were bank service charges for June of $25.2. A bank memo stated that Bao Dai’s note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.50 on the collection. (No entry had been made on Aguilar’s books when Bao Dai’s note was sent to the bank for collection.)3. Receipts for June 30 for $3,390 were not deposited until July 2.4. Checks outstanding on June 30 totaled $2,136.05.5. The bank had charged the Aguilar Co.’s account for a customer’s uncollectible check amounting to $253.20 on June 29.6. A customer’s check for $90 (as payment on the customer’s Accounts Receivable) had been entered as $60 in the cash receipts journal by Aguilar on June 15.7. Check…Kingbird, Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information. Balance, August 1 August deposits Checks cleared in August Bank credit memorandum: $18,770 Bank debit memorandum: 71,370 Safety deposit box fee $ 105 68,598 Service charge Balance, August 31 125 130 21,432 Interest earned A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,070; receipts $74,370; disbursements $73,49o; and balance, August 31, $19,950. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,880 and outstanding checks of $4,580. In addition, you determine that there was an error involving a company check drawn in August: A check for $400 to a creditor on account that cleared the bank in August was journalized and posted for $40. Determine deposits in transit. Deposits in transit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS Determine outstanding…The following information is for Dylex Corporation: a Balance per the bank statement dated July 31, 2014 is $29,050. b. Balance of the Cash account on the company books as of July 31, 2014 is $15,555. c. Bank service charges for the month amount to $30. d. Included with the bank statement was a $25 credit memorandum for interest eamed on the bank account during the month. e. Bank deposit on July 31, 2014 for $1,400 does not appear on the bank statement 1. Cheque #391, for office supplies in the amount of $924, was recorded in the Cash Disbursements Journal incorrectly as $9.924 g. Included with the bank statement was an NSF cheque for $700 that had been received from a customer in payment of his account h. Cheques written that had not cleared the bank by July 31, 2014 were #412: $1,400 #401 $1,450 # 402 $1,200 #400 $1,350 #415 $1,200 Prepare a bank reconciliation statement as of July 31, 2014, as well as the necessary adjusting journal entries. Enter the transaction letter as the…
- On 30 June 2016, the cash at bank account for Holmes Traders showed a debit balance of $13,398 and the bank statement showed a credit balance of 20,008. A comparison of the two sets of records disclosed: that there was a bank service fee of $10 the bank had collected $1000 on behalf of Holmes Traders on the maturity of a note unpresented cheques totalling $8340 that the date of a deposit of $2740 was shown by Holmes Traders as 30 June 2016, whereas the bank did not record the deposit until 1 July 2016 the bank statement shows interest received on bank account, $20 Required: 1.Prepare the bank reconciliation statement for Holmes Traders for the month ended at 30 June 2016. 2.Do you agree with the statement: “Internal control of cash is strengthened by requiring that each day’s receipts are deposited intact and that all payments are made by cheque or electronic transfer”? Discuss.The following information pertains to jeng Company: Balance per bank statement, Dec. 31, 2013, P73,350Cash ledger balance, Dec. 31, 2013, P63,675Proceeds of a customer’s note collected by the bank including P50 interest, P6,525Bank service charges, P45Deposit in transit, P4,158NSF check of customer deposited and returned, P378Outstanding checks, P7,731 Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entriesOn May 31, 2017, Reber Company had a cash balance per books of $7,051.50. The bank statement from New York State Bank on that date showed a balance of $6,674.60. A comparison of the statement with the cash account revealed the following facts. 1. The statement included a debit memo of $50.00 for the printing of additional company checks. 2. Cash sales of $632.00 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $682.00. The bank credited Reber Company for the correct amount. 3. Outstanding checks at May 31 totaled $882.25. Deposits in transit were $2,686.15. 4. On May 18, the company issued check No. 1181 for $692 to Lynda Carsen on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Reber Company for $629. 5. A $3,270.00 note receivable was collected by the bank for Reber Company on May 31 plus $90.00 interest. The bank charged a collection fee of $30.00. No…
