Shelley Company had completed October's bank reconciliation with an exact reconciled balance on the last day...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Shelley Company had completed October's bank reconciliation with an exact reconciled balance on the last day of the month. Consider the bank reconciliation for October. Shelley Company Bank Reconciliation October 31, 2022 Description Ledger Bank Opening Balance $6,500.00 $4,725.63 Add: Outstanding deposit 1 Error on Cheque #366 Outstanding deposit 2 Bank error Cheque #45928 700.00 189.00 950.00 1,000.00 Interest on bank account 23.63 Less: Outstanding Cheque #354 Outstanding Cheque #367 (300.00) (2,265.00) Direct Insurance billing (1,100.00) EFT-Monthly rent (1,325.00) NSF Cheque (875.00) NSF charges (25.00) Outstanding Cheque #368 (1,463.00) Service charges (40.00) Reconciled Balance $3,347.63 $3,347.63 The following items were discovered in November. An NSF cheque was entered by the bank for $570; it charged the bank account for $25. There are three deposits outstanding by the bank for $450, $200, and $1,465 respectively. Insurance is a preauthorized payment taken out every month for the same amount month. Shelley Company paid its monthly rent via an EFT. Cheques #354 and #367 are still outstanding. Cheque # 378 is outstanding for $675. Cheque #379 is outstanding for $1,110.96. Interest earned on the bank account is $27.85. Total service charges for the bank account are $40. The balance of the ledger on November 30 is $6,284.95. The bank balance provided from the bank statement dated November 30 is $5,488.76. Required a) Complete the bank reconciliation for Shelley Company for the month of November. Shelley Company had completed October's bank reconciliation with an exact reconciled balance on the last day of the month. Consider the bank reconciliation for October. Shelley Company Bank Reconciliation October 31, 2022 Description Ledger Bank Opening Balance $6,500.00 $4,725.63 Add: Outstanding deposit 1 Error on Cheque #366 Outstanding deposit 2 Bank error Cheque #45928 700.00 189.00 950.00 1,000.00 Interest on bank account 23.63 Less: Outstanding Cheque #354 Outstanding Cheque #367 (300.00) (2,265.00) Direct Insurance billing (1,100.00) EFT-Monthly rent (1,325.00) NSF Cheque (875.00) NSF charges (25.00) Outstanding Cheque #368 (1,463.00) Service charges (40.00) Reconciled Balance $3,347.63 $3,347.63 The following items were discovered in November. An NSF cheque was entered by the bank for $570; it charged the bank account for $25. There are three deposits outstanding by the bank for $450, $200, and $1,465 respectively. Insurance is a preauthorized payment taken out every month for the same amount month. Shelley Company paid its monthly rent via an EFT. Cheques #354 and #367 are still outstanding. Cheque # 378 is outstanding for $675. Cheque #379 is outstanding for $1,110.96. Interest earned on the bank account is $27.85. Total service charges for the bank account are $40. The balance of the ledger on November 30 is $6,284.95. The bank balance provided from the bank statement dated November 30 is $5,488.76. Required a) Complete the bank reconciliation for Shelley Company for the month of November.
Expert Answer:
Posted Date:
Students also viewed these finance questions
-
Figure shows a current loop ABCDEFA carrying a current i = 5.00 A. The sides of the loop are parallel to the coordinate axes shown, with AB = 20.0 cm, BC = 30.0 cm, and FA = 10.0 cm. In unit vector...
-
Why do real returns matter more than nominal returns?
-
Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check:...
-
Pyramid Construction Company is planning an investment of \($174,000\) for a bulldozer. The bulldozer is expected to operate for 1,400 hours per year for five years. Customers will be charged \($80\)...
-
As the cost accounting manager at McKinley Industries (MI), you are responsible for compiling and reporting various performance measures to the senior managers. MI instituted many efficiency...
-
Schweser Satellites Inc. produces satellite earth stations that sell for $95,000 each. The firm's fixed costs, F, are $1.5 million, 50 earth stations are produced and sold each year, profits total...
-
What are the lessons that banks will learn from the Lockdown Recession due to Covid-19?
-
Assume that you have been asked to evaluate the effectiveness of a specialized court. How would you measure the court's success?
-
Does your organization use measurements such as the case mix adjustment over time? If not, do you believe they should? Why?
-
What is the Judiciary Act of 1789 , and what did it do?
-
Does your organization use financial benchmarking? Would you use it if you had a chance to do so? Why?
-
List the steps involved in pretrial proceedings in the order that they occur after arrest.
-
Larkspur Company has been a retailer of audio systems for the past 3 years. However, after a thorough survey of audio system markets, Larkspur decided to turn its retail store into an audio equipment...
-
Orange juice producers are dismayed and puzzled. An economist told them that the reason the demand for orange juice fell is that a new technology allow tomato producers to pick ripe tomatoes more...
-
Write down careful proofs of the following statements: (a) \(\sqrt{6}-\sqrt{2}>1\). (b) If \(n\) is an integer such that \(n^{2}\) is even, then \(n\) is even. (c) If \(n=m^{3}-m\) for some integer...
-
Prove by contradiction that a real number that is less than every positive real number cannot be positive.
-
Disprove the following statements: (a) If \(n\) and \(k\) are positive integers, then \(n^{k}-n\) is always divisible by \(k\). (b) Every positive integer is the sum of three squares (the squares...
Study smarter with the SolutionInn App