5 The following information is available to reconcile Micha Company's book balance of cash with its...

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5 The following information is available to reconcile Micha Company's book balance of cash with its bank statemen balance as of June 30. Prepare the bank reconciliation for this company as of June 30, as well as any journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of June 30. CO) a b с The June 30 cash balance according to the accounting records is $68,057. The June 30 bank statement cash balance is $72,816. Check number 220 for $289 and number 241 for $161, were outstanding on the most recent May reconciliation. Check number 221 is listed with the June cancelled checks, but check number 241 is not. When the June checks are compared with entries in the accounting records, it is found that the bank erroneously d cleared a $500 check against the business's account that they did not issue. The check was actually issued by a company with a similar but different name. Two debit memoranda are enclosed with the statement and are unrecorded at the time of the reconciliation. One e debit memorandum is for $72 and dealt with an NSF check for $52 received from a customer in payment of its account and the fee that the bank assessed of $20 for processing it. f The second debit memorandum is a $80 charge for check printing. A credit memorandum indicates that the bank collected $5,300 cash on a note for the company. The collection g included $5,000 for the note plus $300 interest. The bank then deducted a $50 collection fee, and credited the balance to the company's Cash account. The company has already accrued $250 of interest. 5 The following information is available to reconcile Micha Company's book balance of cash with its bank statemen balance as of June 30. Prepare the bank reconciliation for this company as of June 30, as well as any journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of June 30. CO) a b с The June 30 cash balance according to the accounting records is $68,057. The June 30 bank statement cash balance is $72,816. Check number 220 for $289 and number 241 for $161, were outstanding on the most recent May reconciliation. Check number 221 is listed with the June cancelled checks, but check number 241 is not. When the June checks are compared with entries in the accounting records, it is found that the bank erroneously d cleared a $500 check against the business's account that they did not issue. The check was actually issued by a company with a similar but different name. Two debit memoranda are enclosed with the statement and are unrecorded at the time of the reconciliation. One e debit memorandum is for $72 and dealt with an NSF check for $52 received from a customer in payment of its account and the fee that the bank assessed of $20 for processing it. f The second debit memorandum is a $80 charge for check printing. A credit memorandum indicates that the bank collected $5,300 cash on a note for the company. The collection g included $5,000 for the note plus $300 interest. The bank then deducted a $50 collection fee, and credited the balance to the company's Cash account. The company has already accrued $250 of interest.

Answer rating: 100% (QA)

Bank Reconciliation Statement for Micha Company as of June 30 Balance per bank statement 72816 Add ... View the full answer