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Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. Refer to the June Bank Statement (2nd attached image)   Required: 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. Refer to the June Bank Statement (2nd attached image)   Required: 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.4.3P
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Bank Reconciliation

Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account.

Refer to the June Bank Statement (2nd attached image)
 
Required:
1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
 
Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal !Final Questions nstructions Amount Descriptions Bank Reconciliation Shaded cells have feedback. X Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The Amount Descriptions 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that sources of the data are printed in capital letters. All checks were written for payments on account. Adjusted balance Chart of Accounts the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy Bank service charges accounts payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Check returned because of insufficient funds CASH ACCOUNT: "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. (Note: For those CHART OF ACCOUNTS Error in recording June 10 deposit boxes in which you must enter subtracted or negative numbers use a minus sign. ) Balance as of June 1 $9,317.40 Beeler Furniture Company Error in recording June 24 deposit CASH RECEIPTS FOR MONTH OF JUNE 9,223.76 General Ledger Error in recording Check No. 743 Beeler Furniture Company Score: 30/163 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: Deposit in transit on June 30 ASSETS REVENUE Note collected by bank, including $210 interest Bank Reconciliation Date Amount Date Amount Date Amount 110 Cash 410 Sales Outstanding Check No. 738 June 30, 20Y2 June 1 $1,080.50 June 10 $996.61 June 22 $897.34 111 Petty Cash 610 Interest Revenue Outstanding Check No. 756 1 Cash balance according to bank statement $13,624.71 3 854.17 15 882.95 24 947.21 120 Accounts Receivable Outstanding Check No. 758 Add: Deposit 1,117.74 2 8 840.50 17 1,606.74 30 1,117.74 131 Notes Receivable EXPENSES Outstanding Check No. 759 3 Deduct: Check no 738 251.40 141 Merchandise Inventory 510 Cost of Merchandise Sold Total additions CHECKS WRITTEN: Number and amount of each check issued in June: 4 Deduct: check no. 756 113.95 145 Office Supplies 515 Credit Card Expense Total deductions Deduct: check no. 758 259.60 Check No. Amount Check No. Amount Check No. Amount 146 Store Supplies 516 Cash Short and Over 740 $237.50 747 Void 754 $449.75 520 Salaries Expense Deduct: check no. 759 901.50 6 151 Prepaid Insurance 741 495.15 748 $450.90 755 272.75 181 Land 531 Advertising Expense 13,216.00 742 501.90 749 640.13 756 113.95 191 Office Equipment 532 Delivery Expense 8 743 761.30 750 276.77 757 407.95 192 Accumulated Depreciation-Office Equipment 533 Insurance Expense 9 744 506.88 751 299.37 758 259.60 193 Store Equipment 534 Office Supplies Expense 10 Cash balance according to company's records $10,145.50 745 117.25 752 537.01 759 901.50 194 Accumulated Depreciation-Store Equipment 535 Rent Expense Add: Principle of note collected $3,500.00 11 746 298.66 753 380.95 760 486.39 536 Repairs Expense 12 Add: Interest on note collected 210.00 LIABILITIES 537 Selling Expenses 210 Accounts Payable Error in recording Check No. 743 3.00 538 Store Supplies Expense 13 Total amount of checks issued in June: $8.395.66 221 Notes Payable 561 Depreciation Expense-Office Equipment 14 222 Interest Payable 562 Depreciation Expense-Store Equipment Deduct: check returned due to insufficient balance 550.00 BANK RECONCILIATION FOR PRECEDING MONTH: 231 Salaries Payable 590 Miscellaneous Expense Deduct: Error in recording June 10 deposit 100.00 16 241 Sales Tax Payable 710 Interest Expense Shaded cells Deduct: Error in recording June 24 deposit 4.50 17 Bank service charges 729.50 18 Beeler Furniture Company EQUITY tles. Round your answers to two decimal places. 19 Adjusted balance $13,216.00 310 Common Stock Bank Reconciliation 311 Retained Earnings May 31, 20Y2 312 Dividends Cash balance according to bank statement $9,447.20 K Points: 6.26 / 34 PAGE 1 Add: Deposit in transit on May 31 690.25 JOURNAL Score: 99/99 Deduct: Outstanding Check No. 731 $162.15 Feedback 3 ACCOUNTING FOUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Outstanding Check No. 736 345.95 Jun. 30 Cash 4 3,800.00 ↑ 1 Outstanding Check No. 738 251.40 Notes Receivable 3,500.00 Outstanding Check No. 739 60.55 6 Interest Revenue 210.00 ↑ 3 Total deductions (820.05) Accounts Payable 90.00 4 8 Adjusted balance $9,317.40 Jun. 30 Sales 104.50 5 Accounts Receivable 550.00 10 Cash balance according to company's records $9,352.50 Miscellaneous Expense 75.00 11 Deduct: Bank service charges (35.10) Cash 729.50 | 12 Adjusted balance $9,317.40 Check My Work
