P7-34B (similar to) Question Help The August 31 bank statement of Watson Healthcare has just arrived...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
P7-34B (similar to) Question Help The August 31 bank statement of Watson Healthcare has just arrived from Union Bank. To prepare the bank reconciliation, you gather the following data: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare the bank reconciliation for Watson Healthcare at August 31, 2018. Watson Healthcare Bank Reconciliation August 31, 2018 Bank: ADD: LESS: Choose from any list or enter any number in the input fields and then click Check Answer. 6 parts remaining Clear All Check Answer i Data Table a. The August 31 bank balance is $6,710. b. The bank statement includes two charges for NSF checks from customers. One is for $430 (#1), and the other is for $100 (#2). c. The following Watson Healthcare checks are outstanding at August 31: Check No. Amount 237 288 291 294 295 296 120 110 550 640 40 130 d. Watson collects from a few customers by EFT. The August bank statement lists a $2,200 EFT deposit for a collection on account. $ - X e. The bank statement includes two special deposits that Watson hasn't recorded yet: $850 for dividend revenue, and $90 for the interest revenue Watson earned on its bank balance during August. f. The bank statement lists a $100 subtraction for the bank service charge. g. On August 31, the Watson treasurer deposited $290, but this deposit does not appear on the bank statement. h. The bank statement includes a $600 deduction for a check drawn by Multi-State Freight Company. Watson notified the bank of this bank error. i. Watson's Cash account shows a balance of $3,500 on August 31. Drint Dono iRequirements 1. Prepare the bank reconciliation for Watson Healthcare at August 31, 2018. 2. Journalize any required entries from the bank reconciliation. Include an explanation for each entry. Print Done x P7-34B (similar to) Question Help The August 31 bank statement of Watson Healthcare has just arrived from Union Bank. To prepare the bank reconciliation, you gather the following data: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare the bank reconciliation for Watson Healthcare at August 31, 2018. Watson Healthcare Bank Reconciliation August 31, 2018 Bank: ADD: LESS: Choose from any list or enter any number in the input fields and then click Check Answer. 6 parts remaining Clear All Check Answer i Data Table a. The August 31 bank balance is $6,710. b. The bank statement includes two charges for NSF checks from customers. One is for $430 (#1), and the other is for $100 (#2). c. The following Watson Healthcare checks are outstanding at August 31: Check No. Amount 237 288 291 294 295 296 120 110 550 640 40 130 d. Watson collects from a few customers by EFT. The August bank statement lists a $2,200 EFT deposit for a collection on account. $ - X e. The bank statement includes two special deposits that Watson hasn't recorded yet: $850 for dividend revenue, and $90 for the interest revenue Watson earned on its bank balance during August. f. The bank statement lists a $100 subtraction for the bank service charge. g. On August 31, the Watson treasurer deposited $290, but this deposit does not appear on the bank statement. h. The bank statement includes a $600 deduction for a check drawn by Multi-State Freight Company. Watson notified the bank of this bank error. i. Watson's Cash account shows a balance of $3,500 on August 31. Drint Dono iRequirements 1. Prepare the bank reconciliation for Watson Healthcare at August 31, 2018. 2. Journalize any required entries from the bank reconciliation. Include an explanation for each entry. Print Done x
Expert Answer:
Answer rating: 100% (QA)
Requirement 1 Balance as per statement Add Deposit ... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
The August 31 bank statement of Watson Healthcare has just arrived from United Bank. To prepare the bank reconciliation, you gather the following data: a. The August 31 bank balance is $5,630. b. The...
-
The August 31 bank statement of Wood Healthcare has just arrived from Federal Bank. To prepare the bank reconciliation, you gather the following data: (Click the icon to view the data.) Read the...
-
The August 31 bank statement of Well Healthcare has just arrived from United Bank. To prepare the bank reconciliation, you gather the following data: a. The August 31 bank balance is $4,540. b. The...
-
A partially completed flowchart showing some of the major documents commonly used in the purchasing function of a merchandise business is presented below. Identify documents 1, 3, and4. Purchase Order
-
What do we mean by strategy? How is a business model different from a strategy?
-
Chenango Industries uses 10 units of part JR63 each month in the production of radar equipment. The cost of manufacturing one unit of JR63 is the following: Direct material ................. $1,000...
-
The government has issued a bond that will pay \($1,000\) in 25 years. The bond will pay no interim coupon payments. What is the present value of the bond if the discount rate is 10 percent?
-
In the confirmation of accounts receivable for the Reliable Service Company, 85 positive and no negative confirmations were mailed to customers. This represents 35% of the dollar balance of the total...
-
but James older brother Fuck lives with them on a permanent basis since 2013 as he cannot live on his own due to a permanent mental disability Rickwas bom on June 10, 1953 and has 39,000 of social...
-
In 1738, J. Bernoulli investigated the St. Petersburg paradox, which works as follows. You have the opportunity to play a game in which a fair coin is tossed repeatedly until it conies up heads. If...
-
Read Ch-20 "Personal Selling and Sales Management" from the text book- Dhruv Grewal and Michael Levy (2022) "Marketing" (8th Edition). McGraw-Hill Education. After reading the concepts related to...
-
At a rate of 2.5%, what is the present value of the following cash flow stream: $0 at Time 0; $1,000 at the end of Year 1; $3,500 at the end of Year 2; $0 at the end of Year 3; and $5,500 at the end...
-
What happens to the bond's value in part d if inflation rises immediately after the bond is issued, causing rd to be 13%? What is the bond's value if rd increases to 15%? Would it be a premium or...
-
FCF = Net income + Interest exp. +Dep.ANWC + Net cash from investing activity - Unlevered FCF = EBIT(1 tax rate) + Dep. -ANWC + Net cash from investing activity EBIAT Forecast 2010 2011 2012 2013...
-
How does the company Patagonia use process costing? provide a detailed explanation of how the process costing concept could be used with this company
-
machine hours = 1100 direct labor hours = 300 direct materials cost = $77000 What was the total cost of this job? Using Bramble's 80% markup, what sales price would be charged for this airplane?
-
Write a 2 minutes speech on the topic "ill health begins in mind". Note: It must be of two minutes. Try to add example. Write your own. Dont copy paste. Wording must be easy and clear.
-
5. Convert the following ERD to a relational model. SEATING RTABLE Seating ID Nbr of Guests Start TimeDate End TimeDate RTable Nbr RTable Nbr of Seats RTable Rating Uses EMPLOYEE Employee ID Emp...
-
On December 1, Kole Corporation accepted a 120-day, 6%, $17,000 note receivable from J. Peterman in exchange for his account receivable. Requirements 1. Journalize the transaction on December 1. 2....
-
Review your results from Problem P23-28A. Judas standard and actual sales price per mug is $3. Prepare the standard cost income statement for July 2016.
-
What is a purchase return? How does a purchase allowance differ from a purchase return?
-
Explain why a large, nationally chartered bank may be the safest place to deposit your money.
-
Why do you think a law was passed to standardize the ways in which financial institutions inform consumers of the terms and conditions of savings plans?
-
Matthew Delarosa has just moved to a new town and is about to open a checking account. He pays for all his monthly expensesrent, phone, car payment, credit card bills, dry cleaning, and insuranceby...
Study smarter with the SolutionInn App