In: Accounting
The bank statement and cash activity for the month of June for Greyhound Corporation are provided below:
Capital Bank Statement |
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Balance at 5/31/17: $46,074.00 |
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Withdrawals |
Deposits |
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Date |
Check Number |
Amount |
Date |
Amount |
||
2-Jun |
4015 |
$ 642.70 |
1-Jun |
$ 8,470.00 |
||
5-Jun |
4017 |
1,523.50 |
6-Jun |
1,568.00 |
||
7-Jun |
4007 |
158.40 |
10-Jun |
154.25 |
||
9-Jun |
EFT |
4,762.30 |
11-Jun |
845.15 |
||
10-Jun |
4024 |
763.10 |
15-Jun |
457.60 |
||
15-Jun |
4025 |
417.50 |
17-Jun |
251.65 |
||
17-Jun |
NSF |
315.60 |
22-Jun |
INT |
35.00 |
|
20-Jun |
4023 |
1,006.10 |
23-Jun |
375.80 |
||
26-Jun |
4028 |
765.90 |
27-Jun |
784.50 |
||
30-Jun |
SC |
15.00 |
|
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30-Jun |
4034 |
1,568.50 |
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|
INT = Interest |
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Greyhound Company General Ledger |
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Cash Payments |
Cash Receipts |
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Date |
Check Number |
Amount |
Date |
Amount |
||
7-Jun |
4024 |
$ 763.10 |
3-Jun |
$ 1,568.00 |
||
9-Jun |
EFT |
4,762.30 |
7-Jun |
154.25 |
||
12-Jun |
4025 |
417.50 |
8-Jun |
845.15 |
||
16-Jun |
4023 |
1,006.10 |
8-Jun |
475.60 |
||
18-Jun |
4027 |
678.25 |
14-Jun |
251.65 |
||
19-Jun |
4028 |
765.90 |
15-Jun |
315.60 |
||
24-Jun |
4030 |
695.15 |
20-Jun |
375.80 |
||
24-Jun |
4031 |
231.50 |
25-Jun |
784.50 |
||
26-Jun |
4034 |
1,568.50 |
27-Jun |
1,008.30 |
||
|
27-Jun |
123.45 |
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30-Jun |
358.45 |
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|
Your analysis of the bank statement and company records revealed the following additional information:
Beginning cash balance for Greyhound Company on May 31st was $50,958.15.
Outstanding checks at 5/31/17 according to Greyhound Company were:
Check Number |
Amount |
|
4001 |
$ 647.30 |
|
4005 |
$ 298.35 |
|
4007 |
$ 158.40 |
|
4015 |
$ 642.70 |
4017 $ 1,523.50
A monthly EFT deduction of $4,762.30 was made for payroll.
Required:
1. Determine the June 30th ending cash balance per the books.
2. Determine the June 30th ending cash balance per the bank.
3. Prepare the reconciliations from both the Company Books and Bank Statement to the correct cash balance at June 30tht. Assume any errors were made by Greyhound.
4. Prepare the adjusting journal entries necessary at June 30th, 2017.
Greyhound Corporation | |||||||||||||
Bank Reconciliation Statement | |||||||||||||
Particulars | Amount | Total | Amount | Amount | |||||||||
Balance as per Books of Greyhound Corporation | 71431.45 | Cash balance as on 31-May | 50958.15 | Bank Balance as on 31-May | 46074.00 | ||||||||
Date | ADD: | Date | Receipts | Date | Receipts | ||||||||
2-Jan | 4015 | 642.70 | 3-Jan | 1568.00 | 1-Jan | 8470.00 | |||||||
5-Jan | 4017 | 1523.50 | 7-Jan | 154.25 | 6-Jan | 1568.00 | |||||||
18-Jan | 4027 | 678.25 | 8-Jan | 845.15 | 10-Jan | 154.25 | |||||||
10-Jan | 4024 | 763.10 | 8-Jan | 475.60 | 11-Jan | 845.15 | |||||||
17-Jan | NSF | 315.60 | 14-Jan | 251.65 | 15-Jan | 457.60 | |||||||
24-Jan | 4030 | 695.15 | 15-Jan | 315.60 | 17-Jan | 251.65 | |||||||
24-Jan | 4031 | 231.50 | 20-Jan | 375.80 | 22-Jan | 35.00 | |||||||
30-Jan | SC | 15.00 | 25-Jan | 784.50 | 23-Jan | 375.80 | |||||||
30-Jan | 4034 | 1568.50 | 27-Jan | 1008.30 | 27-Jan | 784.50 | 12941.95 | ||||||
4001 | 647.30 | 27-Jan | 123.45 | ||||||||||
4005 | 298.35 | 30-Jan | 358.45 | 6260.75 | |||||||||
4007 | 158.40 | Payments | Payments | ||||||||||
4015 | 642.70 | 7-Jan | 4024 | 763.10 | 2-Jan | 4015 | 642.70 | ||||||
4017 | 1523.50 | 9703.55 | 9-Jan | EFT | 4762.30 | 5-Jan | 4017 | 1523.50 | |||||
LESS: | 12-Jan | 4025 | 471.50 | 7-Jan | 4007 | 158.40 | |||||||
1-Jun | Check deposit | 8470.00 | 16-Jan | 4023 | 1006.10 | 9-Jan | EFT | 4762.30 | |||||
20-Jan | Cash receipts | 375.80 | 18-Jan | 4027 | 678.25 | 10-Jan | 4024 | 763.10 | |||||
27-Jan | Cash receipts | 1008.30 | 19-Jan | 4028 | 765.90 | 15-Jan | 4025 | 417.50 | |||||
27-Jan | Cash receipts | 123.45 | 24-Jan | 4030 | 695.15 | 17-Jan | NSF | 315.60 | |||||
30-Jan | Cash receipts | 358.45 | 24-Jan | 4031 | 231.50 | 20-Jan | 4023 | 1006.10 | |||||
22-Jan | Check deposit | 35.00 | -10371.00 | 26-Jan | 4034 | 1568.5 | -10942.3 | 26-Jan | 4028 | 765.90 | |||
Bank Balance as on 30-June | 70764.00 | Closing cash balance | 68161.2 | 30-Jan | SC | 15.00 | |||||||
Outstanding balance | 30-Jan | 4034 | 1568.50 | -11938.60 | |||||||||
4001 | 647.30 | 47077.35 | |||||||||||
4005 | 298.35 | ||||||||||||
4007 | 158.40 | ||||||||||||
4015 | 642.70 | ||||||||||||
4017 | 1523.5 | -3270.25 | |||||||||||
Closing cash balance | 71431.45 |