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 02 Aug 2017 My Price 12.00

Hidetoshi Company

Hidetoshi Company maintains a checking account at the Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below.

 

Cash in Bank
 

Per Books

Per Bank

Balance, July 1

$17,600

$16,800

July receipts

81,400

  

July credits

  

82,470

July disbursements

77,150

  

July debits

  

74,756

Balance, July 31

$21,850

$24,514

Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $3,470 for the collection of a $3,400 note plus interest revenue of $70. The July debits per bank consist of checks cleared $74,700 and a debit memorandum of $56 for printing additional company checks.

You also discover the following errors involving July checks: (1) A check for $230 to a creditor on account that cleared the bank in July was journalized and posted as $320. (2) A salary check to an employee for $255 was recorded by the bank for $155.

The June 30 bank reconciliation contained only two reconciling items: deposits in transit $7,000 and outstanding checks of $6,200.

Instructions

(a) Prepare a bank reconciliation at July 31, 2012.

(b) Journalize the adjusting entries to be made by Hidetoshi Company. Assume that interest on the note has not been accrued.

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 11:08 AM My Price 12.00

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