Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
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Education

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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 06 Aug 2017 My Price 15.00

Sunshine Interiors

Bank Reconciliation and Entries

Sunshine Interiors 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 July 31 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.

Required:

 

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1. Prepare a bank reconciliation as of July 31. 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. When required, enter amounts in dollars and cents.


Sunshine Interiors
Bank Reconciliation
July 31, 20--
Cash balance according to bank statement
     
$
 
     
 
       
$
 
 
$
   
 
 
 
   
 
 
 
 
 
Adjusted balance
     
$
         
Cash balance according to company's records
     
$
 
 
$
   
 
 
 
   
 
 
 
   
 
 
 
 
 
       
$
 
 
$
   
 
 
 
 
 
Adjusted balance
     
$

 

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2.Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. For a compound transaction, if an amount box does not require an entry, leave it blank.


 
 
       
a.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
b.
 
 
 
 
 
 
 
 
 
 
 
       

 

3. What is the amount of Cash that should appear on the balance sheet as of July 31?
$

4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected.

Treatment  
 
To correct  

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 11:08 AM My Price 15.00

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