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Category > Accounting Posted 29 May 2017 My Price 9.00

The cash data of Alta Vista Toyota for June 20X4 follow

 

The cash data of Alta Vista Toyota for June 20X4 follow:

   

Cash

      

Date

Item

Jrnl. Ref.

Debit

Credit

Balance

June 1

Balance

      

5,011

30

  

CR6

10,578

  

15,589

30

  

CP11

  

10,924

4,665

 

Cash Receipts (CR)

Cash Payments (CP)

  

Date

Cash Debit

Check No.

Cash Credit

June 2

$ 4,174

3113

$ 891

8

407

3114

147

10

559

3115

1,930

16

2,187

3116

664

22

1,854

3117

1,472

29

1,060

3118

1,000

30

337

3119

632

Total

$10,578

3120

1,675
   

3121

100
   

3122

2,413
   

Total

$10,924

Alta Vista received the following bank statement on June 30, 20X4:

Bank Statement for June 20X4

    

Beginning balance

  

$ 5,011

Deposits and other additions:

    

June 1

$ 326 EFT

  

4

4,174

  

9

407

  

12

559

  

17

2,187

  

22

1,701 BC

  

23

1,854

11,208

Checks and other deductions:

    

June 7

$ 891

  

13

1,390

  

14

903 US

  

15

147

  

18

664

  

21

219 EFT

  

26

1,472

  

30

1,000

  

30

20 SC

(6,706)

Ending balance

  

$ 9,513

Additional data for the bank reconciliation include the following:

a. The EFT deposit was a receipt of monthly rent. The EFT debit was a monthly insurance payment.

b. The unauthorized signature check was received from a customer.

c. The correct amount of check number 3115, a payment on account, is $1,390. (Alta Vista’s accountant mistakenly recorded the check for $1,930.)

Required

1. Prepare the Alta Vista Toyota bank reconciliation at June 30, 20X4.

2. Describe how a bank account and the bank reconciliation help the general manager control Alta Vista’s cash.

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 29 May 2017 09:05 AM My Price 9.00

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Attachments

file 1496051132-Answer.docx preview (280 words )
T-----------he -----------cas-----------h d-----------ata----------- of----------- Al-----------ta -----------Vis-----------ta -----------Toy-----------ota----------- fo-----------r J-----------une----------- 20-----------X4 -----------fol-----------low-----------: -----------Cas-----------h D-----------ate----------- It-----------em -----------Jrn-----------l. -----------Ref-----------. D-----------ebi-----------t C-----------red-----------it -----------Bal-----------anc-----------e -----------Jun-----------e 1----------- Ba-----------lan-----------ce -----------5,0-----------11 ----------- 30----------- CR-----------6 1-----------0,5-----------78 -----------15,-----------589----------- 3-----------0 C-----------P11----------- 10-----------,92-----------4 4-----------,66-----------5 -----------Cas-----------h R-----------ece-----------ipt-----------s (-----------CR)----------- Ca-----------sh -----------Pay-----------men-----------ts -----------(CP-----------) D-----------ate----------- Ca-----------sh -----------Deb-----------it -----------Che-----------ck -----------No.----------- Ca-----------sh -----------Cre-----------dit----------- J-----------une----------- 2 -----------$ 4-----------,17-----------4 3-----------113----------- $ -----------891----------- 8----------- 40-----------7 3-----------114----------- 14-----------7 -----------10 -----------559----------- 31-----------15 -----------1,9-----------30 ----------- 16----------- 2,-----------187----------- 31-----------16 -----------664----------- 2-----------2 1-----------,85-----------4 3-----------117----------- 1,-----------472----------- 2-----------9 1-----------,06-----------0 3-----------118----------- 1,-----------000----------- 3-----------0 3-----------37 -----------311-----------9 6-----------32 ----------- To-----------tal----------- $1-----------0,5-----------78 -----------312-----------0 1-----------,67-----------5 -----------312-----------1 1-----------00 ----------- 31-----------22 -----------2,4-----------13
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