The following information is available for Ingridâs Company for the month ending June 30, 2015.
⢠Balance per the bank statement is $10,241.43.
⢠Balance per books is $9,745.06.
⢠Check #506 for $1,948.52 and check #510 for $1,800.25 were not returned with the June 30 bank statement.
⢠A deposit in transit of $5,113.40 had not been received by the bank when the bank statement was generated.
⢠A bank debit memo indicated an NSF check in the amount of $79 written by Deck Tron to Ingridâs Company on June 13
. ⢠A bank credit memo indicated a note collected by the bank of $1,900 and interest revenue of $75 on June 20.
⢠The bank statement indicated service charges of $35.
Required:
1. Prepare the journal entries from the reconciliation process in the company books.
The following information is available for Ingridâs Company for the month ending June 30, 2015.
⢠Balance per the bank statement is $10,241.43.
⢠Balance per books is $9,745.06.
⢠Check #506 for $1,948.52 and check #510 for $1,800.25 were not returned with the June 30 bank statement.
⢠A deposit in transit of $5,113.40 had not been received by the bank when the bank statement was generated.
⢠A bank debit memo indicated an NSF check in the amount of $79 written by Deck Tron to Ingridâs Company on June 13
. ⢠A bank credit memo indicated a note collected by the bank of $1,900 and interest revenue of $75 on June 20.
⢠The bank statement indicated service charges of $35.
Required:
1. Prepare the journal entries from the reconciliation process in the company books.
Related questions
43.)Which one of the following is not an objective of a system of internal controls?
| A.) Reduce the risks of errors. |
| B.) All of these are objectives of internal control. |
| C.) Safeguard company assets. |
| D.) Enhance the accuracy and reliability of accounting records. 128.) Vaughn Manufacturing had checks outstanding totaling $33000 on its June bank reconciliation. In July, Vaughn Manufacturing issued checks totaling $238100. The July bank statement shows that $161000 in checks cleared the bank in July. A check from one of Vaughn Manufacturing's customers in the amount of $1800 was also returned marked "NSF." The amount of outstanding checks on Vaughn Manufacturing's July bank reconciliation should be? 129.)Metlock, Inc. had checks outstanding totaling $30600 on its May bank reconciliation. In June, Metlock, Inc. issued checks totaling $191500. The June bank statement shows that $142600 in checks cleared the bank in June. A check from one of Metlock, Inc.'s customers in the amount of $1400 was also returned marked "NSF." The amount of outstanding checks on Metlock, Inc.'s June bank reconciliation should be? 151.)A check written by the company for $242 is incorrectly recorded by a company as $224. On the bank reconciliation, the $18 error should be
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| Chapter 7 Homework- Bank Rec | ||||||||||
| The following informationpertains to the bank transactions of Midwestern Company: | ||||||||||
| a | Cash on the books as of June 30 was $519. Cash asshown on the bank statement for the same date was $1,440 | |||||||||
| b | A deposit of $260, representing cash receipts as ofJune 30, did not appear on the bank statement | |||||||||
| c | Outstanding checks totaled $240 | |||||||||
| d | Bank service charges for June amounted to $15 | |||||||||
| e | The bank collected for Midwestern Company $1040(which includes $40 interest) on a note left for collection | |||||||||
| f | An NSF check for $84 from a customer, Joe S., wasreturned with the statement | |||||||||
| Required | ||||||||||
| 1 | Prepare the bank reconciliation for MidwesternCompany as of June 30 | |||||||||
| 2 | State the amount of cash that would appear on thebalance sheet as of June 30 | |||||||||
| Midwestern Company | ||||||||||
| Bank Reconciliation | ||||||||||
| June 30, 2015 | ||||||||||
