Question
In: Accounting
Question 2 Culver Company has just received the August 31, 2017, bank statement, which is summarized...
Question 2
Culver Company has just received the August 31, 2017, bank
statement, which is summarized below.
County National Bank
Disbursements
Receipts
Balance
Balance, August 1
$13,192
Deposits during August
$45,338 58,530
Note collected for depositor, including $56 interest
1,464
59,994
Checks cleared during August
$48,576
11,418
Bank service charges 28
11,390
Balance, August 31
11,390
The general ledger Cash account contained the following entries for the month of August.
Cash
Balance, August 1 14,150
Disbursements in August 49,150
Receipts during August
49,280
Deposits in transit at August 31 are $5,350, and checks outstanding at August 31 total $1,478. Cash on hand at August 31 is $436. The bookkeeper improperly entered one check in the books at $146.50 which was written for $164.50 for supplies (expense); it cleared the bank during the month of August.
Prepare any entries necessary to make the books correct and complete. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Aug. 31, 2017
(To record collection of note and interest)
Aug. 31, 2017
(To record August bank charges)
Aug. 31, 2017
(To record error in recording check for supplies)
What amount of cash should be reported in the August 31 balance
sheet?
Cash to be reported in the August 31 balance sheet $
Solutions
Expert Solution
| Date | Accounts Titles & Explanation | Debit | Credit | |
| August 31, 2017 | Cash | $1,464 | ||
| Interest Revenue | $56 | |||
| Note Receivable | $1,408 | |||
| (To record collection of note and interest) | ||||
| August 31, 2017 | Bank Service Charges | $28 | ||
| Cash | $28 | |||
| (To record August bank charges) | ||||
| August 31, 2017 | Supplies Expenses | $18 | ||
| Cash | $18 | |||
| (To record error in recording check for supplies) | ||||
| Cash to be reported in the August 31 balance sheet = $15,698 | ||||
| Working | ||||
| Bank | Book | |||
| Balance As per bank / Book | $11,390 | $14,280 | ||
| Deposit outstanding | $5,350 | - | ||
| Note collected | - | 1,464.00 | ||
| Cash on hand | 436.00 | |||
| $17,176 | $15,744 | |||
| Service charges | $0 | -$28 | ||
| Cheque not cleared | -$1,478 | - | ||
| Error | $0 | -$18 | ||
| $15,698 | $15,698 | |||
ekkarill92 answered 8 months agoRelated Solutions
Buffalo Company has just received the August 31, 2017, bank statement, which is summarized below. County...
Buffalo Company has just received the August 31, 2017, bank
statement, which is summarized below.
County National Bank
Disbursements
Receipts
Balance
Balance, August 1
$ 12,686
Deposits during August
$ 43,599
56,285
Note collected for depositor,
including $ 54 interest
1,408
57,693
Checks cleared during August
$ 46,713
10,980
Bank service charges
27
10,953
Balance, August 31
10,953
The general ledger Cash account contained the following entries for
the month of August.
Cash
Balance, August 1
13,608
Disbursements in August...
Shamrock, Inc.’s bank statement from Main Street Bank at August 31, 2017, gives the following information....
Shamrock, Inc.’s bank statement from Main Street Bank at August
31, 2017, gives the following information.
Balance, August 1
$18,550
Bank debit memorandum:
August deposits
71,150
Safety deposit box fee
$ 60
Checks cleared in August
68,643
Service charge
85
Bank credit memorandum:
Balance, August 31
20,992
Interest earned
80
A summary of the Cash account in the ledger for August shows the
following: balance, August 1, $18,850; receipts $74,150;
disbursements $73,535; and balance, August 31, $19,465. Analysis
reveals that...
Broadway Enterprises has received its bank statement as at March 31, 2019 which showed a balance...
Broadway Enterprises has received its bank statement as at March
31, 2019 which showed a balance of $15,180. Meanwhile its Cash book
balance at March 31, 2019 stood $8,140.
In addition, the Accountant of Broadway Enterprises was
presented with the following information:
Bank charges for the month were shown as $250 as per bank
statement.
Cheques issued to two creditors-Alloy Limited for $900 (cheque
#253) and Ben Lion for $270 (cheque #258) were not
presented to the bank and remain...
Roper Electronics received its bank statement from Northern Regional Bank for the month of August with...
