Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 13.00

Damon Company

October 31, 2015, Damon CompanyAc€?cs general ledger shows a checking account balance of $8,445. The companyAc€?cs cash receipts for the month total $74,640, of which $71,375 has been deposited in the bank. In addition, the company has written checks for $72,515, of which $71,270 has been processed by the bank.

     The bank statement reveals an ending balance of $12,895 and includes the following items not yet recorded by Damon: bank service fees of $310, note receivable collected by bank of $6,600, and interest earned on the account balance plus from the note of $1,120. After closer inspection, Damon realizes that the bank incorrectly charged the companyAc€?cs account $940 for an automatic withdrawal that should have been charged to another customerAc€?cs account. The bank agrees to the error.

 

Required:
1.

Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31,2015.
 
 
 
DAMON COMPANY
Bank Reconciliation
October 31, 2015
Bank's Cash Balance Company's Cash Balance
Per bank statement   Per general ledger  
       
       
       
       
Bank balance per reconciliation   Company balance per reconciliation  

2 - Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
   

     

Journal Entry Worksheet

  • Record the entries that increase cash.
   
 
 
Date General Journal Debit Credit  
 
October 31, 2015      
       
       
       
       
       

*Enter debits before credit

  • Record the entries that decrease cash.
   
 
 
Date General Journal Debit Credit  
 
October 31, 2015      
       
       
       
       
       

*Enter debits before credits

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 13.00

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