The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $13,090. The...

 

 

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The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $13,090. The bank statement indicated a balance of $16,580 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $5,970. b. A deposit of $6,220, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $3,230 on a note left for collection. The face of the note was $3,070. d. A check for $660 returned with the statement had been incorrectly recorded by Deaver Consulting as $600. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. e. A check drawn for $670 had been incorrectly charged by the bank as $70. f. Bank service charges for October amounted to $30. Instructions: 1. Prepare a bank reconciliation. Deaver Consulting Bank Reconciliation October 31, 20Y6 Cash balance according to bank statement $ 16,580 V Add: Deposit of October 31, not recorded by bank y 6,220 22,800 Deduct: Outstanding checks v 5,970 Add: Proceeds of note collected by bank, Including $160 Interest x 3,070 X 9,040 X Adjusted balance $ 31,840 X Cash balance according to Deaver Consulting $ 13,090 V Add: Proceeds of note collected by bank, Including $160 interest v 3,230 V 16,320 Deduct: Error in recording check by the company as $600 instead of $660 60 Deduct: Bank service charges v 30 16,410 X Adjusted balance 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Increase in Cash: Balance Sheet Statement of Income Assets Liabilities Stockholders' Equity %3D Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Interest revenue Miscellaneous administrative expense Decrease in Cash: Balance Sheet Statement of Income Liabilities Stockholders' Equity Assets Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Miscellaneous administrative expense The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $13,090. The bank statement indicated a balance of $16,580 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $5,970. b. A deposit of $6,220, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $3,230 on a note left for collection. The face of the note was $3,070. d. A check for $660 returned with the statement had been incorrectly recorded by Deaver Consulting as $600. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. e. A check drawn for $670 had been incorrectly charged by the bank as $70. f. Bank service charges for October amounted to $30. Instructions: 1. Prepare a bank reconciliation. Deaver Consulting Bank Reconciliation October 31, 20Y6 Cash balance according to bank statement $ 16,580 V Add: Deposit of October 31, not recorded by bank y 6,220 22,800 Deduct: Outstanding checks v 5,970 Add: Proceeds of note collected by bank, Including $160 Interest x 3,070 X 9,040 X Adjusted balance $ 31,840 X Cash balance according to Deaver Consulting $ 13,090 V Add: Proceeds of note collected by bank, Including $160 interest v 3,230 V 16,320 Deduct: Error in recording check by the company as $600 instead of $660 60 Deduct: Bank service charges v 30 16,410 X Adjusted balance 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Increase in Cash: Balance Sheet Statement of Income Assets Liabilities Stockholders' Equity %3D Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Interest revenue Miscellaneous administrative expense Decrease in Cash: Balance Sheet Statement of Income Liabilities Stockholders' Equity Assets Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Miscellaneous administrative expense The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $13,090. The bank statement indicated a balance of $16,580 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $5,970. b. A deposit of $6,220, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $3,230 on a note left for collection. The face of the note was $3,070. d. A check for $660 returned with the statement had been incorrectly recorded by Deaver Consulting as $600. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. e. A check drawn for $670 had been incorrectly charged by the bank as $70. f. Bank service charges for October amounted to $30. Instructions: 1. Prepare a bank reconciliation. Deaver Consulting Bank Reconciliation October 31, 20Y6 Cash balance according to bank statement $ 16,580 V Add: Deposit of October 31, not recorded by bank y 6,220 22,800 Deduct: Outstanding checks v 5,970 Add: Proceeds of note collected by bank, Including $160 Interest x 3,070 X 9,040 X Adjusted balance $ 31,840 X Cash balance according to Deaver Consulting $ 13,090 V Add: Proceeds of note collected by bank, Including $160 interest v 3,230 V 16,320 Deduct: Error in recording check by the company as $600 instead of $660 60 Deduct: Bank service charges v 30 16,410 X Adjusted balance 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Increase in Cash: Balance Sheet Statement of Income Assets Liabilities Stockholders' Equity %3D Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Interest revenue Miscellaneous administrative expense Decrease in Cash: Balance Sheet Statement of Income Liabilities Stockholders' Equity Assets Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Miscellaneous administrative expense The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $13,090. The bank statement indicated a balance of $16,580 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $5,970. b. A deposit of $6,220, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $3,230 on a note left for collection. The face of the note was $3,070. d. A check for $660 returned with the statement had been incorrectly recorded by Deaver Consulting as $600. