Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the
Question:
Required
1. Prepare a proper bank reconciliation showing the true Cash balance.
2. Prepare the necessary journal entries.
Transcribed Image Text:
Brandon Company Bank Reconciliation May 31, 2014 Balance per books May 31 Add: 9,500 Note collected Interest on note Deposit in transit 1,000 60 2,455 3,515 13,015 Deduct Bank charges NSF cheque, Rhonda Teal Outstanding cheques Error in cheque #78 issued for $762 and recorded 5 10 500 1,800 in the books as $726 (Accounts Payable-Delta Co.) 2,346 10,669 9,359 5 1,310 .. 36 Indicated bank balance Balance per bank statement Discrepancy
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (15 reviews)
a b BRANDON COMPANY Bank Reconciliation May 31 2014 Balance per books ...View the full answer
Answered By
Jayshree Rathi
Hello Students!
This is Jayshree Rathi. I work on a number of renowned student-centric channels such as Chegg, coursehero, as a certified private tutor.
If you are looking for relevant and original content to complete your assignments, essays, and homework, then contact me and within the promised time, I will deliver you your personalized academic work and help you score the best.
4.80+
1+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Question Posted:
Students also viewed these Cost Accounting questions
-
The accountant at Maslmani co. prepared the following bank reconciliation at the end of August 2020. Maslmani Co. Bank reconciliation August.31.2020 Cash balance per bank $15,260 Add: Deposit in...
-
Your assistant prepared the following adjusted trial balance data for Commerce Company on December 31, 2011. The accounts are arranged in alphabetical order. Required: a. Calculate the net income for...
-
It appears that the sky is the limit regarding ideas for smart phone/tablet apps. In a small group, create an idea for a new app related to (1) business, (2) health; (3) education, (4) sports, and...
-
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 37 units @ $19 Oct. 7 Sale Oct. 15 Purchase Oct. 24 Sale Assuming a perpetual...
-
What is the difference between a problem and its symptoms?
-
2. (3 points) Herron Company operates its business solely in Jurisdiction H, which levies a 5.0% sales and use tax. This year, Herron paid $1,270,000 to purchase tangible property from a dealer...
-
Suppose an investor has exponential utility function $U(x)=$ $-e^{-a x}$ and an initial wealth level of $W$. The investor is faced with an opportunity to invest an amount $w \leq W$ and obtain a...
-
Speedy Spuds is a fast-food restaurant offering all kinds of potatoes. The manager has a 30-second rule for serving customers. Servers at the counter say they could achieve that rule if the form they...
-
The current price of Viva Titan Ltd is $75 per share. Dividends are expected to grow at 5% per annum indefinitely and the most recent dividend was $1. What is the required rate of return on Viva...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
You are a college student and have just been hired to work part-time in the accounting department of Candy's Cleaning Services. The person you are replacing had difficulty preparing the bank...
-
Wanda White acquired a sports equipment distribution business with a staff of six salespeople and two clerks. Because of the trust that Wanda had in her employees-after all, they were all her friends...
-
Examine the three samples obtained independently from three populations: a. Conduct a one-way analysis of variance on the data. Use alpha = 0.05. b. If warranted, use the Tukey-Kramer procedure to...
-
Aaron transferred property with a basis of $50,000 and a fair market value of $75,000 plus services worth $25,000 to BK Corporation for stock of BK valued at $100,000. Immediately after the exchange,...
-
An entity is considering a total upgrade of their Motorola radio inventory and an official has been tasked with determining the total cost of ownership for a new cache of devices. A total of 120...
-
A taxpayer spends $50,000 on a new roof, $5,000 for minor repairs, and $15,000 for a new driveway on a residential rental property. What value of these "repairs" is required to be capitalized instead...
-
In 2020, Jimi Hendrix Corporation began selling a new line of guitars. The company guarantees the instruments against manufacturing defects for two years from the date of sale. The company has...
-
A taxpayer takes out a distribution to satisfy their need to make RMDs on their account. In doing so, they pull out $5,000. They actually needed to pull out $8,000 and the IRS assesses and collects a...
-
What are the emf and internal resistance of the battery in FIGURE P28.46? FIGURE P28.46:
-
San Carlos Bank and Trust Company uses a credit-scoring system to evaluate most consumer loans that amount to more than $2,500. The key factors used in its scoring system are found at the conclusion...
-
Hitachi, Ltd., reports total revenues of 10,000,369 million for its fiscal year ending March 31, 2009, and its March 31, 2009, unadjusted trial balance reports a debit balance for trade receivables...
-
Lopez Company began operations on January 1, 2010. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad...
-
Carmack Company has credit sales of $2.6 million for year 2011. On December 31, 2011, the companys Allowance for Doubtful Accounts has an unadjusted credit balance of $13,400. Carmack prepares a...
-
a) What is arbitrage? And what are the different types of arbitrage? B) Can arbitrage strategies be risky when price convergence is not guaranteed? Clearly describe and outline 1 real-life example to...
-
Explain each segments of Financial Services Industry which are the BANKS, INSURANCE, AND ASSET MANAGEMENT . Explain each. Explain the updates on the 3 segments of Financial Services Industry (banks,...
-
2. Currency pegging refers to the practice of locking a currency's exchange rate to another country's currency. As it has its own merits and drawbacks, express your opinion to agree or disagree on...
Study smarter with the SolutionInn App