Bank Reconciliation The Chicago Scooter Company's bank statement for the month of June indicated a balance...
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Bank Reconciliation The Chicago Scooter Company's bank statement for the month of June indicated a balance of $3,500. The company's cash account in the general ledger showed a balance of $2,890 on June 30. Other relevant information includes the following: 1. Deposits in transit on June 30 total $2,600. 2. The bank statement shows a debit memorandum for a check printing charge of $20. 3. Check number 160 payable to Simon Company was recorded in the accounting records for $124 and cleared the bank for this same amount. A review of the records indicated that the Simon account now has a $18 credit balance and the check to them should have been $142. 4. Outstanding checks as of June 30 totaled $2,900. 5. Check No. 176 was correctly written and paid by the bank for $203. The check was recorded in the accounting records as a debit to accounts payable and a credit to cash for $245. 6. The bank returned a NSF check in the amount of $342. 7. The bank included a credit memorandum for $630 representing a collection of a customer's note. The principle portion was $600 and the interest portion was $30. The interest had not been accrued. Required a. Prepare the June bank reconciliation for Chicago Scooter Company. b. Prepare any necessary adjusting entries. Bank reconciliation Journal entries Note: Do not use negative signs with any of your answers. CHICAGO SCOOTER COMPANY Bank Reconciliation June 30 Cash Balance per Bank Add: Less: Cash Balance per Books Add: Accounts Payable Error Add: Less: Less: NSF Check + + # + ÷ $ $ 5 S Bank Reconciliation The Chicago Scooter Company's bank statement for the month of June indicated a balance of $3,500. The company's cash account in the general ledger showed a balance of $2,890 on June 30. Other relevant information includes the following: 1. Deposits in transit on June 30 total $2,600. 2. The bank statement shows a debit memorandum for a check printing charge of $20. 3. Check number 160 payable to Simon Company was recorded in the accounting records for $124 and cleared the bank for this same amount. A review of the records indicated that the Simon account now has a $18 credit balance and the check to them should have been $142. 4. Outstanding checks as of June 30 totaled $2,900. 5. Check No. 176 was correctly written and paid by the bank for $203. The check was recorded in the accounting records as a debit to accounts payable and a credit to cash for $245. 6. The bank returned a NSF check in the amount of $342. 7. The bank included a credit memorandum for $630 representing a collection of a customer's note. The principle portion was $600 and the interest portion was $30. The interest had not been accrued. Required a. Prepare the June bank reconciliation for Chicago Scooter Company. b. Prepare any necessary adjusting entries. Bank reconciliation Journal entries Note: Do not use negative signs with any of your answers. CHICAGO SCOOTER COMPANY Bank Reconciliation June 30 Cash Balance per Bank Add: Less: Cash Balance per Books Add: Accounts Payable Error Add: Less: Less: NSF Check + + # + ÷ $ $ 5 S
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a Prepare the June bank reconciliation for Chicago Scooter Company CHICAGO SCOOTER COMPANY Bank Reco... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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