Instructions a. Prepare a bank reconciliation dated June 30, 2020, proceeding to a correct cash balance....

Instructions a. Prepare a bank reconciliation dated June 30, 2020, proceeding to a correct cash balance. b. Prepare any entries necessary to make the books correct and complete. *P7.14 (LO 6) (Bank Reconciliation and Adjusting Entries) Presented below is information related to Haselhof Inc. Balance per books at October 31, $41,847.85; receipts $173,523.91; disbursements $164,893.54. Balance per bank statement November 30, $56,274.20. The following checks were outstanding at November 30. 1224 $1,635.29 1230 2,468.30 1232 2,125.15 1233 482.17 Included with the November bank statement and not recorded by the company were a bank debit memo for $27.40 covering bank charges for the month, a debit memo for $372.13 for a customer’s check Concepts for Analysis 7-55 returned and marked NSF, and a credit memo for $1,400 representing bond interest collected by the bank in the name of Haselhof Inc. Cash on hand at November 30 recorded and awaiting deposit amounted to $1,915.40.

Solutions

Expert Solution

Solution 1:

Solution 2:

Journal Entries - Haselhof Inc.
Date	Particulars	Debit	Credit
30-Nov	Cash Dr	$1,400.00
	To Interest Revenue		$1,400.00
	(Being interest credited by bank)

30-Nov	Accounts Receivables Dr	$372.13
	To Cash		$372.13
	(Being cheque dishonored by bank)

30-Nov	Service charges Dr	$27.40
	To Cash		$27.40
	(Being service charge debited by bank)

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Prepare a bank reconciliation dated December 31, 2020, for Nittany Inc. based on the following information....

Prepare a bank reconciliation dated December 31, 2020, for Nittany Inc. based on the following information. ∙ Balance per bank statement is $1,000. ∙ Balance per books is $900. ∙ The December bank statement indicated a service charge of $30. ∙ Cheque #1169 for $400 made out to a supplier was mailed, but not yet received by the bank. . Cheque #1183 for $270 to a supplier was incorrectly posted by Nittany as $720 in the books. ∙ The bank...

Prepare a bank reconciliation at November 30 List items that increase balance as per bank &...

Prepare a bank reconciliation at November 30 List items that increase balance as per bank & books first The bank portion of last month’s bank reconciliation for Crane Limited at October 31 is shown here: CRANE LIMITED Bank Reconciliation October 31 Cash balance per bank $24,920 Add: Deposits in transit 2,972 27,892 Less: Outstanding cheques #2472 $1,430 #2473 1,600 #2474 1,038 4,068 Reconciled cash balance $23,824 The reconciled cash balance per bank agreed with the reconciled cash balance per books...

Bank Reconciliation The following bank reconciliation was prepared as of June 30, 20Y7: Poway Co. Bank...

Bank Reconciliation The following bank reconciliation was prepared as of June 30, 20Y7: Poway Co. Bank Reconciliation For the Month Ended June 30, 20Y7 Cash balance according to bank statement $16,185 Adjustments: Outstanding Check No.1067 $575 Outstanding Check No.1106 470 Outstanding Check No.1110 1,050 Outstanding Check No.1113 910 Deposit of June 30 not recorded by bank (6,600) Total adjustments (3,595) Adjusted balance $12,590 Cash balance according to company’s records $8,985 Adjustments: Proceeds of note collected by bank: Face value $6,000...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $12,020. The bank statement indicated a balance of $14,010 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $5,040. A deposit of $5,250, representing receipts of June 30, had been made too late to appear on the bank statement. The bank collected $2,730 on...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $12,630. The bank statement indicated a balance of $14,690 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $5,290. A deposit of $5,510, representing receipts of June 30, had been made too late to appear on the bank statement. The bank collected $2,860 on...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $14,880. The bank statement indicated a balance of $17,060 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $6,140. A deposit of $6,400, representing receipts of June 30, had been made too late to appear on the bank statement. The bank collected $3,330 on...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $10,910. The bank statement indicated a balance of $12,510 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,500. A deposit of $4,690, representing receipts of June 30, had been made too late to appear on the bank statement. The bank collected $2,440 on...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $13,360. The bank statement indicated a balance of $15,350 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $5,530. A deposit of $5,760, representing receipts of June 30, had been made too late to appear on the bank statement. The bank collected $2,990 on...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $14,380. The bank statement indicated a balance of $16,970 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $6,110. A deposit of $6,360, representing receipts of June 30, had been made too late to appear on the bank statement. The bank collected $3,310 on...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated...

Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $9,595. The bank statement indicated a balance of $11,240 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,050. A deposit of $4,220, representing receipts of June 30, had been made too late to appear on the bank statement. The bank collected $2,190 on...

Subjects