Question
In: Accounting
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides...
|
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2016, bank statement included the following information: |
| Balance, October 1, 2016 | $ | 32,590 |
| Deposits | 81,000 | |
| Checks processed | (70,200) | |
| Service charges | (250) | |
| NSF checks | (1,500) | |
| Monthly loan payment deducted | ||
| directly by bank from account | ||
| (includes $300 in interest) | (2,300) | |
| Balance, October 31, 2016 | $ | 39,340 |
|
The company’s general ledger cash (checking) account had a balance of $42,354 at the end of October. Deposits outstanding totaled $4,124, and all checks written by the company were processed by the bank except for those totaling $5,520. In addition, a check for $400 for the purchase of office furniture was incorrectly recorded by the company as a $40 disbursement. The bank correctly processed the check during October. |
| Required: | |||
| 1. |
Prepare a bank reconciliation for the month of October.
|
||
| 2. |
Prepare the necessary journal entries at the end of October to adjust the general ledger cash account. |
||
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides...
The Fitzgerald Company maintains a checking account at the Bank
of the North.
The bank provides a bank statement along with canceled checks on
the last day of each month. T
he October 31, 2016, bank statement included the following
information:
Balance, October 1, 2016 $ 32,690
Deposits 86,000
Checks processed -75,200
Service charges -350
NSF checks -1,600
Monthly loan payment deducted
directly by bank from account
(includes $400 in interest)
(3,400)...
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides...
The Fitzgerald Company maintains a checking account at the Bank
of the North. The bank provides a bank statement along with
canceled checks on the last day of each month. The October 31,
2018, bank statement included the following information:
Balance, October 1, 2018
$
32,690
Deposits
86,000
Checks processed
(75,200
)
Service charges
(350
)
NSF checks
(1,600
)
Monthly loan payment deducted
directly by bank from account
(includes $400 in interest)
(3,400
)
Balance, October 31, 2018
$...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a...
Harrison Company maintains a checking account at the
First National City Bank. The bank provides a bank statement along
with canceled checks on the last day of each month. The July 2021
bank statement included the following information:
Balance, July 1, 2021
$
57,428
Deposits
180,900
Checks processed
(194,010
)
Service charges
(45
)
NSF checks
(1,900
)
Monthly payment on note, deducted directly by bank from
account
(includes $220 in interest)
(4,020
)
Balance, July 31, 2021
$
38,353...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a...
Harrison Company maintains a checking account at the First
National City Bank. The bank provides a bank statement along with
canceled checks on the last day of each month. The July 2018 bank
statement included the following information:
Balance, July 1, 2018
$
56,678
Deposits
180,300
Checks processed
(193,410
)
Service charges
(70
)
NSF checks
(1,600
)
Monthly loan payment deducted
directly by bank from account
(includes $620 in interest)
(3,720
)
Balance, July 31, 2018
$
38,178
The...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a...
Harrison Company maintains a checking account at the
First National City Bank. The bank provides a bank statement along
with canceled checks on the last day of each month. The July 2021
bank statement included the following information:
Balance, July 1, 2021
$
56,678
Deposits
180,300
Checks processed
(193,410
)
Service charges
(70
)
NSF checks
(1,600
)
Monthly payment on note, deducted directly by bank from
account
(includes $620 in interest)
(3,720
)
Balance, July 31, 2021
$
38,178...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a...
Harrison Company maintains a checking account at the
First National City Bank. The bank provides a bank statement along
with canceled checks on the last day of each month. The July 2021
bank statement included the following information:
Balance, July 1, 2021
$
57,803
Deposits
181,200
Checks processed
(194,310
)
Service charges
(60
)
NSF checks
(2,050
)
Monthly payment on note, deducted directly by bank from
account
(includes $170 in interest)
(4,170
)
Balance, July 31, 2021
$
38,413...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a...
Harrison Company maintains a checking account at the First
National City Bank. The bank provides a bank statement along with
canceled checks on the last day of each month. The July 2021 bank
statement included the following information:
Balance, July 1, 2021
$
56,803
Deposits
180,400
Checks processed
(193,510
)
Service charges
(75
)
NSF checks
(1,650
)
Monthly payment on note, deducted directly by bank from
account
(includes $870 in interest)
(3,770
)
Balance, July 31, 2021
$
38,198...
Silver Inc. maintains a checking account with ABC Bank, The following ledger account provides information for...
Silver Inc. maintains a checking account with ABC Bank, The
following ledger account provides information for the records
related to the beginning balance, deposits, and payments with
check. The following cash ledger account is obtained from the
company's ledger book for the month ending January 31.
Cash Account
Deposits: Checks written:
Jan.1 Balance $4,851.23 Jan.13 Ck.no. 213 $423
Jan.19 Deposit $5,000 Jan.24 Ck.no. 214 $125
Jan.27 Deposit $2,400 Jan.26 Ck.no.215 $200
Jan.30 Deposit $1,000 Jan.28 Ck.no.216 $163
Jan.31 Deposit $800...
Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the...
Gato Painting Company maintains a checking account at American
Bank. Bank statements are prepared at the end of each month. The
November 30, 2021, reconciliation of the bank balance is as
follows:
Balance per
bank, November 30
$
3,431
Add: Deposits
outstanding
1,400
Less: Checks
outstanding
#363
$
143
#365
221
#380
76
#381
106
#382
290
(836
)
Adjusted balance
per bank, November 30
$
3,995
The company’s general ledger checking account showed the following
for December:
Balance,
December...
El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at...
El Gato Painting Company maintains a checking account at
American Bank. Bank statements are prepared at the end of each
month. The November 30, 2021, reconciliation of the bank balance is
as follows: Balance per bank, November 30 $ 3,421 Add: Deposits
outstanding 1,390 Less: Checks outstanding #363 $ 142 #365 220 #380
75 #381 105 #382 280 (822 ) Adjusted balance per bank, November 30
$ 3,989 The company’s general ledger checking account showed the
following for December: Balance,...
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