Required Information PA5-3 Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and...
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Required Information PA5-3 Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries [LO 5-4, LO 5-5] [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Dec. 1 6 11 17 23 26 30 31 31 Checks Deposits $ 7,668 Deposits Dec. 11 590 $28,000 23 30 31 15,900 Dec. 1 Balance 590 22,000 19,000 NSF NSF check from J. Left, a customer. 36,000 Dec. 31 Balance Interest earned. Service charge 52,800 28,000 36,000 19,000 13,000 96,770 Other Cash (A) $340 78 199 Balance $ 52,800 45,140 72,550 56,650 92,650 92,060 88,720 88,790 88,600 Checks written during December: 7,660 590 15,900 590 190 22,000 5,100 There were no deposits in transit or outstanding checks at November 30. PA5-3 Part 3 3. Prepare a bank reconciliation for December. Ending Balance Per Bank Statement Additions: Deductions: Bank Statement Up-to-Date Cash Balance S STEWART COMPANY Bank Reconciliation At December 31 0 0 Ending Balance Per Cash Account Additions: Deductions: Company's Books 0 0 Up-to-Date Cash Balance S 0 0 0 0 Required Information PA5-3 Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries [LO 5-4, LO 5-5] [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Dec. 1 6 11 17 23 26 30 31 31 Checks Deposits $ 7,668 Deposits Dec. 11 590 $28,000 23 30 31 15,900 Dec. 1 Balance 590 22,000 19,000 NSF NSF check from J. Left, a customer. 36,000 Dec. 31 Balance Interest earned. Service charge 52,800 28,000 36,000 19,000 13,000 96,770 Other Cash (A) $340 78 199 Balance $ 52,800 45,140 72,550 56,650 92,650 92,060 88,720 88,790 88,600 Checks written during December: 7,660 590 15,900 590 190 22,000 5,100 There were no deposits in transit or outstanding checks at November 30. PA5-3 Part 3 3. Prepare a bank reconciliation for December. Ending Balance Per Bank Statement Additions: Deductions: Bank Statement Up-to-Date Cash Balance S STEWART COMPANY Bank Reconciliation At December 31 0 0 Ending Balance Per Cash Account Additions: Deductions: Company's Books 0 0 Up-to-Date Cash Balance S 0 0 0 0
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Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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