At March 31, the balance of the Cash account according to the records of Mabel was...
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At March 31, the balance of the Cash account according to the records of Mabel was $7,261. The March 31 bank statement showed a balance of $8,700. You are to prepare the bank reconciliation of Mabel Inc. as at March 31, using the following information: (a.) Deposit in transit at March 31, $6,772. (b.) Outstanding checks: no. 120, $140; no. 121, $932; no. 127, $307; no. 134, $2,200. (c.) Service charge by bank, $50. (d.) A note receivable for $5,050 left by Mabel with bank for collection that had been collected and credited to company's account. No interest involved. (e.) A check for $90 drawn by a customer, Stolen Sands, but deducted from Mabel's account by the bank and returned with the notation "NSF." (f.) Mabel Inc.'s check no. 480, issued in payment of $970 worth of office equipment, correctly written in the amount of $970 but erroneously recorded in Mabel's accounting records as $790. (g.) It was discovered by the bank that they had mistakenly deducted $98 of bank charges. (h.) A customer transferred $200 to the business by electronic fund transfer during March, At March 31, the balance of the Cash account according to the records of Mabel was $7,261. The March 31 bank statement showed a balance of $8,700. You are to prepare the bank reconciliation of Mabel Inc. as at March 31, using the following information: (a.) Deposit in transit at March 31, $6,772. (b.) Outstanding checks: no. 120, $140; no. 121, $932; no. 127, $307; no. 134, $2,200. (c.) Service charge by bank, $50. (d.) A note receivable for $5,050 left by Mabel with bank for collection that had been collected and credited to company's account. No interest involved. (e.) A check for $90 drawn by a customer, Stolen Sands, but deducted from Mabel's account by the bank and returned with the notation "NSF." (f.) Mabel Inc.'s check no. 480, issued in payment of $970 worth of office equipment, correctly written in the amount of $970 but erroneously recorded in Mabel's accounting records as $790. (g.) It was discovered by the bank that they had mistakenly deducted $98 of bank charges. (h.) A customer transferred $200 to the business by electronic fund transfer during March,
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Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
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