The statement an ending balance of $14,422 for the month of July. After arranging the month’s canceled checks in numerical order and examining the bank statement, Hunt’s accountant notes the following: i. A deposit of $3,100 on July 31 was not shown on the bank statement. (It was in transit at the end of the month.) ii. Checks No. 625 for $326, No. 631 for $426, and No. 634 for $185 are outstanding. iii. Check No. 627 was voided at the time it was written. iv. The bank’s service charge for the month is $7. v. A direct deposit of $3,200 was made by Joy Company, a regular customer. vi. A transfer of $425 was made out of Hunt’s account into the account of Martin Custodial Service for payment owed. vii. The bank paid interest of $60 on Hunt’s average balance. viii. Check No. 630 for Thelma Jones’s wages was recorded in the accounting records as $240 ix. instead of the correct amount, $420. x. The cash account in the Hunt’s general ledger shows a balance on July 31 of $13,937. Prepare bank reconciliation
The statement an ending balance of $14,422 for the month of July. After arranging the month’s canceled checks in numerical order and examining the bank statement, Hunt’s accountant notes the following: i. A deposit of $3,100 on July 31 was not shown on the bank statement. (It was in transit at the end of the month.) ii. Checks No. 625 for $326, No. 631 for $426, and No. 634 for $185 are outstanding. iii. Check No. 627 was voided at the time it was written. iv. The bank’s service charge for the month is $7. v. A direct deposit of $3,200 was made by Joy Company, a regular customer. vi. A transfer of $425 was made out of Hunt’s account into the account of Martin Custodial Service for payment owed. vii. The bank paid interest of $60 on Hunt’s average balance. viii. Check No. 630 for Thelma Jones’s wages was recorded in the accounting records as $240 ix. instead of the correct amount, $420. x. The cash account in the Hunt’s general ledger shows a balance on July 31 of $13,937. Prepare bank reconciliation
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 statement an ending balance of $14,422 for the month of July. After arranging
the month’s canceled checks in numerical order and examining the bank statement, Hunt’s accountant
notes the following:
i. A deposit of $3,100 on July 31 was not shown on the bank statement. (It was in transit
at the end of the month.)
ii. Checks No. 625 for $326, No. 631 for $426, and No. 634 for $185 are outstanding.
iii. Check No. 627 was voided at the time it was written.
iv. The bank’s service charge for the month is $7.
v. A direct deposit of $3,200 was made by Joy Company, a regular customer.
vi. A transfer of $425 was made out of Hunt’s account into the account of Martin Custodial
Service for payment owed.
vii. The bank paid interest of $60 on Hunt’s average balance.
viii. Check No. 630 for Thelma Jones’s wages was recorded in the accounting records as $240
ix. instead of the correct amount, $420.
x. The cash account in the Hunt’s general ledger shows a balance on July 31 of $13,937.
Prepare bank reconciliation
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