On March 31, 2019, Home Decorating Pavilion received a bank statement showing a balance of $9,840....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On March 31, 2019, Home Decorating Pavilion received a bank statement showing a balance of $9,840. The balance in the firm's checkbook and Cash account on the same date was $9,994. The difference between the two balances is caused by the items listed below. a. A $2,965 deposit made on March 30 does not appear on the bank statement. b. Check 358 for $530 issued on March 29 and Check 359 for $1,740 issued on March 30 have not yet been paid by the bank. C. A credit memorandum shows that the bank has collected a $1,500 note receivable and interest of $150 for the firm. d. A service charge of $34 appears on the bank statement. e. A debit memorandum shows an NSF check for $570. (The check was issued by Dane Jaris, a credit customer.) f. The firm's records indicate that Check 341 of March 1 was issued for $900 to pay the month's rent. However, the canceled check and the listing on the bank statement show that the actual amount of the check was $800. g. The bank made an error by deducting a check for $605 issued by another business from the balance of Home Decorating Pavilion's account. Required: 1. Prepare a bank reconciliation statement for the firm as of March 31, 2019. 2. Record entries for any items on the bank reconciliation statement that must be journalized. On March 31, 2019, Home Decorating Pavilion received a bank statement showing a balance of $9,840. The balance in the firm's checkbook and Cash account on the same date was $9,994. The difference between the two balances is caused by the items listed below. a. A $2,965 deposit made on March 30 does not appear on the bank statement. b. Check 358 for $530 issued on March 29 and Check 359 for $1,740 issued on March 30 have not yet been paid by the bank. C. A credit memorandum shows that the bank has collected a $1,500 note receivable and interest of $150 for the firm. d. A service charge of $34 appears on the bank statement. e. A debit memorandum shows an NSF check for $570. (The check was issued by Dane Jaris, a credit customer.) f. The firm's records indicate that Check 341 of March 1 was issued for $900 to pay the month's rent. However, the canceled check and the listing on the bank statement show that the actual amount of the check was $800. g. The bank made an error by deducting a check for $605 issued by another business from the balance of Home Decorating Pavilion's account. Required: 1. Prepare a bank reconciliation statement for the firm as of March 31, 2019. 2. Record entries for any items on the bank reconciliation statement that must be journalized.
Expert Answer:
Answer rating: 100% (QA)
Answer Solution Home Decorating Pavilion Bank Reconciliati... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
Chan Corporation received a bank statement showing a balance of $14,700 as of October 31, 2016. The firm's records showed a book balance of $14,262 on October 31. The difference between the two...
-
Chan Corporation received a bank statement showing a balance of $15,200 as of October 31, 2016. The firm's records showed a book balance of $14,672 on October 31. The difference between the two...
-
Teng Corporation received a bank statement showing a balance of $15,700 as of October 31, 2019. The firm's records showed a book balance of $15,262 on October 31. The difference between the two...
-
1. Determine and confirm purchasing requirements for at least six (6) of the goods listed in the knowledge evidence. 2.Make purchase arrangements for the goods to meet different: End product...
-
A recent survey points to a next generation of consumers seeking a more mobile TV experience. The 2013 KPMG International Consumer Media Behavior study found that while TV is still the most popular...
-
In a survey conducted by Wright State University, senior high school students were asked if they had ever used marijuana. The table shows results of one analysis, where X is the count who said yes....
-
Consider the gasoline mileage data in Table B.3. Delete eight observations (chosen at random) from the data and develop an appropriate regression model. Use this model to predict the eight withheld...
-
Select a company you are interested in and obtain its annual reports by going to the companys website. Download the annual report for the most recent year. (On many companies websites, you will need...
-
Throughout history, societal influence has greatly influenced marketing decisions made by companies in all industries. The world has been affected by many difficult times in history, such as war,...
-
Dr. Jordan Davis has hired your professional services to file her income tax return. Dr. Davis is a retired surgeon. Due to her failing eyesight, Jordan was required to retire from her occupation at...
-
iv) If the earth receives 2 cal/cm-min (~1400 joule.m2.sec) solar energy, what are th amplitudes of electric and magnetic field of radiation? (8)
-
A machine cost 40,000 on 1 January 2016. The reducing balance depreciation method is used at 25 per cent per annum. Year end is 31 December. During 2018, it was decided that a straight line method...
-
(a) Businesses often create an allowance for doubtful debts. (1) Of which concept (or convention) is this an example? Explain your answer. (2) What is the purpose of creating an allowance for...
-
Black and Blue Ltd depreciates its forklift trucks using a reducing balance rate of 30 percent. Its accounting year end is 30 September. On 30 September 2017, it owned four forklift trucks: (A)...
-
A company maintains its non-current assets at cost. A provision for depreciation account is used for each type of asset. Machinery is to be depreciated at the rate of 15 per cent per annum, and...
-
A company which makes up its financial statements annually to 31 December, provides for depreciation of its machinery at the rate of 12 per cent per annum using the reducing balance method. On 31...
-
Help solve this please The random variable \( Y \) is assumed to have a binomial distribution with parameters \( n=5 \) and \( p=0.5 \). A random sample of size \( m \) is taken, where \( m \) is a...
-
Solve for the equilibria of the following discrete-time dynamical systems Pr pt+1 = Pr+2.0(I-Pr)
-
1. Complete Form 940, the Employers Annual Federal Unemployment Tax Return. Assume that all wages have been paid and that all quarterly payments have been submitted to the state as required. The...
-
What does "monthly" refer to in the Monthly Deposit Schedule Rule?
-
Certain transactions and procedures relating to federal and state unemployment taxes are given below for The Game Wizard, a retail store owned by Helen Kim. The firms address is 4560 LBJ Freeway,...
-
2019. Peabody Energy Company and Arch Resources, Inc., are two titans in a now-dwindling industry. Peabody operates three mines in the Southern Powder River Basin (SPRB) in Wyoming, one of which is...
-
Beginning around 1915, Natural Products Refining Corporation (NPRC) operated a chemical plant in Jersey City, New Jersey, at which it turned chromite ore into chromium chemicals (primarily sodium...
-
When GTE Sylvania discovered it was losing market share to other television manufacturers, it developed a franchise plan that limited the number of retailers selling its product in each area....
Study smarter with the SolutionInn App