Transcribed Image Text:Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal !Final Questions nstructions Amount Descriptions Bank Reconciliation Shaded cells have feedback. X Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The Amount Descriptions 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or checks are discovered, assume that sources of the data are printed in capital letters. All checks were written for payments on account. Adjusted balance Chart of Accounts the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy Bank service charges accounts payable. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Check returned because of insufficient funds CASH ACCOUNT: "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. (Note: For those CHART OF ACCOUNTS Error in recording June 10 deposit boxes in which you must enter subtracted or negative numbers use a minus sign. ) Balance as of June 1 $9,317.40 Beeler Furniture Company Error in recording June 24 deposit CASH RECEIPTS FOR MONTH OF JUNE 9,223.76 General Ledger Error in recording Check No. 743 Beeler Furniture Company Score: 30/163 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: Deposit in transit on June 30 ASSETS REVENUE Note collected by bank, including $210 interest Bank Reconciliation Date Amount Date Amount Date Amount 110 Cash 410 Sales Outstanding Check No. 738 June 30, 20Y2 June 1 $1,080.50 June 10 $996.61 June 22 $897.34 111 Petty Cash 610 Interest Revenue Outstanding Check No. 756 1 Cash balance according to bank statement $13,624.71 3 854.17 15 882.95 24 947.21 120 Accounts Receivable Outstanding Check No. 758 Add: Deposit 1,117.74 2 8 840.50 17 1,606.74 30 1,117.74 131 Notes Receivable EXPENSES Outstanding Check No. 759 3 Deduct: Check no 738 251.40 141 Merchandise Inventory 510 Cost of Merchandise Sold Total additions CHECKS WRITTEN: Number and amount of each check issued in June: 4 Deduct: check no. 756 113.95 145 Office Supplies 515 Credit Card Expense Total deductions Deduct: check no. 758 259.60 Check No. Amount Check No. Amount Check No. Amount 146 Store Supplies 516 Cash Short and Over 740 $237.50 747 Void 754 $449.75 520 Salaries Expense Deduct: check no. 759 901.50 6 151 Prepaid Insurance 741 495.15 748 $450.90 755 272.75 181 Land 531 Advertising Expense 13,216.00 742 501.90 749 640.13 756 113.95 191 Office Equipment 532 Delivery Expense 8 743 761.30 750 276.77 757 407.95 192 Accumulated Depreciation-Office Equipment 533 Insurance Expense 9 744 506.88 751 299.37 758 259.60 193 Store Equipment 534 Office Supplies Expense 10 Cash balance according to company's records $10,145.50 745 117.25 752 537.01 759 901.50 194 Accumulated Depreciation-Store Equipment 535 Rent Expense Add: Principle of note collected $3,500.00 11 746 298.66 753 380.95 760 486.39 536 Repairs Expense 12 Add: Interest on note collected 210.00 LIABILITIES 537 Selling Expenses 210 Accounts Payable Error in recording Check No. 743 3.00 538 Store Supplies Expense 13 Total amount of checks issued in June: $8.395.66 221 Notes Payable 561 Depreciation Expense-Office Equipment 14 222 Interest Payable 562 Depreciation Expense-Store Equipment Deduct: check returned due to insufficient balance 550.00 BANK RECONCILIATION FOR PRECEDING MONTH: 231 Salaries Payable 590 Miscellaneous Expense Deduct: Error in recording June 10 deposit 100.00 16 241 Sales Tax Payable 710 Interest Expense Shaded cells Deduct: Error in recording June 24 deposit 4.50 17 Bank service charges 729.50 18 Beeler Furniture Company EQUITY tles. Round your answers to two decimal places. 19 Adjusted balance $13,216.00 310 Common Stock Bank Reconciliation 311 Retained Earnings May 31, 20Y2 312 Dividends Cash balance according to bank statement $9,447.20 K Points: 6.26 / 34 PAGE 1 Add: Deposit in transit on May 31 690.25 JOURNAL Score: 99/99 Deduct: Outstanding Check No. 731 $162.15 Feedback 3 ACCOUNTING FOUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Outstanding Check No. 736 345.95 Jun. 30 Cash 4 3,800.00 ↑ 1 Outstanding Check No. 738 251.40 Notes Receivable 3,500.00 Outstanding Check No. 739 60.55 6 Interest Revenue 210.00 ↑ 3 Total deductions (820.05) Accounts Payable 90.00 4 8 Adjusted balance $9,317.40 Jun. 30 Sales 104.50 5 Accounts Receivable 550.00 10 Cash balance according to company's records $9,352.50 Miscellaneous Expense 75.00 11 Deduct: Bank service charges (35.10) Cash 729.50 | 12 Adjusted balance $9,317.40 Check My Work
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