The Carla Vista Boat Company's bank statement for the month of November showed a balance per...

The Carla Vista Boat Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash account in the general ledger had a balance of $5,536 at November 30. Other information is as follows:

(1)		Cash receipts for November 30 recorded on the company's books were $6,480 but this amount does not appear on the bank statement.
(2)		The bank statement shows a debit memorandum for $50 for check printing charges.
(3)		Check No. 119 payable to Sunland Company was recorded in the cash payments journal and cleared the bank for $368. A review of the accounts payable subsidiary ledger shows a $18 credit balance in the account of Sunland Company and that the payment to them should have been for $386.
(4)		The total amount of checks still outstanding at November 30 amounted to $6,260.
(5)		Check No. 138 was correctly written and paid by the bank for $506. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $560.
(6)		The bank returned an NSF check from a customer for $700.
(7)		The bank included a credit memorandum for $3,880 which represents a collection of a customer's note by the bank for the company; the principal amount of the note was $3,748 and interest was $132. Interest has not been accrued.

Prepare a bank reconciliation for the Carla Vista Boat Company at November 30. AND Prepare any adjusting entries necessary as a result of the bank reconciliation.

Solutions

Expert Solution

ekkarill92 answered 10 months ago

Next > < Previous

Related Solutions

The Hartman Boat Company's bank statement for the month of November showed a balance per bank...

The Hartman Boat Company's bank statement for the month of November showed a balance per bank of $6,919. The company's Cash account in the general ledger had a balance of $5,659 at November 30. Other information is as follows: (1) Cash receipts for November 30 recorded on the company's books were $5,200 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for $40 for check printing charges. (3) The total amount...

The Oriole Boat Company's bank statement for the month of November showed a balance per bank...

The Oriole Boat Company's bank statement for the month of November showed a balance per bank of $8,800. The company's Cash account in the general ledger had a balance of $6,778 at November 30. Other information is as follows: (1) Cash receipts for November 30 recorded on the company's books were $6,020 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for $40 for check printing charges. (3) Check No. 119...

The Circus Company's bank statement for the month of April showed a balance per bank of...

The Circus Company's bank statement for the month of April showed a balance per bank of $7,000. The company's Cash account in the accounting records had a balance of $5,659 at April 30. Other information is as follows:  Cash receipts for April 30 recorded on the company's books were $6,000 but this amount does not appear on the bank statement.  The bank statement shows a debit memorandum for $40 for check printing charges.  Check No. 119 payable...

The Tarragon Trading Company's bank statement for the month ofNovember showed a balance per bank...

The Tarragon Trading Company's bank statement for the month of November showed a balance per bank of $7,000. The company's Cash account in the general ledger had a balance of $5,659 at 30 November. Other information is as follows:(1) Cash receipts for 30 November recorded on the company's books were $5,200 but this amount does not appear on the bank statement.(2) The bank statement shows a debit memorandum for $40 for cheque printing charges.(3) The total amount of cheques still...

Dreyvins Coffee House Limited's bank statement for the month of November 2022 showed a balance per...

Dreyvins Coffee House Limited's bank statement for the month of November 2022 showed a balance per bank of $7,000. The company's general ledger Cash account showed a balance of $5,659 at November 30. Other information is as follows: 1. Cash receipts for November 30 recorded on the company's books were $5,200, but this amount does not appear on the bank statement. 2. The bank statement shows a debit memorandum for $40 for cheque printing charges. 3. Cheque #119 payable in...

Seattle Coffee Limited's bank statement for the month of November 30, 2020 showed a balance per...

Seattle Coffee Limited's bank statement for the month of November 30, 2020 showed a balance per bank of $7,000. The company's general ledger Cash account showed a balance of $5,904 at November 30, 2020. Other information is as follows: 1. Cash receipts for November 30 recorded on the company's books were $5,200, but this amount does not appear on the bank statement. 2. The bank statement shows a Bank charge fee for $40 for cheque printing charges. 3. Cheque #119...

Carla Vista Shoes’ comparative balance sheet is presented below. Carla Vista reports under ASPE. CARLA VISTA...

Carla Vista Shoes’ comparative balance sheet is presented below. Carla Vista reports under ASPE. CARLA VISTA SHOES Balance Sheet December 31 Assets 2021 2020 Cash $25,380 $15,930 Accounts receivable 21,780 20,070 Long-term investments 20,700 14,400 Equipment 54,000 63,000 Accumulated depreciation—equipment (12,600 ) (9,000 ) Total $109,260 $104,400 Liabilities and Shareholders’ Equity Accounts payable $17,640 $9,990 Notes payable 9,000 27,000 Common shares 54,000 40,500 Retained earnings 28,620 26,910 Total $109,260 $104,400 Additional Information: 1. Profit was $25,470. Dividends declared and paid...

A partial statement of financial position of Carla Vista Ltd. on December 31, 2016, showed the...

A partial statement of financial position of Carla Vista Ltd. on December 31, 2016, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2016): Buildings $300,000 Less: accumulated depreciation 100,000 $200,000 Equipment $131,000 Less: accumulated depreciation 51,000 80,000 Carla Vista uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Carla Vista...

The comparative unclassified statement of financial position for Carla Vista Ltd. follows: CARLA VISTA LTD. Statement...

The comparative unclassified statement of financial position for Carla Vista Ltd. follows: CARLA VISTA LTD. Statement of Financial Position December 31 Assets 2018 2017 Cash $55,000 $28,000 Accounts receivable 81,000 63,000 Inventory 183,000 203,500 Long-term investments 80,000 120,000 Equipment 285,000 156,000 Accumulated depreciation (61,000 ) (37,000 ) Total assets $623,000 $533,500 Liabilities and Shareholders’ Equity Accounts payable $32,000 $ 45,000 Bank loan payable 153,000 172,500 Common shares 219,000 176,000 Retained earnings 219,000 140,000 Total liabilities and shareholders’ equity $623,000 $533,500...

Brown Company's bank statement for september 30 showed a cash balance of $1,350. The company's cash...

Brown Company's bank statement for september 30 showed a cash balance of $1,350. The company's cash account in its general ledger showed a $995 debit balance. The following information was also available as of september 30. a. A $125 debit memoranda is included with the bank statement and dealt with a customer's check for $100 marked NSF and returned to Brown Company by the bank. In addition, the bank charged Browns company a $25 processing fee. b. The september 30...

Subjects