Roper Electronics received its bank statement from Northern
Regional Bank for the month of August with a balance of $11,740.00
as of August 31.
Northern Regional Bank also collected a $5,000.00 notes
receivable from Roper Electronic's customer on August 1. The
customer owed interest on the receivable for the period March 1 to
August 1 at 12% annual interest. Northern Regional Bank charged a
$35.00 fee for the collection service.The bank statement reveals a
bank service charge of $20.00. A...
Roper Electronics received its bank statement for the month of August with an ending balance of...
Roper Electronics received its bank statement for the month of
August with an ending balance of $11,740. Roper determined that
Check No. 613 for $155 and Check No. 601 for $420 were both
outstanding. Also, a $6,900 deposit for August 30 was in transit as
of the end of the month. Northern Regional Bank also collected a
$5,000 notes receivable on August 1 that was issued March 1.
Accrued interest is $250. Northern Regional Bank charged a $35 fee
for...
Roper Electronics received its bank statement for the month of August with an ending balance of...
Roper Electronics received its bank statement for the month of
August with an ending balance of $11,740. Roper determined that
Check No. 613 for $155 and Check No. 601 for $420 were both
outstanding. Also, a $6,900 deposit for August 30 was in transit as
of the end of the month. Northern Regional Bank also collected a
$5,000 notes receivable on August 1 that was issued March 1.
Accrued interest is $250. Northern Regional Bank charged a $35 fee
for...
Question 4 The October 31 bank statement of Spooky Halloween Costumes Ltd. (SHC) has just arrived...
Question
4
The October 31 bank
statement of Spooky Halloween Costumes Ltd. (SHC) has just arrived
from TD Bank. To prepare the SHC bank reconciliation, you gather
the following data:
SHC’s Cash account shows a balance of
$2,256.14 on October 31.
The October 31 bank balance is
$4,023.05.
The bank statement shows that SHC earned
$38.19 of interest on its bank balance during
October. This amount was added to
SHC’s bank balance.
SHC pays utilities of...
Question 4 The October 31 bank statement of Spooky Halloween Costumes Ltd. (SHC) has just arrived...
Question
4
The October 31 bank
statement of Spooky Halloween Costumes Ltd. (SHC) has just arrived
from TD Bank. To prepare the SHC bank reconciliation, you gather
the following data:
SHC’s Cash account shows a balance of
$2,256.14 on October 31.
The October 31 bank balance is
$4,023.05.
The bank statement shows that SHC earned
$38.19 of interest on its bank balance during
October. This amount was added to
SHC’s bank balance.
SHC pays utilities of...
Pelzer Company reconciled its bank and book statement balances of Cash on August 31 and showed...
Pelzer Company reconciled its bank and book statement balances
of Cash on August 31 and showed two cheques outstanding at that
time, #5888 for $6,390 and #5893 for $1,528.00. The following
information was available for the September 30, 2020,
reconciliation:
From the September 30, 2020, bank statement:
Balance of previous statement on Aug. 31/20
10,979.00
6 deposits and other credits totalling
23,509.00
9 cheques and other debits totalling
27,498.00
Current balance as of Sept. 30/20
6,990.00
Chequing Account Transactions
Date...
Bank Reconciliation Statement. The cash account for Corey’s Construction Company at August 31, 2020, indicated a...
Bank Reconciliation Statement.
The cash account for Corey’s Construction Company at August 31,
2020, indicated a book balance of $19,885. The bank statement
received by the company indicated a balance of $39,473.63 as at
August 31, 2020. A comparison of the bank statement and the
accompanying cancelled cheques and memos with the records revealed
the following:
A deposit of $6,794.62 was received by the bank on August 31
after the bank statement was prepared.
Cheques #251 for $1,200 and #260...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Describe the acidity and pKa of hydrogen atoms that are bonded to carbon atoms adjacent to...
- Do you think it is fair for students to be admitted or denied entrance into a...
- 1. What do you think is behind the emotion of jealousy? Why are some people more...
- Ironmaking and steelmaking face challenges of reducing energy consumption and environment pollution. What is your proposal...
- Discuss the promotion strategies of Starbucks in the Italian market. What modifications to the company’s product...
- For the following testing scenario, identify specific ethical considerations or potential violations committed by Dr. Jefferson...
- Search the Internet and/or the University Library using a phrase such as, "companies that use data...
ADVERTISEMENT