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Category > Accounting Posted 20 Aug 2017 My Price 13.00

Beeler Furniture Company

PR 7-5A Bank reconciliation and entries

Beeler Furniture Company deposits all cash receipts each Wednesday  and  Friday  in  a night  depository,  after  banking  hours.  The  data  required  to  reconcile  the  bank   statement

as of June 30 have been taken from various documents and records and are  reproduced

as follows. The sources of the data are printed in capital letters. All checks were written for  payments  on account.

 

CASH ACCOUNT:

 

 

Balance as of June 1

$9,317.40

CASH RECEIPTS FOR MONTH OF JUNE

$9,223.76

DUPLICATE  DEPOSIT TICKETS:

 

Date and amount of each deposit in June:

 

Date

Amount

Date

Amount

Date

Amount

June 1

$1,080.50

June 10

$  996.61

June 22

$  897.34

3

854.17

15

882.95

24

947.21

8

840.50

17

1,606.74

30

1,117.74

CHECKS WRITTEN:

Number and amount of each check issued in June:

 

Check No.

Amount

Check No.

Amount

Check No.

Amount

740

$237.50

747

Void

754

$  449.75

741

495.15

748

$450.90

755

272.75

742

501.90

749

640.13

756

113.95

743

761.30

750

276.77

757

407.95

744

506.88

751

299.37

758

259.60

745

117.25

752

537.01

759

901.50

746

298.66

753

380.95

760

486.39

Total amount of checks issued in  June                                                                                                                               $8,395.66

BANK RECONCILIATION FOR PRECEDING  MONTH:

 

Beeler Furniture Company Bank Reconciliation

May 31, 2016

 

Cash balance according to bank statement . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$  9,447.20

 

Add deposit for May 31, not recorded by bank. . . . . . . . . . . . . . . . . . . . . . .

 

         690.25

 

 

Deduct outstanding checks:

 

$10,137.45

 

No. 731 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$162.15

 

 

736 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

345.95

 

 

738 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

251.40

 

 

739 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

     60.55

          820.05

 

Adjusted balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$  9,317.40

 

Cash balance according to company’s records . . . . . . . . . . . . . . . . . . . . . . .

 

$  9,352.50

 

Deduct service charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

             35.10

 

Adjusted balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$  9,317.40

 

 

 

 

Instructions

1.    Prepare a bank reconciliation as of June 30. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable.

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

3.    What is the amount of Cash that should appear on the balance sheet as of June 30?

4.    Assume that a canceled check for $390 has been incorrectly recorded by the bank as $930. Briefly explain how the error would be included in a bank reconcilia- tion and how it should be corrected.

 

JUNE BANK STATEMENT:

 

 

 

 

 

 

 

 

 

 

 

 

 

No.731

162.15

No.736

345.95

 

690.25

6/01

9,629.35

No.739

60.55

No.740

237.50

 

1,080.50

6/02

10,411.80

No.741

495.15

No.742

501.90

 

854.17

6/04

10,268.92

No.743

671.30

No.744

506.88

 

840.50

6/09

9,931.24

No.745

117.25

No.746

298.66

MS

3,500.00

6/09

13,015.33

No.748

450.90

No.749

640.13

MS

210.00

6/09

12,134.30

No.750

276.77

No.751

299.37

 

896.61

6/11

12,454.77

No.752

537.01

No.753

380.95

 

882.95

6/16

12,419.76

No.754

449.75

No.755

272.75

 

1,606.74

6/18

13,304.00

No.757

407.95

No.760

486.39

 

897.34

6/23

13,307.00

 

 

 

 

 

942.71

6/25

14,249.71

 

 

NSF

550.00

 

 

6/28

13,699.71

 

 

SC

75.00

 

 

6/30

13,624.71

 

 

 

 

 

 

 

 

 

 

Answers

Maurice Tutor
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Status NEW Posted 20 Aug 2017 06:08 PM My Price 13.00

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