Example for class Problem A The following data pertains to England Company: Balance per the bank...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Example for class Problem A The following data pertains to England Company: Balance per the bank statement dated 2010 June 30, is $ 30,000. Balance of the Cash in Bank account on the company books as of 2010 June 30, is $ 8,795. Outstanding checks as of 2010 June 30, total $ 14,300. Bank deposit of June 30 for $ 2,735 was not included in the deposits per the bank statement. The bank had collected proceeds of a note, $ 22,612 (of which $ 112 was interest), that it credited to the England Company account. The bank charged the company a collection fee of $ 15 on the note. The bank erroneously charged the England Company account for a $ 10,500 debit memo of another company that has a similar name. Bank service charges for June, exclusive of the collection fee, amounted to $95. Among the canceled checks was one for $700 given in payment of an account. The bookkeeper had recorded the check at $ 920 in the records. company A check of Crosby, a customer, for $ 2,447, deposited on June 20, was returned by the bank marked NSF. No entry has been made to reflect the returned check on the company records. A check for $ 1,435 of Malcolm, a customer, which had been deposited in the bank, was erroneously recorded by the bookkeeper as $ 1,570. The check had been received as a payment on the customer's account receivable. Prepare a bank reconciliation as of 2010 June 30, and any necessary journal entry or entries to correct the accounts. Page Break Example for class Problem A The following data pertains to England Company: Balance per the bank statement dated 2010 June 30, is $ 30,000. Balance of the Cash in Bank account on the company books as of 2010 June 30, is $ 8,795. Outstanding checks as of 2010 June 30, total $ 14,300. Bank deposit of June 30 for $ 2,735 was not included in the deposits per the bank statement. The bank had collected proceeds of a note, $ 22,612 (of which $ 112 was interest), that it credited to the England Company account. The bank charged the company a collection fee of $ 15 on the note. The bank erroneously charged the England Company account for a $ 10,500 debit memo of another company that has a similar name. Bank service charges for June, exclusive of the collection fee, amounted to $95. Among the canceled checks was one for $700 given in payment of an account. The bookkeeper had recorded the check at $ 920 in the records. company A check of Crosby, a customer, for $ 2,447, deposited on June 20, was returned by the bank marked NSF. No entry has been made to reflect the returned check on the company records. A check for $ 1,435 of Malcolm, a customer, which had been deposited in the bank, was erroneously recorded by the bookkeeper as $ 1,570. The check had been received as a payment on the customer's account receivable. Prepare a bank reconciliation as of 2010 June 30, and any necessary journal entry or entries to correct the accounts. Page Break
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 978-0470616314
IFRS edition volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
The following data pertains to On-Target Investment Accounting software packages in the inventory of Computer Program On-Target Outlets: Inventory, January 1____________220 units at $117 Purchases:...
-
The following data pertains to Efficient Market Investment software packages in the inventory of the Investment Software division of Efficient Market Investment Outlets: Inventory, January 1...
-
The following data pertains to Raleigh Co. security investments: Required- Record journal entries for the purchase of the securities in 2004 and for the temporary change in value of the securities in...
-
Explain, in your own words, what is meant by source inspection.
-
In measuring the results of a social network, what are the (a) Advantages (b) Disadvantages of performance measures linked directly to revenues versus costs?
-
The term 'pay dispersion' refers to the degree of inequality in pay levels between jobs at the same organisational level (also called 'horizontal pay dispersion') and between jobs at different levels...
-
Use Program17.m to find the natural frequencies of a fixed-fixed stepped beam, similar to the one shown in Fig. 12.12, with the following data: Cross sections of elements: \(1,2,3: 0.1 \mathrm{~m}...
-
Refer to the data in Solved Problem 13-1, which deals with Higgins Plumbing and Heating. Higgins has now collected 100 weeks of data and finds the following distribution for sales: Hot Water Number...
-
Integrate the following. Each is worth 4 points. 1) x+e* +2dx 2)[+xdx
-
1) Use the base case assumptions as well as the information presented in the case to build a four-year discounted cash flow model for Advanced Seal given a 50% cannibalization rate for the Premium...
-
COVID-19 resulted into many economies in the world including Australia going into a recession in 2020 as demonstrated in the following article. Six graphs that explain Australia's recession....
-
On June 30, 2021, Blair Industries had outstanding $82 million of 8% convertible bonds that mature on June 30, 2022. Interest is payable each year on June 30 and December 31. The bonds are...
-
On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of $50 par preferred stock were issued at $104. Journalize the entries for April 1 and 7. If an...
-
How did the Wells Fargo account fraud scandal affect the company financially?
-
What are the molecular mechanisms governing the feedback loops between gonadotropin-releasing hormone, follicle-stimulating hormone, and luteinizing hormone in the hypothalamic-pituitary-gonadal...
-
Changes in recent decades, such as more paid hours needed to support a household and government cutbacks, contributed to all of the following except Changes in recent decades, such as more paid hours...
-
On a separate sheet, show the Financial Statements What is the Liability to Equity Ratio. Please form an opinion as to what this tells us about the health of this business. (a) Date Cash Accounts...
-
Flicker, Inc., a closely held corporation, acquired a passive activity this year. Gross income from operations of the activity was $160,000. Operating expenses, not including depreciation, were...
-
Of what value to the financial statement reader is the schedule reconciling the funded status of the plan with amounts reported in the employers statement of financial position?
-
Go to the books companion website and use information found there to answer the following questions related to Cadbury and Nestl. Instructions (a) What were Cadburys and Nestls net revenues (sales)...
-
Indicate in general journal form how the items below would be entered in a worksheet for the preparation of the statement of cash flows. (a) Net income is 317,000,000. (b) Cash dividends declared and...
-
A nozzle is a device that (a) Increases the velocity of a flowing fluid (b) Converts mechanical energy to kinetic energy (c) Converts kinetic energy to mechanical energy (d) Converts mechanical...
-
A diffuser is a contrivance that (a) Increases the pressure of a fluid by decreasing its velocity (b) Converts pressure energy to kinetic energy (c) Decreases the pressure of a fluid by increasing...
-
The duties of a nozzle and a diffuser are (a) Opposite to each other (b) Identical to each other (c) Not comparable at all (d) None of these.
Study smarter with the SolutionInn App