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On August 2, Northern Motel 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 $37 is for an NSF check written by T. R. Royce. Check no. 1617 for $75.50, payable to Mitchel Company (a creditor), was incorrectly recorded in the checkbook and journal as $57.50. The ledger balance of Cash as of July 31 is $1,909.30. Outstanding checks as of July 31 are no. 1631, $118.20; no. 1632, $78.20; and no. 1633, $178.36. The accountant notes that the July 31 deposit of $630 did not appear on the bank statement. Required 1. Prepare a bank reconciliation as of July 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, $1,831.30

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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 4PB
Textbook Problem

On August 2, Northern Motel 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 $37 is for an NSF check written by T. R. Royce. Check no. 1617 for $75.50, payable to Mitchel Company (a creditor), was incorrectly recorded in the checkbook and journal as $57.50.

The ledger balance of Cash as of July 31 is $1,909.30. Outstanding checks as of July 31 are no. 1631, $118.20; no. 1632, $78.20; and no. 1633, $178.36. The accountant notes that the July 31 deposit of $630 did not appear on the bank statement.

Chapter 6, Problem 4PB, On August 2, Northern Motel receives its bank statement (shown on the next page). The company

Required

  1. 1. Prepare a bank reconciliation as of July 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.

Check Figure

Adjusted ledger balance of cash, $1,831.30

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Chapter 6 Solutions

College Accounting (Book Only): A Career Approach
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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...

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