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Category > Accounting Posted 20 Aug 2017 My Price 9.00

Stone Systems

PR 7-3b Bank reconciliation and entries

The cash account for Stone Systems at July 31, 2016, indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31, 2016. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling  items:

a.    Checks outstanding totaled $17,865.

b.    A deposit of $9,150, representing receipts of July 31, had been made too late to appear on the bank statement.

c.     The bank had collected $6,095 on a note left for collection. The face of the note was $5,750.

d.    A check for $390 returned with  the  statement  had  been  incorrectly  recorded  by Stone Systems as $930. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account.

e.     A check drawn for $1,810 had been incorrectly charged by the bank as $1,180.

f.     Bank service charges for July amounted to $80.

Instructions

1.    Prepare a bank reconciliation.

2.    Journalize the necessary entries. The accounts have not been closed.

3.    If a balance sheet were prepared for Stone Systems on July 31, 2014, what amount should be reported as cash?

 

 

 

Answers

Maurice Tutor
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Status NEW Posted 20 Aug 2017 06:08 PM My Price 9.00

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