The cash data of Diane Automotive for December 2017 follow: (Click the icon to view the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The cash data of Diane Automotive for December 2017 follow: (Click the icon to view the chequebook.) Diane received the following bank statement on December 31, 2017: (Click the icon to view the bank statement.) (Click the icon to view the additional data for the bank reconciliation.) Requirement Prepare the Diane Automotive bank reconciliation at December 31, 2017. Prepare the Diane Automotive bank reconciliation at December 31, 2017. (Leave unused cells blank.) Diane Automotive Bank Reconciliation December 31, 2017 BANK: Add: Less: Cheque No. BOOKS: Add: Less: Chequebook Cash Date Item Jrnl. Ref Debit Credit Balance December 1 Balance 7,550 31 CR 6 8,463 16,013 31 CP 11 10,284 5,729 Cash Receipts (CR) Cash Payments (CP) Date Cash Debit Cheque No. Cash Credit December 2 2,722 3113 2$ 1,077 435 3114 1,173 10 678 3115 1,300 16 1,483 3116 209 22 510 3117 919 29 1,384 3118 1,081 1,251 30 3119 446 2$ Total 8,463 3120 1,476 3121 119 2,484 3122 $ 10,284 Total Bank statement Bank Statement for December 2017 Beginning balance 2$ 7,550 Deposits and other additions: December 1 2$ 775 EFT 4 2,722 9. 435 12 678 17 1,483 22 1,325 BC 510 23 7,928 Cheques and other deductions: December 7 2$ 1,077 13 1,030 14 527 US 15 1,173 18 209 21 284 EFT 26 919 30 1,081 30 20 SC (6,320) i Additional data Additional data for the bank reconciliation include the following: a. The EFT deposit was a receipt of a monthly car lease. The EFT debit was a monthly insurance payment. b. The bank collection was of a note receivable. c. The unauthorized signature cheque was received from a customer. d. The correct amount of cheque number 3115, a payment on account, is $1,030. (Diane's accountant mistakenly recorded the cheque for $1,300.) The cash data of Diane Automotive for December 2017 follow: (Click the icon to view the chequebook.) Diane received the following bank statement on December 31, 2017: (Click the icon to view the bank statement.) (Click the icon to view the additional data for the bank reconciliation.) Requirement Prepare the Diane Automotive bank reconciliation at December 31, 2017. Prepare the Diane Automotive bank reconciliation at December 31, 2017. (Leave unused cells blank.) Diane Automotive Bank Reconciliation December 31, 2017 BANK: Add: Less: Cheque No. BOOKS: Add: Less: Chequebook Cash Date Item Jrnl. Ref Debit Credit Balance December 1 Balance 7,550 31 CR 6 8,463 16,013 31 CP 11 10,284 5,729 Cash Receipts (CR) Cash Payments (CP) Date Cash Debit Cheque No. Cash Credit December 2 2,722 3113 2$ 1,077 435 3114 1,173 10 678 3115 1,300 16 1,483 3116 209 22 510 3117 919 29 1,384 3118 1,081 1,251 30 3119 446 2$ Total 8,463 3120 1,476 3121 119 2,484 3122 $ 10,284 Total Bank statement Bank Statement for December 2017 Beginning balance 2$ 7,550 Deposits and other additions: December 1 2$ 775 EFT 4 2,722 9. 435 12 678 17 1,483 22 1,325 BC 510 23 7,928 Cheques and other deductions: December 7 2$ 1,077 13 1,030 14 527 US 15 1,173 18 209 21 284 EFT 26 919 30 1,081 30 20 SC (6,320) i Additional data Additional data for the bank reconciliation include the following: a. The EFT deposit was a receipt of a monthly car lease. The EFT debit was a monthly insurance payment. b. The bank collection was of a note receivable. c. The unauthorized signature cheque was received from a customer. d. The correct amount of cheque number 3115, a payment on account, is $1,030. (Diane's accountant mistakenly recorded the cheque for $1,300.)
