*P7.13 (LO 6) (Bank Reconciliation and Adjusting Entries) The Cash account of Aguilar Co. showed a...
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*P7.13 (LO 6) (Bank Reconciliation and Adjusting Entries) The Cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2022. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined. 1. There were bank service charges for June of $25. 2. A bank memo stated that Bao Dai's note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.50 on the collection. (No entry had been made on Aguilar's books when Bao Dai's note was sent to the bank for collection.) 3. Receipts for June 30 for $3,390 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $2,136.05. 5. The bank had reduced Aguilar Co.'s account for a customer's uncollectible check amounting to $253.20 on June 29. 6. A customer's check for $90 (payment on account) had been entered as $60 in the cash receipts journal by Aguilar on June 15. 7. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $58.20 had been entered as $582. Both checks had been issued to pay for purchases of equipment. Instructions a. Prepare a bank reconciliation dated June 30, 2022, proceeding to a correct cash balance. b. Prepare any entries necessary to make the books correct and complete. *P7.13 (LO 6) (Bank Reconciliation and Adjusting Entries) The Cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2022. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined. 1. There were bank service charges for June of $25. 2. A bank memo stated that Bao Dai's note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.50 on the collection. (No entry had been made on Aguilar's books when Bao Dai's note was sent to the bank for collection.) 3. Receipts for June 30 for $3,390 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $2,136.05. 5. The bank had reduced Aguilar Co.'s account for a customer's uncollectible check amounting to $253.20 on June 29. 6. A customer's check for $90 (payment on account) had been entered as $60 in the cash receipts journal by Aguilar on June 15. 7. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $58.20 had been entered as $582. Both checks had been issued to pay for purchases of equipment. Instructions a. Prepare a bank reconciliation dated June 30, 2022, proceeding to a correct cash balance. b. Prepare any entries necessary to make the books correct and complete.
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