close solutoin list

On August 31, Baginski and Company receives its bank statement (shown on the next page). The company deposits its receipts in the bank and makes all payments by check. The debit memo for $95 is for an NSF check written by L. Pitts. Check no. 925 for $47, payable to Jardin Company (a creditor), was recorded in the checkbook and journal as $74. The ledger balance of cash as of August 31, is $1,563. Outstanding checks as of August 31 are no. 928, $150 and no. 929, $292. The accountant notes that the deposit of August 31 for $599 did not appear on the bank statement. Required 1. Prepare a bank reconciliation as of August 31, assuming that the debit memos have not been recorded. 2. Record the necessary journal entries. 3. Complete the bank form to determine the adjusted balance of cash. Check Figure Adjusted ledger balance of cash, $1,480

BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 6, Problem 4PA
Textbook Problem

On August 31, Baginski and Company receives its bank statement (shown on the next page). The company deposits its receipts in the bank and makes all payments by check. The debit memo for $95 is for an NSF check written by L. Pitts. Check no. 925 for $47, payable to Jardin Company (a creditor), was recorded in the checkbook and journal as $74.

The ledger balance of cash as of August 31, is $1,563. Outstanding checks as of August 31 are no. 928, $150 and no. 929, $292. The accountant notes that the deposit of August 31 for $599 did not appear on the bank statement.

Required

  1. 1. Prepare a bank reconciliation as of August 31, assuming that the debit memos have not been recorded.
  2. 2. Record the necessary journal entries.
  3. 3. Complete the bank form to determine the adjusted balance of cash.

Chapter 6, Problem 4PA, On August 31, Baginski and Company receives its bank statement (shown on the next page). The company

Check Figure

Adjusted ledger balance of cash, $1,480

Expert 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!*

See Solution

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

Chapter 6 Solutions

College Accounting (Book Only): A Career Approach
Show all chapter solutions
Ch. 6 - What is the purpose of endorsing a check?Ch. 6 - Why is there generally a difference between the...Ch. 6 - Indicate whether the following items in a bank...Ch. 6 - Why is it necessary to make general journal...Ch. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - a. What does a debit balance in Cash Short and...Ch. 6 - Fill in the missing amounts for the following bank...Ch. 6 - The Ledger Balance of Cash section of the bank...Ch. 6 - When the bank statement is received on July 3, it...Ch. 6 - Place a check mark in the column that indicates...Ch. 6 - Hosung Companys Cash account shows a balance of...Ch. 6 - Record entries in general journal form to record...Ch. 6 - At the end of the day, the cash register tape...Ch. 6 - a. Describe the entries that have been posted to...Ch. 6 - Arthurs Mens Shop deposits all receipts in the...Ch. 6 - On May 1 of this year, Ellsworth and Company...Ch. 6 - Ellie Harrod, owner of Harrods Dry Cleaners, makes...Ch. 6 - On August 31, Baginski and Company receives its...Ch. 6 - The Quilt Shop deposits all receipts in the bank...Ch. 6 - Merkle Company deposits all receipts in the bank...Ch. 6 - On March 1 of this year, Stowe Company established...Ch. 6 - Roberta Felino, owner of Robertas Beauty Salon,...Ch. 6 - On August 2, Northern Motel receives its bank...Ch. 6 - Jims Fitness Center deposits all receipts in the...Ch. 6 - BDO USA, LLP and Grant Thornton, LLP are...Ch. 6 - As the new bookkeeper for a small business, you...Ch. 6 - You work as a cashier for a service business. Some...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
List and describe the three functions of money.

Brief Principles of Macroeconomics (MindTap Course List)

REACHING A FINANCIAL GOAL Six years from today you need 10,000. You plan to deposit 1,500 annually, with the fi...

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

What steps are followed in posting sales from the general journal to the accounts receivable ledger?

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

When are short-term notes payable issued?

Survey of Accounting (Accounting I)

Poor people will always exist. Comment.

Economics (MindTap Course List)

What are automatic stabilizers? Explain their major advantage.

Macroeconomics: Private and Public Choice (MindTap Course List)