The cash account of Cullumber Co. showed a ledger balance of $8,647.27 on June 30, 2020....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The cash account of Cullumber Co. showed a ledger balance of $8,647.27 on June 30, 2020. The bank statement as of that date showed a balance of $9.130. Upon comparing the statement with the cash records, the following facts were determined. There were bank service charges for June of $55. 1. A bank memo stated that Bao Dai's note for $2,640 and interest of $79.20 had been collected on June 29, and the bank had made a charge of $12.10 on the collection. (No entry had been made on Cullumber's books when Bao Dai's note was sent to the bank for collection.) 2. 3. Receipts for June 30 for $7,458 were not deposited until July 2. Checks outstanding on June 30 totaled $4,699.31. 5. The bank had charged the Cullumber Co's account for a customer's uncollectible check amounting to $557.04 on June 29. 6. A customer's check for $198 (as payment on the customer's Accounts Receivable) had been entered as $132 in the cash receipts journal by Cullumber on June 15. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $128.04 had been entered as $1,280.40. Both checks had been issued to pay for purchases and were payments on 7. Cullumber's Accounts Payable. 4. Prepare a bank reconciliation dated June 30, 2020, proceeding to a correct cash balance. (Enter answers to 2 decimal places, eg 125.62.) CULLUMBER CO. Bank Reconciliation 24 Add: Less: eTextbook and Media > > The cash account of Cullumber Co. showed a ledger balance of $8,647.27 on June 30, 2020. The bank statement as of that date showed a balance of $9.130. Upon comparing the statement with the cash records, the following facts were determined. There were bank service charges for June of $55. 1. A bank memo stated that Bao Dai's note for $2,640 and interest of $79.20 had been collected on June 29, and the bank had made a charge of $12.10 on the collection. (No entry had been made on Cullumber's books when Bao Dai's note was sent to the bank for collection.) 2. 3. Receipts for June 30 for $7,458 were not deposited until July 2. Checks outstanding on June 30 totaled $4,699.31. 5. The bank had charged the Cullumber Co's account for a customer's uncollectible check amounting to $557.04 on June 29. 6. A customer's check for $198 (as payment on the customer's Accounts Receivable) had been entered as $132 in the cash receipts journal by Cullumber on June 15. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $128.04 had been entered as $1,280.40. Both checks had been issued to pay for purchases and were payments on 7. Cullumber's Accounts Payable. 4. Prepare a bank reconciliation dated June 30, 2020, proceeding to a correct cash balance. (Enter answers to 2 decimal places, eg 125.62.) CULLUMBER CO. Bank Reconciliation 24 Add: Less: eTextbook and Media > > The cash account of Cullumber Co. showed a ledger balance of $8,647.27 on June 30, 2020. The bank statement as of that date showed a balance of $9.130. Upon comparing the statement with the cash records, the following facts were determined. There were bank service charges for June of $55. 1. A bank memo stated that Bao Dai's note for $2,640 and interest of $79.20 had been collected on June 29, and the bank had made a charge of $12.10 on the collection. (No entry had been made on Cullumber's books when Bao Dai's note was sent to the bank for collection.) 2. 3. Receipts for June 30 for $7,458 were not deposited until July 2. Checks outstanding on June 30 totaled $4,699.31. 5. The bank had charged the Cullumber Co's account for a customer's uncollectible check amounting to $557.04 on June 29. 6. A customer's check for $198 (as payment on the customer's Accounts Receivable) had been entered as $132 in the cash receipts journal by Cullumber on June 15. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $128.04 had been entered as $1,280.40. Both checks had been issued to pay for purchases and were payments on 7. Cullumber's Accounts Payable. 4. Prepare a bank reconciliation dated June 30, 2020, proceeding to a correct cash balance. (Enter answers to 2 decimal places, eg 125.62.) CULLUMBER CO. Bank Reconciliation 24 Add: Less: eTextbook and Media > > The cash account of Cullumber Co. showed a ledger balance of $8,647.27 on June 30, 2020. The bank statement as of that date showed a balance of $9.130. Upon comparing the statement with the cash records, the following facts were determined. There were bank service charges for June of $55. 1. A bank memo stated that Bao Dai's note for $2,640 and interest of $79.20 had been collected on June 29, and the bank had made a charge of $12.10 on the collection. (No entry had been made on Cullumber's books when Bao Dai's note was sent to the bank for collection.) 2. 3. Receipts for June 30 for $7,458 were not deposited until July 2. Checks outstanding on June 30 totaled $4,699.31. 5. The bank had charged the Cullumber Co's account for a customer's uncollectible check amounting to $557.04 on June 29. 6. A customer's check for $198 (as payment on the customer's Accounts Receivable) had been entered as $132 in the cash receipts journal by Cullumber on June 15. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $128.04 had been entered as $1,280.40. Both checks had been issued to pay for purchases and were payments on 7. Cullumber's Accounts Payable. 4. Prepare a bank reconciliation dated June 30, 2020, proceeding to a correct cash balance. (Enter answers to 2 decimal places, eg 125.62.) CULLUMBER CO. Bank Reconciliation 24 Add: Less: eTextbook and Media > >
Expert Answer:
Answer rating: 100% (QA)
Answer CLLUMBER Co Bank Reconciliation Statement June 3... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1118742976
16th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2017. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash...
