Question: My question is E5-19 but I'm adding E5-18 as reference with answer E5 - 19 Using the data presented in Exercise 5-18, record the effects
My question is E5-19 but I'm adding E5-18 as reference with answer
E5 - 19
| Using the data presented in Exercise 5-18, record the effects on the accounts and financial statements of the company based upon the bank reconciliation statements of the company based upon the bank reconciliation. |
E5-18
| a. Cash balance according to the companys records at August 31, $14,190. | |||||||||
| b. Cash balance according to the bank statement at August 31, $18,330. | |||||||||
| c. Checks outstanding, $5,710. | |||||||||
| d. Deposit in transit, not recorded by bank, $2,150. | |||||||||
| e. A check for $180 in payment of an account was erroneously recorded by Kaycee Sisters Inc. as $810. | |||||||||
| f. Bank debit memo for service charges, $50. | |||||||||
| Cash balance according to bank statement | $ 18,330.00 | ||||||
| Add: Deposit in transit, not recorded by bank | $ 2,150.00 | ||||||
| Deduct: Checks outstanding | $ (5,710.00) | $ (3,560.00) | |||||
| Adjusted Balance | $ 14,770.00 | ||||||
| Cash balance according to Kaycee Sisters Inc. | $ 14,190.00 | ||||||
| Add: Check erroneously recorded | $ 630.00 | ||||||
| Deduct: Bank service charge | $ (50.00) | $ 580.00 | |||||
| Adjusted Balance | $ 14,770.00 | ||||||
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