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. e. A check drawn for $670 had been incorrectly charged by the bank as $70. f. Bank service charges for October amounted to $30. Instructions: 1. Prepare a bank reconciliation. Deaver Consulting Bank Reconciliation October 31, 20Y6 Cash balance according to bank statement $ 16,580 V Add: Deposit of October 31, not recorded by bank y 6,220 22,800 Deduct: Outstanding checks v 5,970 Add: Proceeds of note collected by bank, Including $160 Interest x 3,070 X 9,040 X Adjusted balance $ 31,840 X Cash balance according to Deaver Consulting $ 13,090 V Add: Proceeds of note collected by bank, Including $160 interest v 3,230 V 16,320 Deduct: Error in recording check by the company as $600 instead of $660 60 Deduct: Bank service charges v 30 16,410 X Adjusted balance 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Increase in Cash: Balance Sheet Statement of Income Assets Liabilities Stockholders' Equity %3D Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Interest revenue Miscellaneous administrative expense Decrease in Cash: Balance Sheet Statement of Income Liabilities Stockholders' Equity Assets Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Miscellaneous administrative expense The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $13,090. The bank statement indicated a balance of $16,580 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $5,970. b. A deposit of $6,220, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $3,230 on a note left for collection. The face of the note was $3,070. d. A check for $660 returned with the statement had been incorrectly recorded by Deaver Consulting as $600. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. e. A check drawn for $670 had been incorrectly charged by the bank as $70. f. Bank service charges for October amounted to $30. Instructions: 1. Prepare a bank reconciliation. Deaver Consulting Bank Reconciliation October 31, 20Y6 Cash balance according to bank statement $ 16,580 V Add: Deposit of October 31, not recorded by bank y 6,220 22,800 Deduct: Outstanding checks v 5,970 Add: Proceeds of note collected by bank, Including $160 Interest x 3,070 X 9,040 X Adjusted balance $ 31,840 X Cash balance according to Deaver Consulting $ 13,090 V Add: Proceeds of note collected by bank, Including $160 interest v 3,230 V 16,320 Deduct: Error in recording check by the company as $600 instead of $660 60 Deduct: Bank service charges v 30 16,410 X Adjusted balance 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Increase in Cash: Balance Sheet Statement of Income Assets Liabilities Stockholders' Equity %3D Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Interest revenue Miscellaneous administrative expense Decrease in Cash: Balance Sheet Statement of Income Liabilities Stockholders' Equity Assets Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Miscellaneous administrative expense The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $13,090. The bank statement indicated a balance of $16,580 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $5,970. b. A deposit of $6,220, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $3,230 on a note left for collection. The face of the note was $3,070. d. A check for $660 returned with the statement had been incorrectly recorded by Deaver Consulting as $600. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. e. A check drawn for $670 had been incorrectly charged by the bank as $70. f. Bank service charges for October amounted to $30. Instructions: 1. Prepare a bank reconciliation. Deaver Consulting Bank Reconciliation October 31, 20Y6 Cash balance according to bank statement $ 16,580 V Add: Deposit of October 31, not recorded by bank y 6,220 22,800 Deduct: Outstanding checks v 5,970 Add: Proceeds of note collected by bank, Including $160 Interest x 3,070 X 9,040 X Adjusted balance $ 31,840 X Cash balance according to Deaver Consulting $ 13,090 V Add: Proceeds of note collected by bank, Including $160 interest v 3,230 V 16,320 Deduct: Error in recording check by the company as $600 instead of $660 60 Deduct: Bank service charges v 30 16,410 X Adjusted balance 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Increase in Cash: Balance Sheet Statement of Income Assets Liabilities Stockholders' Equity %3D Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Interest revenue Miscellaneous administrative expense Decrease in Cash: Balance Sheet Statement of Income Liabilities Stockholders' Equity Assets Cash Flows Statement Oct. 31. Statement of Cash Flows Income Statement Operating Miscellaneous administrative expense

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