Smith Company started its business on November 1, 2020, below is the information needed to prepare...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Smith Company started its business on November 1, 2020, below is the information needed to prepare a bank reconciliation for the business as at November 30, 2020: (i) Balance per bank statement was $34,100. (ii) $1,300 check drawn by a customer Johnson had been marked "NSF" in November and the company received this notice at the beginning of December 2020. (iii) Cash receipts of $8,000 recorded on November 30 were not deposited to bank until December 1. (iv) Bank service charge for November 2020 amounted $38 was sent to the company together with the bank statement. (v) Check #620 for $4,000 had been issued in November but was not presented to the bank for payment. (vi) Check #643 for electricity expense cleared the bank for $268 but was erroneously recorded in our books as $240. (vii) A S486 deposit by Easy Co. was erroneously credited to our account by the bank. (viii) The bank statement showed $30 interest earned on the bank balance for the month of November 2020. Required: Prepare a bank reconciliation statement for Smith Company at November 30, 2020 and determine the Cash balance according to the company's records at November 30, 2020 BEFORE the reconciliation. Smith Company started its business on November 1, 2020, below is the information needed to prepare a bank reconciliation for the business as at November 30, 2020: (i) Balance per bank statement was $34,100. (ii) $1,300 check drawn by a customer Johnson had been marked "NSF" in November and the company received this notice at the beginning of December 2020. (iii) Cash receipts of $8,000 recorded on November 30 were not deposited to bank until December 1. (iv) Bank service charge for November 2020 amounted $38 was sent to the company together with the bank statement. (v) Check #620 for $4,000 had been issued in November but was not presented to the bank for payment. (vi) Check #643 for electricity expense cleared the bank for $268 but was erroneously recorded in our books as $240. (vii) A S486 deposit by Easy Co. was erroneously credited to our account by the bank. (viii) The bank statement showed $30 interest earned on the bank balance for the month of November 2020. Required: Prepare a bank reconciliation statement for Smith Company at November 30, 2020 and determine the Cash balance according to the company's records at November 30, 2020 BEFORE the reconciliation.
Expert Answer:
Answer rating: 100% (QA)
bank reconciliation statement for November 30 2020 Balance as per bank statement 34100 ... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
Students also viewed these accounting questions
-
Shown below is the information needed to prepare a bank reconciliation for Warren Electric at December 31: 1. At December 31, cash per the bank statement was $ 15,200; cash per the companys records...
-
Prepare a bank reconciliation for Bend Company at January 31, 2012, using the information shown. 1. Cash per the accounting records at January 31 amounted to $228,909; the bank statement on this same...
-
balances in the appropriate locations. Type the Add: and Deduct: labels in the proper 1. Open a Blank Workbook and save the file in your Chapter 05 folder as: 2. Enter the bank reconciliation headers...
-
What is the output after executing the following Java statements? for (int i-2; i <3; i++) for (int j-2; j <4; j++) System.out.print ((i+j) + " ");
-
What are the four basic approaches to social responsibility?
-
(a) Use Exercise 55 to prove that | sin a sin b| |a b| for all a, b. (b) Let (x) = sin(x + a) sin x. Use part (a) to show that the graph of lies between the horizontal lines y = a. (c) Plot y =...
-
What are the features of the US Toxic Release Inventory that other ecological reporting systems should consider adopting? Are there any problems with the TRI reporting system? If so, how can these be...
-
Refer to the preceding facts for Postmans acquisition of 80% of Spartans common stock and the bond transactions. Postman uses the simple equity method to account for its investment in Spartan. On...
-
Sam is thinking about buying a bond for investment purposes. The one he is looking at has a face value of $1,000, a coupon rate of 6.5%, pays interest annually, and has 8 years to maturity. Sam knows...
-
Solve y" + y = 1 - t 2 / 2 ? if 0 < t < and 0 if t ?? ??; here, y(0) = 0, y' (0) = 0. This models an undamped system on which a force F acts during some interval of time (see Fig. 59), for instance,...
-
Jason borrows $ 10300 for the next 4 years at a variable interest rate. Assume that the interest accumulates for 4 years at an annual nominal rate of 11% compounded quarterly. Calculate the...
-
Now imagine a switch in your possession that when you press 'OFF', it completely removes ALL types of friction in your room, your neighborhood, and your entire world. What would be the consequences...
-
Compute ending work in process inventory for a manufacturer using the following information. Raw materials purchased Direct materials used Direct labor used Factory overhead Work in process...
-
We can describe a diagonal wave as a superposition of vertically and horizontally polarized light. How do you write this superposition using the bra-ket notation? How is this superposition...
-
The following accounts and account balances are taken from the records of Rudolf Corporation, at December 31, 2022. Accounts payable Accounts receivable Notes receivable Bank loan Building Cash...
-
4. Consider two magnetic dipoles: m = m, at the origin and m2 = m, at 7 = re. (a) Sketch or plot the magnetic field of my in the az-plane. (b) By thinking of me as a small loop of current, argue...
-
S Campbell Company is considering investing in two new vans that are expected to generate combined cash inflows of $30,000 per year. The vans' combined purchase price is $96,500. The expected life...
-
A company has the following incomplete production budget data for the first quarter: In the previous December, ending inventory was 200 units, which was the minimum required, at 10% of projected...
-
The following journal entries are from the books of Kara Elizabeth Company: For each of the journal entries, prepare an explanation of the business event that is beingrepresented. a. Buildings....
-
The following information comes from the financial statements of Gwynn Company: Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
When changing the estimate of the useful life of an asset, should depreciation expense for all the previous years be recalculated? If not, how do you account for a change in this estimate?
-
Owing to a small federal grant from the Department of Housing and Urban Development (HUD) to the Town of Stillman, Nadine Gordimer, CPA has performed grant audits for the town in each of the past...
-
A public accounting firm has been engaged to perform the audit of a local, federally funded Housing Allowance Program. The objective of the program is to increase the housing standards of Agana...
-
The City of Central Falls has engaged Robert Cohen, CPA to audit the June 30, 1999 financial statements of the City's Water Department under the GAO's Government Auditing Standards. Cohen's report...
Study smarter with the SolutionInn App