Expert Answer:
Answer rating: 100% (QA)
Bank Reconciliation Balance as per bank statement 915800 Add Deposit in Transit 263500 Deduct ... View the full answer
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
Posted Date:
Students also viewed these accounting questions
-
? The Miami Medical Corporation financial statements follow: (Click the icon to view the consolidated balance sheets.) (Click the icon to view the consolidated income statements.) How many shares of...
-
Assume that the Special Contract Division of Smith experienced the following transactions during the year ended December 31, 2020. i (Click the icon to view the transactions.) Requirements 1. Prepare...
-
Revew the foloeing financial infomation Cick the loon to view the financial nformation.) Read the reauitements Raquirement 1. Compute the missing amount (7) for each company. (Amounts are in millons)...
-
Histogram. Suppose that the standard input stream is a sequence of double values. Write a program that takes an integer n and two real numbers lo and hi as command-line arguments and uses StdDraw to...
-
In the adjusted trial balance part of the accounting cycle, the retained earnings account has its beginning-of-period balance, whereas the rest of the permanent accounts have their end-of-period...
-
Samsung, Apple, and Google are competitors in the global marketplace. Following are selected data from each company. Required 1. Compute Samsung's return on total assets, and its components of profit...
-
For the chemical reaction \[ \mathrm{N}_{2} \mathrm{O} ightarrow \mathrm{N}_{2}+\frac{1}{2} \mathrm{O}_{2} \] \(\Delta H=-20000\) cal and \(\Delta S=18\) e.u. Will the reaction be spontaneous at...
-
1. How is a strategy different from a business model? How is it similar? 2. Why are Microsoft and Google becoming increasingly direct competitors? 3. Looking at Exhibits MC9.2 and MC9.3, calculate...
-
A steel container expands in volume 1 percent when the pressure within it is increased by 10000 psi. At standard pressure, 14.7 psi absolute, it holds 0.5-slug of water; rho = 1.94 slug/ft^3. For K =...
-
Fajar has six different meals from a meal delivery service. Three meals include chicken, two meals include beef, and one meal is vegetarian. Fajar will eat one of these meals per day for the next six...
-
According to the article by Briner (2019), which of the following is not an objection people raise regarding Evidence-Based Practice? A) "Evidence-Based Practice looks simple and easy - it's just not...
-
Pendant Publishing has not yet updated its policies and procedures to safeguard sensitive information for both its employees and the organization in the digital age. What types of procedures should...
-
In 2021, Plaintiff, Amanda Johnson suffered a brain injury from a motor cycle accident and was subsequently adjudicated to be incompetent and was appointed a guardian. Plaintiff was awarded $300,000...
-
There is a small fire in Mary's Apartment. When she tries to smother it with a blanket, she is burned by the flames that come from the blanket., which caught fire the moment she placed it on the...
-
Assume that Maria has automobile liability insurance in the amount of $250,000. Maria causes an accident (it is Maria's fault). The other driver offers to settle the matter for $100,000 in damages....
-
George operates a movie theater. In the parking lot, there is a sign that says, "Not responsible for theft or accidents in the parking lot." When Holly goes to the movie on Wednesday night, she sees...
-
Managers should examine leasing options because: organizational funds are limited. leasing may be less expensive than owning. healthcare providers require large investments in assets. All of these...
-
A Alkynes can be made by dehydrohalogenation of vinylic halides in a reaction that is essentially an E2 process. In studying the stereochemistry of this elimination, it was found that...
-
Why are only the balance sheet accounts permanent?
-
What are cash equivalents? How are cash equivalents reported on the statement of cash flows?
-
Refer to the information for Filimonov Inc. given earlier (see Cornerstone Exercise 6-24). Assume that Filimonov uses a periodic inventory system. Required: Calculate the cost of goods sold and the...
-
Explain the azeotrope formation for nitric acid-water system with graphical representation.
-
Write down the characteristics of an ideal solution.
-
Mention the usefulness of the van Laar equation to determine the activity coefficients of a binary solution.
Study smarter with the SolutionInn App