El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at...
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El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2024, reconciliation of the bank balance is as follows: Balance per bank, November 30 Add: Deposits outstanding Less: Checks outstanding #363 #365 #380 #381 #382 $ 3,401 1,370 $ 148 218 73 103 260 (794) $ 3,977 Adjusted balance per bank, November 30 The company's general ledger checking account showed the following for December: Balance, December 1 Receipts Disbursements Balance, December 31 $ 3,977 44,350 (43,553) $ 4,774 The December bank statement contained the following information: Balance, December 1 Deposits Checks processed Service charges NSF checks Balance, December 31 $ 3,481 44,700 (43,618) (39) (610) $ 3,834 The checks that were processed by the bank in December include all of the outstanding checks at the end of November except for check #365. In addition, there are some December checks that had not been processed by the bank by the end of the month. Also, you discover that check #411 for $850 was correctly recorded by the bank but was incorrectly recorded on the books as a $580 disbursement for advertising expense. Included in the bank's deposits is a $3,000 deposit incorrectly credited to the company's account. The deposit should have been posted to the credit of the Los Gatos Company. The NSF checks have not been redeposited and the company will seek payment from the customers involved. Required: 1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2024. 2. Prepare any necessary adjusting journal entries indicated. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation for the El Gato checking account at December 31, 2024. Bank Reconciliation Balance per bank statement 3,834 Add: Deposits outstanding Deduct Outstanding checks Bank error Corrected cash balance Balance per books Deduct Error in recording check NSF checks Service charges Corrected book balance < Required 1 Required 2 > El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2024, reconciliation of the bank balance is as follows: Balance per bank, November 30 Add: Deposits outstanding Less: Checks outstanding #363 #365 #380 #381 #382 Adjusted balance per bank, November 30 $ 3,481 1,370 $ 148 218 73 183 260 (794) $ 3,977 The company's general ledger checking account showed the following for December: Balance, December 1 Receipts Disbursements Balance, December 31 $ 3,977 44,350 (43,553) $ 4,774 The December bank statement contained the following information: Balance, December 1 Deposits Checks processed Service charges NSF checks Balance, December 31 $ 3,481 44,700 (43,618) (39) (610) $ 3,834 The checks that were processed by the bank in December include all of the outstanding checks at the end of November except for check #365. In addition, there are some December checks that had not been processed by the bank by the end of the month. Also, you discover that check #411 for $850 was correctly recorded by the bank but was incorrectly recorded on the books as a $580 disbursement for advertising expense. Included in the bank's deposits is a $3,000 deposit incorrectly credited to the company's account. The deposit should have been posted to the credit of the Los Gatos Company. The NSF checks have not been redeposited and the company will seek payment from the customers involved. Required: 1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2024. 2. Prepare any necessary adjusting journal entries indicated. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare any necessary adjusting journal entries indicated. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Event General Journal 1 1 Advertising expense Miscellaneous expense Accounts receivable Cash < Required 1 Required 2 > Debit Credit El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2024, reconciliation of the bank balance is as follows: Balance per bank, November 30 Add: Deposits outstanding Less: Checks outstanding #363 #365 #380 #381 #382 $ 3,401 1,370 $ 148 218 73 103 260 (794) $ 3,977 Adjusted balance per bank, November 30 The company's general ledger checking account showed the following for December: Balance, December 1 Receipts Disbursements Balance, December 31 $ 3,977 44,350 (43,553) $ 4,774 The December bank statement contained the following information: Balance, December 1 Deposits Checks processed Service charges NSF checks Balance, December 31 $ 3,481 44,700 (43,618) (39) (610) $ 3,834 The checks that were processed by the bank in December include all of the outstanding checks at the end of November except for check #365. In addition, there are some December checks that had not been processed by the bank by the end of the month. Also, you discover that check #411 for $850 was correctly recorded by the bank but was incorrectly recorded on the books as a $580 disbursement for advertising expense. Included in the bank's deposits is a $3,000 deposit incorrectly credited to the company's account. The deposit should have been posted to the credit of the Los Gatos Company. The NSF checks have not been redeposited and the company will seek payment from the customers involved. Required: 1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2024. 2. Prepare any necessary adjusting journal entries indicated. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation for the El Gato checking account at December 31, 2024. Bank Reconciliation Balance per bank statement 3,834 Add: Deposits outstanding Deduct Outstanding checks Bank error Corrected cash balance Balance per books Deduct Error in recording check NSF checks Service charges Corrected book balance < Required 1 Required 2 > El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2024, reconciliation of the bank balance is as follows: Balance per bank, November 30 Add: Deposits outstanding Less: Checks outstanding #363 #365 #380 #381 #382 Adjusted balance per bank, November 30 $ 3,481 1,370 $ 148 218 73 183 260 (794) $ 3,977 The company's general ledger checking account showed the following for December: Balance, December 1 Receipts Disbursements Balance, December 31 $ 3,977 44,350 (43,553) $ 4,774 The December bank statement contained the following information: Balance, December 1 Deposits Checks processed Service charges NSF checks Balance, December 31 $ 3,481 44,700 (43,618) (39) (610) $ 3,834 The checks that were processed by the bank in December include all of the outstanding checks at the end of November except for check #365. In addition, there are some December checks that had not been processed by the bank by the end of the month. Also, you discover that check #411 for $850 was correctly recorded by the bank but was incorrectly recorded on the books as a $580 disbursement for advertising expense. Included in the bank's deposits is a $3,000 deposit incorrectly credited to the company's account. The deposit should have been posted to the credit of the Los Gatos Company. The NSF checks have not been redeposited and the company will seek payment from the customers involved. Required: 1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2024. 2. Prepare any necessary adjusting journal entries indicated. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare any necessary adjusting journal entries indicated. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Event General Journal 1 1 Advertising expense Miscellaneous expense Accounts receivable Cash < Required 1 Required 2 > Debit Credit
Expert Answer:
Answer rating: 100% (QA)
Required 1 Bank Reconciliation El Gato Painting Company Bank Reconciliation December 31 2024 Descrip... View the full answer
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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