Bank reconciliation and entries The cash account for Deaver Consulting at October 31, 20Y6. indicated a balance of $15,750. 11ic bank statement indicated a balance of $31095 on October 31, 20Y6. Comparing he bank statement and the accompanying canceled checks and memos with the records rev ealed the following reconciling items: a. Checks outstanding totaled $10,125. b. A deposit of $4,120, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $10400 on a note left for collection. 11w face of the now was $10000. d. A check for $1,200 returned with the statement had been incorrectly recorded by Davcr Consulting as $120. The check was for the payment of an obligation to Oxford Office Supp lies Co. for the purchase of office supplies on account. e. A check drawn for $320 had been incorrectly charged by the bank as $230. I. Bank service charges for October amounted to $70. Instructions 1. Prepare a bank reconciliation.

BuyFind

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883
BuyFind

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883

Solutions

Chapter
Section
Chapter 5, Problem 5.2.1P
Textbook Problem

Bank reconciliation and entries
The cash account for Deaver Consulting at October 31, 20Y6. indicated a balance of $15,750. 11ic bank statement indicated a balance of $31095 on October 31, 20Y6. Comparing he bank statement and the accompanying canceled checks and memos with the records rev ealed the following reconciling items:
a. Checks outstanding totaled $10,125.
b. A deposit of $4,120, representing receipts from October 31, had been made too late to appear on the bank statement.
c. The bank had collected $10400 on a note left for collection. 11w face of the now was $10000.
d. A check for $1,200 returned with the statement had been incorrectly recorded by Davcr Consulting as $120. The check was for the payment of an obligation to Oxford Office Supp lies Co. for the purchase of office supplies on account.
e. A check drawn for $320 had been incorrectly charged by the bank as $230.
I. Bank service charges for October amounted to $70.
Instructions

1. Prepare a bank reconciliation.

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 5 Solutions

Survey of Accounting (Accounting I)
Ch. 5 - Why should the employee who handles cash receipts...Ch. 5 - In an attempt to improve operating efficiency, one...Ch. 5 - The ticket seller at a movie theater doubles as a...Ch. 5 - Why should the responsibility for maintaining the...Ch. 5 - Assume that Leslie Hunter, accounts payable clerk...Ch. 5 - Before a voucher for the purchase of merchandise...Ch. 5 - The accounting clerk pays all obligations by...Ch. 5 - The balance of Cash is likely to differ from the...Ch. 5 - That is the purpose of purpose a bank...Ch. 5 - Do items reported as a credit memorandum on the...Ch. 5 - Seatow Inc. has a petty cash fund of $2,500. (a)...Ch. 5 - (a) How art cash equivalents reported on the...Ch. 5 - Sarbanes-Oxley internal control report Using...Ch. 5 - Internal controls Lyle Steinberg has recently been...Ch. 5 - Internal controls Sherry’s Fashions is a retail...Ch. 5 - Internal controls Republic City Bank provides...Ch. 5 - Internal controls One of the largest losses in...Ch. 5 - Internal controls An employee of a trucking...Ch. 5 - Internal controls Awesome Sound Inc. discovered a...Ch. 5 - Financial statement fraud A former chairman, chief...Ch. 5 - Internal control of cash receipts At the dose of...Ch. 5 - Internal control of cash receipts Jodi Rostad...Ch. 5 - Internal control of cash receipts The mailroorn...Ch. 5 - Entry for cash sales; cash short The actual cash...Ch. 5 - Recording cash sales; cash over The actual cash...Ch. 5 - Internal control of cash payments Greenlaf Co. is...Ch. 5 - Internal control of cash payments Torpedo Digital...Ch. 5 - Bank reconciliation Identify each of the following...Ch. 5 - Entries based on bank reconciliation Which of the...Ch. 5 - Bank reconciliation The following data were...Ch. 5 - Entries for bank reconciliation Using the data...Ch. 5 - Entries for note collected by bank Accompanying a...Ch. 5 - Bank reconciliation An accounting clerk for West...Ch. 5 - Bank reconciliation Identify the errors in the...Ch. 5 - Using bank reconciliation to determine cash...Ch. 5 - Recording petty cash fund transactions Illustrate...Ch. 5 - Recording petty cash fund transactions Illustrate...Ch. 5 - Evaluate internal control of cash The following...Ch. 5 - Bank reconciliation and entries The cash account...Ch. 5 - Bank reconciliation and entries The cash account...Ch. 5 - Bank reconciliation and entries The cash account...Ch. 5 - Bank reconciliation and entries The cash account...Ch. 5 - Bank reconciliation and entries Rancho Foods...Ch. 5 - Bank reconciliation and entries Rancho Foods...Ch. 5 - Bank reconciliation and entries Rancho Foods...Ch. 5 - Bank reconciliation and entries Rancho Foods...Ch. 5 - Ratio of cash to monthly cash expenses AceIRx...Ch. 5 - Ratio of cash to monthly cash expenses AcelRx...Ch. 5 - Ratio of cash to monthly cash expenses AcelRx...Ch. 5 - Ratio of cash to monthly cash expenses AceIRx...Ch. 5 - Ratio of cash to monthly cash expenses AcelRx...Ch. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Ratio of cash to monthly cash expenses Kips Bay...Ch. 5 - Ratio of cash to monthly cash expenses Kips Bay...Ch. 5 - Ratio of cash to monthly cash expenses Kips Bay...Ch. 5 - Ratio of cash to monthly cash expenses Kips Bay...Ch. 5 - Ratio of cash to monthly cash expenses Kips Bay...Ch. 5 - Ratio of cash to monthly cash expenses Boston...Ch. 5 - Ratio of cash to monthly cash expenses AceIRx...Ch. 5 - Case 5-1 Ethics and professional conduct in...Ch. 5 - Internal controls The following is an excerpt from...Ch. 5 - Internal controls The following is an excerpt from...Ch. 5 - Ethics and professional conduct in business Javier...Ch. 5 - Bank reconciliation and internal control The...Ch. 5 - Bank reconciliation and internal control The...Ch. 5 - Bank reconciliation and internal control The...Ch. 5 - Observe internal controls over cash Select a...

Additional Business Textbook Solutions

Find more solutions based on key concepts
What is the purpose of the payroll register?

College Accounting (Book Only): A Career Approach

UNLEVERED BETA Harley Motors has 10 million in assets, which were financed with 2 million of debt and 8 million...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

Why is productivity important?

Principles of Microeconomics (MindTap Course List)