- At 31 March 2015, the balance of the Cash account according to the records of Harmony Company was $14,432. The 31 March bank statement showed a balance of $17,596. You are going to prepare the bank reconciliation of Harmony Company at 31 March 2015, using the following supplementary information:(1) Service charge by bank, $100.(2) The bank has collected a total of $10,100 and directly credited to Harmony, which represents the principal and interest owed by Peace Company. Interest amounted to $200.(3) A check for $180 drawn by a customer, Charlotte Lava, but deducted from Harmony’s account by the bank and returned with the notation “NSF.”(4) Harmony’s records showed that it has made a total deposit of $32,088 during March 2015, but according to the bank statement it only showed deposits of $18,544. No deposit-in-transit is carried forwarded from February 2015.(5) Outstanding checks: no. 18120, $280; no. 18121, $1,864; no. 18127, $614; no. 18134, $4,400.(6) Harmony’s check no. 18114,…The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2020. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined. 1. There were bank service charges for June of $25. 2. A bank memo stated that Bao Dai’s note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.50 on the collection. (No entry had been made on Aguilar’s books when Bao Dai’s note was sent to the bank for collection.) 3. Receipts for June 30 for $3,390 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $2,136.05. 5. The bank had charged the Aguilar Co.’s account for a customer’s uncollectible check amounting to $253.20 on June 29. 6. A customer’s check for $90 (as payment on the customer’s Accounts Receivable) had been entered as $60 in the cash receipts journal by Aguilar on June 15. 7. Check no. 742 in the amount of…The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30,2015. On this date the balance of cash per books is P11,589.45. Additional information are provided below: Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40 Outstanding checks: No. 453- P3,000.00 No. 460- P1,502.70 No. 457- P1,401.30 Errors: Juan wrote check no. 443 for P1,226.00 and the bank correctly paid that amount. However, he recorded the check as P1,262.00.
- Marin Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information. Balance, August 1 $18,685 Bank debit memorandum: August deposits 71,285 Safety deposit box fee $ 100 Checks cleared in August 68,603 Service charge 125 Bank credit memorandum: Balance, August 31 21,262 Interest earned 120 A summary of the Cash account for August shows the following: balance, August 1, $18,985; receipts $74,285; disbursements $73,495; and balance, August 31, $19,775. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,875 and outstanding checks of $4,575. In addition, you determine that there was an error involving a company check drawn in August: A check for $400 to a creditor on account that cleared the bank in August was recorded for $40. Determine deposits in transit. Deposits in transit $4 Determine outstanding checks. (Hint: You need to correct disbursements for the check error.) Outstanding checks…The cash account of Sheffield Co. showed a ledger balance of $7,088.13 on June 30, 2020. The bank statement as of that date showed a balance of $7,470. Upon comparing the statement with the cash records, the following facts were determined. 1. 2. 3. 4. 5. 6. 7. (a) There were bank service charges for June of $45. A bank memo stated that Bao Dai's note for $2,160 and interest of $64.80 had been collected on June 29, and the bank had made a charge of $9.90 on the collection. (No entry had been made on Sheffield's books when Bao Dai's note was sent to the bank for collection.) Receipts for June 30 for $6,102 were not deposited until July 2. Checks outstanding on June 30 totaled $3,844.89. The bank had charged the Sheffield Co.'s account for a customer's uncollectible check amounting to $455.76 on June 29. A customer's check for $162 (as payment on the customer's Accounts Receivable) had been entered as $108 in the cash receipts journal by Sheffield on June 15. Check no. 742 in the amount…Jansen Company's general ledger showed a checking account balance of $23,920 at the end of May 2016. The May 31 cash receipts of $2,350, included in the general ledger balance, were placed in the night depository at the bank on May 31 and were processed by the bank on June 1. The bank statement dated May 31, 2016, showed bank service charges of $39. All checks written by the company had been processed by the bank by May 31 and were listed on the bank statement except for checks totaling $1,900. Required: Prepare a bank reconciliation as of May 31, 2016. [Hint: You will need to compute the balance that would appear on the bank statement.] Bank Reconciliation Bank Balance to Corrected Balance Balance per bank statement Corrected cash balance Book Balance to Corrected Balance Balance per books Corrected cash balance