At December 31 the cash balance per books of Heinisch Company was $12,485.20, and the cash...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At December 31 the cash balance per books of Heinisch Company was $12,485.20, and the cash balance per the bank statement was $20,154.30. The bank did not make any errors, but two errors were made by Heinisch Company. The December bank statement for Heinisch Company showed the following checks and deposits. Bank Statement Checks Date 12-7 Deposits Date 12-4 Number Amount 1,426.80 1,640.70 1,300.00 Amount 1,211.60 2,672.70 2,954.00 1,025.00 3472 12-4 3474 12-16 12-21 12-8 3475 12-31 3479 450.80 12-30 The cash records per books for December showed the following cash payments and receipts. Cash Payments Check Number Amount Cash deposited Date Date 12-3 Amount S1,211.60 12-1 3471 720.10 12-15 2,672.70 2,945.00 1,025.00 1,190.40 12-1 3472 1,426.80 1,050.00 1,640.70 1,300.00 621.30 807.40 12-20 12-30 12-1 3473 12-1 3474 12-2 3475 12-31 3476 3477 12-4 12-17 798.00 3478 3479 12-23 12-24 540.80 12-30 3480 1,889.50 In addition, the bank statement contains the following items: I. The collection of a $3,500 note and S145 of interest less a collection fee of $20 from a customer of Heinisch Company. 2. A NSF check of $725.80 written by D. Chagnon, a customer. At December 31, the check had not been redeposited in the bank. 3. Bank service charge of $25. Required: 1. Prepare bank reconciliation at December 31. 2. Prepare the required journal entries based on the reconciliation. Omit explanations. At December 31 the cash balance per books of Heinisch Company was $12,485.20, and the cash balance per the bank statement was $20,154.30. The bank did not make any errors, but two errors were made by Heinisch Company. The December bank statement for Heinisch Company showed the following checks and deposits. Bank Statement Checks Date 12-7 Deposits Date 12-4 Number Amount 1,426.80 1,640.70 1,300.00 Amount 1,211.60 2,672.70 2,954.00 1,025.00 3472 12-4 3474 12-16 12-21 12-8 3475 12-31 3479 450.80 12-30 The cash records per books for December showed the following cash payments and receipts. Cash Payments Check Number Amount Cash deposited Date Date 12-3 Amount S1,211.60 12-1 3471 720.10 12-15 2,672.70 2,945.00 1,025.00 1,190.40 12-1 3472 1,426.80 1,050.00 1,640.70 1,300.00 621.30 807.40 12-20 12-30 12-1 3473 12-1 3474 12-2 3475 12-31 3476 3477 12-4 12-17 798.00 3478 3479 12-23 12-24 540.80 12-30 3480 1,889.50 In addition, the bank statement contains the following items: I. The collection of a $3,500 note and S145 of interest less a collection fee of $20 from a customer of Heinisch Company. 2. A NSF check of $725.80 written by D. Chagnon, a customer. At December 31, the check had not been redeposited in the bank. 3. Bank service charge of $25. Required: 1. Prepare bank reconciliation at December 31. 2. Prepare the required journal entries based on the reconciliation. Omit explanations.
Expert Answer:
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
Posted Date:
Students also viewed these accounting questions
-
The cash balance per books for Wellmeyer Company on November 30, 2014, is $10,740.93. The following checks and receipts were recorded for the month of December 2014: In addition, the bank statement...
-
The cash balance per books for Crane Company on November 30, 2022, is $10,640.90. The following checks and receive CES Prepare a bank reconciliation at December 31. Checks Receipts No. Amount No....
-
Cash balance per bank 1479918 Add Deposits in transit 253020 Less Outstanding checks 1732938 Check Number Check Amount 3451 226040 3470 72010 3471 84450 3472 142680 3474 105761 630941 Adjusted cash...
-
2. Imagine a college basketball team has the following supply and demand figures for a typical game: Price 8 16 24 32 40 Quantity Demanded 28000 22000 16000 10000 4000 Quantity Supplied 16000 16000...
-
A 1.000-g sample of an unknown gas at 0oC gives the following data: P (atm) V (L) 0.2500.. 3.1908 0.5000.. 1.5928 0.7500.. 1.0601 1.0000.. 0.7930 Use these data to calculate the value of the molar...
-
This problem requires the use of algebra. Consider the scenario given in the previous problem with a total quantity of 60 barrels of oil. Note that in each period, MB = 100-2Q. What is the...
-
Show that the second moment \(\overline{I^{2}}\) of the intensity of a wave is not equal to the fourth moment \(\overline{\left[u^{(r)} ight]^{4}}\) of the real amplitude of that wave, the difference...
-
Mackenzie Corp. is preparing the December 31, 2014, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability ....... $ 6,460 Income tax...
-
The popularity of Joe's Deli has caused lines to form throughout the operation and customers to start grumbling about the length of time they must spend to get their shopping completed. Joe's process...
-
Spectrum Sound, Inc. manufactures compact disc players with unusual features in its St. Louis Division. The divisional sales manager has estimated the following demand-curve data. Quantity Sold per...
-
For this project you need to value Owens Corning using the provided audited financial statements (statement of cash flows, balance sheet, income statement). You need to build two models for your...
-
An important Supreme Court case involving covert collusion was the ________ case.
-
Can superposition be applied in power-system short-circuit studies for calculating fault currents? (a) Yes (b) No
-
For distribution systems, standard reclosers are equipped for two or more reclosures, whereas multiple-shot reclosing in EHV systems is not a standard practice. (a) True (b) False
-
The dc-offset component of the three-phase short-circuit current of an unloaded synchronous machine is different in the three phases and its exponential decay is dictated by ____________.
-
From the power flow standpoint, the addition of a shunt-capacitor bank to a load bus corresponds to the addition of a positive/negative reactive load. Choose the right word.
-
How to account for preferred shares in the market capitalization calculation?
-
Frontland Advertising creates, plans, and handles advertising campaigns in a three-state area. Recently, Frontland had to replace an inexperienced office worker in charge of bookkeeping because of...
-
Identify the accounts affected by each of the following transactions, and state whether each account is debited or credited: Income Statement Balance Sheet Account (Dr/Cr) Account (Dr/Cr) Transaction...
-
Suppose Toys Plus buys $200,000 of LEGO toys on January 15 on credit terms of 2/15, n/45. Some of the goods are damaged in shipment, so on January 20 Toys Plus returns $25,000 of the merchandise to...
-
Start from the adjusted trial balance shown below that Lee Management Consulting prepared at June 30, 2016: Required 1. Journalize, with explanations, and post to T-accounts the closing entries at...
-
Wallace and Hussain type estimators for the variance components of a one-way unbalanced panel data model. (a) Verify the \(E\left(\widehat{q}_{1} ight)\) and \(E\left(\widehat{q}_{2} ight)\)...
-
Consider the following unbalanced one-way analysis of variance model \[y_{i t}=\mu_{i}+u_{i t} \quad i=1, \ldots, N \quad t=1,2, \ldots, T_{i}\] where for simplicity's sake no explanatory variables...
-
Consider the three-way error component model described in problem 3.15. The panel data can be unbalanced and the matrices of dummy variables are \(\Delta=\left[\Delta_{1}, \Delta_{2}, \Delta_{3}...
Study smarter with the SolutionInn App