Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 Jul 2017 My Price 11.00

Marlow Furniture Co.

The May 31 bank statement of Marlow Furniture Co. has just arrived from First State Bank. To prepare the bank reconciliation, you gather the following data.

a. The May 31 bank balance is $19,209.82.

b. The bank statement includes two charges for returned checks from customers. One is a $67.50 NSF check received from Sarah Batten and deposited on May 19. The other is a $195.03 check received from Lena Masters and deposited on May 21. It was returned due to “Unauthorized Signature.”

c. The following Marlow checks are outstanding at May 31:

d. Marlow collects from a few customers by EFT. The May bank statement lists a $200 deposit for a collection on account from customer Jack Oates.

e. The bank statement includes two special deposits: $899.14 for dividend revenue, and $16.86, the interest revenue Marlow earned on its bank balance during May.

f. The bank statement lists a $6.25 subtraction for the bank service charge.

g. On May 31, the Marlow treasurer deposited $381.14, but this deposit does not appear on the bank statement.

h. The bank statement includes a $410.00 deduction for a check drawn by Marimont Freight Company. Marlow notified the bank of this bank error.

i. Marlow’s Cash account shows a balance of $18,200.55 on May 31.

Required

1. Prepare the bank reconciliation for Marlow Furniture at May 31.

2. Record the entries called for by the reconciliation. Include an explanation for each entry.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 09:07 PM My Price 11.00

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