a) Prepare a bank reconciliation for Bramble Company at January 31. b) Prepare any journal entries necessary
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a) Prepare a bank reconciliation for Bramble Company at January 31.
b) Prepare any journal entries necessary as a result of the bank reconciliation.
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Bramble Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. Cash receipts for January were $87,679 of which $5,291 was outstanding at January 31. The bank statement shows a debit memorandum for $140 for cheque printing charges. Cheque No. 119 payable to Cain Company was recorded in the general journal and cleared the bank for $348. A review of the Accounts Payable subsidiary ledger shows a $136 credit balance in the account of Cain Company and that the payment to it should have been for $384. The total amount of cheques written during January was $75,136 of which $5,989 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $219. The general journal reflects an entry for Cheque No. 127 as a debit to Accounts Payable and a credit to Cash for $291. The bank returned an NSF cheque from a customer for $760. The bank included a credit memorandum for $18,460, which represents an EFT collection of a customer's account. Bramble Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. Cash receipts for January were $87,679 of which $5,291 was outstanding at January 31. The bank statement shows a debit memorandum for $140 for cheque printing charges. Cheque No. 119 payable to Cain Company was recorded in the general journal and cleared the bank for $348. A review of the Accounts Payable subsidiary ledger shows a $136 credit balance in the account of Cain Company and that the payment to it should have been for $384. The total amount of cheques written during January was $75,136 of which $5,989 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $219. The general journal reflects an entry for Cheque No. 127 as a debit to Accounts Payable and a credit to Cash for $291. The bank returned an NSF cheque from a customer for $760. The bank included a credit memorandum for $18,460, which represents an EFT collection of a customer's account.
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To prepare the bank reconciliation for Bramble Company at January 31 we need to start with the balances given and adjust both the bank and book compan... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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