The Victoria Company deposits all its cash receipts on the day that they are received and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Victoria Company deposits all its cash receipts on the day that they are received and makes all cash payments in the form of checks. At the close of business on September 30, 2019 Victoria's Cash balance is $15,598. The Main Street Bank's September 30, 2019 bank statement indicates that Victoria's Cash balance is $16,675. Requirement: A. Prepare a Bank Reconcilement as of September 30, 2019 taking into consideration the following: a. The September 30, 2019 cash receipts were $6,400 were placed in the Main Street's night depository after normal banking hours and did not appear on the bank's September 30, 2019 bank statement b. $8,800 of checks have been issued by Victoria, but they have not yet been presented to Main Street Bank c. The September 30, 2019 bank statement included i. A $100 debit memorandum for bank services rendered. Victoria knew about the bank services, but was not aware of the dollar amount A $400 check written by a different company (Meredith Co), but erroneously charged to Victoria's account A $575 debit memorandum for a non-sufficient funds check (NSF) for its customer (Paradise LLC). In addition, the bank also charged Victoria $25 for the processing of the NSF check. This is the first time that Victoría learned of the NSF check. A $250 debit memorandum issued on September 4, 2019 to resolve a Bank error made in August 2019 A $3,980 credit memorandum issued on September 28, 2019 to resolve a Bank error made in September 21, 2019 ii. iv. V. vi. A $248 debit memorandum issued on September 30th for bank fees. Victoria is learning about this item for the first time The Victoria Company deposits all its cash receipts on the day that they are received and makes all cash payments in the form of checks. At the close of business on September 30, 2019 Victoria's Cash balance is $15,598. The Main Street Bank's September 30, 2019 bank statement indicates that Victoria's Cash balance is $16,675. Requirement: A. Prepare a Bank Reconcilement as of September 30, 2019 taking into consideration the following: a. The September 30, 2019 cash receipts were $6,400 were placed in the Main Street's night depository after normal banking hours and did not appear on the bank's September 30, 2019 bank statement b. $8,800 of checks have been issued by Victoria, but they have not yet been presented to Main Street Bank c. The September 30, 2019 bank statement included i. A $100 debit memorandum for bank services rendered. Victoria knew about the bank services, but was not aware of the dollar amount A $400 check written by a different company (Meredith Co), but erroneously charged to Victoria's account A $575 debit memorandum for a non-sufficient funds check (NSF) for its customer (Paradise LLC). In addition, the bank also charged Victoria $25 for the processing of the NSF check. This is the first time that Victoría learned of the NSF check. A $250 debit memorandum issued on September 4, 2019 to resolve a Bank error made in August 2019 A $3,980 credit memorandum issued on September 28, 2019 to resolve a Bank error made in September 21, 2019 ii. iv. V. vi. A $248 debit memorandum issued on September 30th for bank fees. Victoria is learning about this item for the first time
Expert Answer:
Answer rating: 100% (QA)
Cin H 1 2 3 4567 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
The Wreight Company deposits all its cash receipts on the day that they are received and makes all cash payments in the form of checks. You are not being asked to complete a Bank Reconcilement, but...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation in Exercise 8- 10. In Exercise 8- 10, Del Gato Clinic deposits all cash...
-
Table P-23 contains Southwest Airlines' quarterly income before extraordinary items ($MM) for the years 1988-1999. a. Plot the income data as a time series and describe any patterns that exist. b. Is...
-
You may disagree with the estimates of market size given for the rows in the market-product grid in Figure. Estimate the market size, and give a brief justification for these market segments: (a)...
-
Can a body in free fall be in equilibrium? Explain.
-
Following is a sample of five matched pairs. Let 1 and 2 represent the population means and let d = 1 2. A test will be made of the hypotheses H0: d = 0 versus H1: d > 0. a. Compute the differences....
-
Heather Company has $10,000 to invest. One alternative will yield 10% per year, compounded annually for four years. A second alternative is to deposit the $10,000 in a bank that will pay 8% per year,...
-
Prepare a pro forma income statement for the year ended May 31, 2019 Prepare a pro forma statement of retained earnings for the year ended May 31, 2019 Prepare a pro forma balance sheet as at May 31,...
-
As an investment advisor for MREAF (Momentum Real Estate Advisory Fund), you are about to make a presentation to the portfolio manager of the ET&T pension fund. You would like to show what would have...
-
Discuss the cabinet Mission and Divide rule in India.
-
What is the extent of the internal auditing responsibility as described in the chapter? Explain any limitations.
-
What is the difference between evaluating and suggesting internal controls at the design stage and actually designing the control system for management? Why is the distinction important?
-
Read the following company policy regarding audit follow-up reviews: The internal auditing department has adopted the following policy regarding follow-up on corporate audits. All division and...
-
What is the nature of the internal auditing department's function within an organization?
-
Corporate auditors for a large hotel chain completed the audit of one of its hotels located in Stamford, Connecticut. The auditors reported that local hotel management relations with the housekeeping...
-
describes important dimensions of racial and ethnic inequality in the United States.
-
Why should you not model a decision variable as a random variable with a probability distribution?
-
MRI Company has one employee. FICA Social Security taxes are 6.2% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.8% and SUTA...
-
Time-To-See Company began operations in January 2011 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. Time-To-See plans to open...
-
Warren Brown is the founder of Cake Love. Assume that his company currently has $250,000 in equity, and he is considering a $100,000 expansion to meet increased demand. The $100,000 expansion would...
-
Show that \[ \gamma_{i}=\frac{\bar{\phi}_{i}}{\phi_{i}} \]
-
Carbon dioxide occupies a tank at \(100^{\circ} \mathrm{C}\). If the volume of the tank is \(0.5 \mathrm{~m}^{3}\) and the pressure is \(500 \mathrm{kPa}\), determine the mass of the gas in the tank.
-
If a cylinder of volume \(0.1 \mathrm{~m}^{3}\) is filled with \(1.373 \mathrm{~kg}\) of ammonia at \(1.95 \mathrm{MPa}\), determine the temperature at which ammonia exists in the cylinder. Assume...
Study smarter with the SolutionInn App