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Problem 4-585 Bank Reconciliation OBJECTIVE o Shortly after 111131 3 l, Towanda Corporation received a bank statement containing the following information: E Dale | Checks | Deposits | Balance 5130 Bag. Balance 5 5,550 '111 $ 500 5,850 @ '112 51; 2'10 1'. 150 s 330 4.500 9.600 215 25 2,025 2,550 mm“ '115 150 450 1,400 10,000 10,550 '119 1.500 25 325 8.200 '1112 500 100 0,100 '1115 1.000 2,100 5,500 7,500 '1119 '15 425 6.800 2124 550 550 5,500 1129 525* 5,015 2131 25” 5.050 “NSF check (depnsihed in previous period, but withdrawn this period) “Bank service d1arge July cash transactions and balances on Towanda’s records are shown in the following T-account: Cash Balance. H30 S 55% Amount Check C hack Check Check Date Deposited Number Amount Number Amount ‘H l S 300 1'16 55 2'10 [36 $ 2.5 ‘1'1’5 4,500 17'! 150 [87 [00 T1115 10,000 178 330 188 500 T120 3,500 1'19 25 189 2.00 ‘1'1‘30 050 180 '1', 025 [90 [.600 Total deposits 5 [9,250 181 150 [91 '1'5 182 45!] [92 42.5 183 1,400 193 550 184 1,500 194 650 185 325 [95 2'15 Balance, 713] 5 6,275 Total disbursements 5 [8,525 Required: L Prepare a bank reconciliation for July. 21 Prepare the adjusting amides made by Towanda Corporation as a result of this reconciliation process. 31 What amount is reported as cash on the balance sheet at July 31?

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881
BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

Solutions

Chapter
Section
Chapter 4, Problem 58BPSB
Textbook Problem

Problem 4-585 Bank Reconciliation OBJECTIVE o

Shortly after 111131 3 l, Towanda Corporation received a bank statement containing the following information: E

Dale | Checks | Deposits | Balance

5130 Bag. Balance 5 5,550

'111 $ 500 5,850 @

'112 51; 2'10 1'. 150 s 330 4.500 9.600

215 25 2,025 2,550 mm“

'115 150 450 1,400 10,000 10,550

'119 1.500 25 325 8.200

'1112 500 100 0,100

'1115 1.000 2,100 5,500 7,500

'1119 '15 425 6.800

2124 550 550 5,500

1129 525* 5,015

2131 25” 5.050

“NSF check (depnsihed in previous period, but withdrawn this period)

“Bank service d1arge

July cash transactions and balances on Towanda’s records are shown in the following T-account:

Cash

Balance. H30 S 55%

Amount Check C hack Check Check

Date Deposited Number Amount Number Amount

‘H l S 300 1'16 55 2'10 [36 $ 2.5

‘1'1’5 4,500 17'! 150 [87 [00

T1115 10,000 178 330 188 500

T120 3,500 1'19 25 189 2.00

‘1'1‘30 050 180 '1', 025 [90 [.600

Total deposits 5 [9,250 181 150 [91 '1'5

182 45!] [92 42.5

183 1,400 193 550

184 1,500 194 650

185 325 [95 2'15

Balance, 713] 5 6,275 Total disbursements 5 [8,525

Required:

L Prepare a bank reconciliation for July.

21 Prepare the adjusting amides made by Towanda Corporation as a result of this reconciliation process.

31 What amount is reported as cash on the balance sheet at July 31?

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Chapter 4 Solutions

Cornerstones of Financial Accounting
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Bank Reconciliation OBJECTIVE The...Ch. 4 - OBJECTIVE Problem 4-6111 Recording Petty Cash...Ch. 4 - Problem 4-553 Role of Internal Control Internal...Ch. 4 - Problem 4-563 Internal Control Procedures for Cash...Ch. 4 - Problem 4-515 internal Control for Cash After...Ch. 4 - Problem 4-585 Bank Reconciliation OBJECTIVE o...Ch. 4 - OBJECTNE The items on the bank statement are...Ch. 4 - Problem 4-603 Bank Reconciliation OBJECTIVE o The...Ch. 4 - Problem 4-61 B Recording Petty Cash Transactions...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-63 The Operating Cycle There are two retail...Ch. 4 - Case 4-63 The Operating Cycle There are two retail...Ch. 4 - Case 4-64 Internal Controls for Cash Disbursements...Ch. 4 - Case 4-64 Internal Controls for Cash Disbursements...Ch. 4 - Case 4-65 Internal Controls for Collection of...Ch. 4 - Case 4-66 Cash Management Hollis Corporation has...Ch. 4 - Case 4-66 Cash Management Hollis Corporation has...Ch. 4 - Case 4-67 Cash and Internal Controls Identify a...Ch. 4 - Case 4-67 Cash and Internal Controls Identify a...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...

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