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 06 Aug 2017 My Price 11.00

Sedona, Inc.

Bank Reconciliation

p4. The following information is available for Sedona, Inc., as of May 31, 2014:

a.    Cash on the books as of May 31 amounted to $42,754.16. Cash on the bank state- ment for the same date was $52,351.46.

b.    A deposit of $5,220.94, representing cash receipts of May 31, did not appear on the bank statement.

c.    Outstanding checks totaled $3,936.80.

d.   A check for $1,920.00 returned with the statement was recorded incorrectly in the check register as $1,380.00. The check was for a cash purchase of merchandise.

e.    The bank service charge for May amounted to $25.

f.     The bank collected $12,360.00 for Sedona, on a note. The face value of the note was

$12,000.00.

g.    An NSF check for $183.56 from a customer, Eva Mendez, was returned with the statement.

h.    The bank mistakenly charged to the company account a check for $850.00 drawn by another company.

i.     The bank reported that it had credited the account for $120.00 in interest on the average balance for May.

ReQUIReD

1.    Prepare a bank reconciliation for Sedona as of May 31, 2014.

2.    Prepare the journal entries necessary to adjust the accounts.

3.    What amount of cash should appear on Sedona’s balance sheet as of May 31?

4.    aCCountIng ConneCtIon ▶ Why is a bank reconciliation considered an impor- tant control over cash?

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 09:08 PM My Price 11.00

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