Bank statement dated Dec 31, 2011 shows a balance of $24,594.72. The company's cash records on the
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Question:
Bank statement dated Dec 31, 2011 shows a balance of $24,594.72.
The company's cash records on the same date show a balance of $23,196.79. Following additional information is available:
Following checks issued by the company to its customers are still outstanding:
- No. 846 issued on Nov 29 $320.00
- No. 875 issued on Dec 26 $49.21
- No. 878 issued on Dec 29 $275.00
- No. 881 issued on Dec 31 $186.50
- A deposit of $400.00 made on Dec 31 does not appear on bank statement.
- An NSF check of $850 was returned by the bank with the bank statement.
- The bank charged $50 as service fee
- Interest income earned on the company's average cash balance at bank was $1,237.22.
- The bank collected a note receivable on behalf of the company. Amount received by the bank on the note was $550. This includes $50 interest income. The bank charged a collection fee of $10.
- A deposit of $430 was incorrectly entered as $340 in the company's cash records.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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