-
The Cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2019. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash...
-
The cash account of Villa Corp. shows a ledger balance of $3,969.85 on June 30, 2014. The bank statement as at that date indicates a balance of $4,150. When the statement was compared with the cash...
-
On average, do people prefer a... 6 game package with 300-level, mid-court seats and a $20 gift certificate for $35/seat or a 3 game package with 300-level, corner seats that come with a hotdog and...
-
1. How does the institutional environment and view come into play for Oxford in this case? 2. How does legitimacy fit into this situation? 3. How might coercive forces affect this decision?
-
Javier and Anita Sanchez purchased a home on January 1, year 1 for $500,000 by paying $200,000 down and borrowing the remaining $300,000 with a 7 percent loan secured by the home. The loan requires...
-
Explain that in a CAPM framework, the projection price of a new asset is a universal zero-level price for all mean-variance investors.
-
It has been stated that auditors must be independent because audited financial statements must serve the needs of a wide variety of users. If the auditor were to favor one group, such as existing...
-
Stuart Daniels estimates that he will need $ 2 2 , 0 0 0 to set up a small business in 7 years. ( a ) How much ( in $ ) must Stuart invest now at 8 % interest compounded quarterly to achieve his goal?
-
The income statement for Weatherford International Inc.?s year ended December 31, 2020, was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the...
-
1. Is economic scarcity of minerals and energy a myth or reality? 2. What policy options could we use to ensure sustainable mineral and energy production? 3. How does the economic approach to...
-
public class test { public static void main(String args) { } int x, y; x = 4; y = 6; System.out.println(another(x, y)); // Line 1 System.out.println(another2(x)); // Line 2 static int another(int a,...
-
Given these class definitions: public class A { public A(int x) { } } System.out.print("A"+x); public class B extends A { } public B() { } System.out.print("B"); What is printed out by the following...
-
The following information is about the production of rice in pounds. Answer the following question: How much is the marginal cost when the production of rice is 22.05 pounds? Remember that costs,...
-
While standing near a railroad crossing, a person hears a distant train horn. According to the train's engineer, the frequency emitted by the horn is 440 Hz. The train is traveling at 20.0 m/s and...
-
Are you more or less inclined to purchase something if you have to pay for the item with cash? What is one advantage of using cash versus debit or credit and what is one advantage of using debit or...
-
Client: Avilio Limited Prepared by: CA Shew Reviewed by: Subject: Understanding the entity: Overview NATURE AND BACKGROUND OF THE BUSINESS Year end: 31/10/2018 Date: 06/10/2018 Date: Avilio is a...
-
Design a circuit which negative the content of any register and store it in the same register.
-
Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Instructions Compute cost of goods sold, assuming Ehlo uses: (a) Periodic system, FIFO...
-
Aaron's Agency sells an insurance policy offered by Capital Insurance Company for a commission of $100 on January 2, 2017. In addition, Aaron will receive an additional commission of $10 each year...
-
The following is a payroll sheet for Otis Import Company for the month of September 2017. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is...
-
Why is macroeconomic forecasting so difficult? Does this difficulty mean economics is a worthless field of study?
-
Which of the following statements are positive in nature and which are normative? a. A tax cut will raise interest rates. b. A reduction in the payroll tax would primarily benefit poor and...
-
Graph the behavior of the civilian unemployment rate from 1961 until the present using monthly data. Can you see the periods of recession that occurred in 19691970, 19731975, 1980, 19811982,...
Study smarter with the SolutionInn App