Question
In: Accounting
The cash account for Leisure Systems at Feb 29 2012, indicated a balance of $4,720. The...
The cash account for Leisure Systems at Feb 29 2012, indicated a balance of $4,720. The bank statement indicated a balance of $18,650 on Feb 29, 2012. Comparing the bank statements and accompanying cancelled checks and memos with records reveals the following reconciling items
Checks outstanding totaled $13,960
2. Deposits of $9,350 representing receipts of February 29 had been made too late to appear on the bank statement.
3. The bank had collected $ 8,560 on a note left for collection. The face of the note was $8,000.
4. Bank service charge for February amounted $50.
5. A check drawn for $930 had been incorrectly charged by the bank as $390 6. A check for $520 had been incorrectly recorded by Leisure Systems as $790.The check had been for payment for supplies from Taft Co on account (actual amount owed was in fact $790).
Instructions: 1. Prepare the bank reconciliation. 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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Chapter 7 lab
The cash account for
Stone Systems at July 31, 20Y5, indicated a balance of $17,750. The
bank statement indicated a balance of $33,650 on July 31, 20Y5.
Comparing the bank statement and the accompanying canceled checks
and memos with the records reveals the following reconciling
items:
Checks outstanding totaled $17,865.
A deposit of $9,150, representing receipts of July 31, had been
made too late to appear on the bank statement.
The bank had collected $6,095 on a...
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Bank Reconciliation and Entries
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balance of $12,695. The bank statement indicated a balance of
$16,480 on July 31, 20Y5. Comparing the bank statement and the
accompanying canceled checks and memos with the records reveals the
following reconciling items:
Checks outstanding totaled $5,930.
A deposit of $6,180, representing receipts of July 31, had been
made too late to appear on the bank statement.
The bank had collected $3,210 on...
Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 20Y5, indicated a...
Bank Reconciliation and Entries
The cash account for Stone Systems at July 31, 20Y5, indicated a
balance of $17,750. The bank statement indicated a balance of
$33,650 on July 31, 20Y5. Comparing the bank statement and the
accompanying canceled checks and memos with the records reveals the
following reconciling items:
Checks outstanding totaled $17,865.
A deposit of $9,150, representing receipts of July 31, had been
made too late to appear on the bank statement.
Required:
The bank had collected $6,095...
Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 20Y5, indicated a...
Bank Reconciliation and Entries
The cash account for Stone Systems at July 31, 20Y5, indicated a
balance of $17,750. The bank statement indicated a balance of
$33,650 on July 31, 20Y5. Comparing the bank statement and the
accompanying canceled checks and memos with the records reveals the
following reconciling items:
Checks outstanding totaled $17,865.
A deposit of $9,150, representing receipts of July 31, had been
made too late to appear on the bank statement.
The bank had collected $6,095 on...
Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 20Y5, indicated a...
Bank Reconciliation and Entries
The cash account for Stone Systems at July 31, 20Y5, indicated a
balance of $17,750. The bank statement indicated a balance of
$33,650 on July 31, 20Y5. Comparing the bank statement and the
accompanying canceled checks and memos with the records reveals the
following reconciling items:
Checks outstanding totaled $17,865.
A deposit of $9,150, representing receipts of July 31, had been
made too late to appear on the bank statement.
The bank had collected $6,095 on...
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The cash account for American Medical Co. at April 30 indicated
a balance of $334,985. The bank statement indicated a balance of
$388,600 on April 30. Comparing the bank statement and the
accompanying canceled checks and memos with the records revealed
the following reconciling items:
A.
Checks outstanding totaled
$61,280.
B.
A deposit of $42,500, representing
receipts of April 30, had been made too late to appear on the bank
statement.
C.
The bank collected $42,000 on a
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accompanying canceled checks and memos with the records revealed
the following reconciling items:
a.
Checks outstanding totaled $34,090.
b.
A deposit of $18,430, representing receipts of April 30, had
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c.
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The cash account for Norwegian Medical Co. at April 30 indicated a balance of $89,775. The...
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a balance of $89,775. The bank statement indicated a balance of
$125,160 on April 30. Comparing the bank statement and the
accompanying canceled checks and memos with the records revealed
the following reconciling items:
a.
Checks outstanding totaled $31,540.
b.
A deposit of $18,000, representing receipts of April 30, had
been made too late to appear on the bank statement.
c.
The bank collected $24,075 on a $22,500 note,...
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The cash account for American Medical Co. at April 30 indicated
a balance of $91,408. The bank statement indicated a balance of
$126,590 on April 30. Comparing the bank statement and the
accompanying canceled checks and memos with the records revealed
the following reconciling items: A. Checks outstanding totaled
$33,700. B. A deposit of $18,900, representing receipts of April
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