Xavier Company provided the following bank reconciliation on January 31 of the current year: Bank balance...
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Xavier Company provided the following bank reconciliation on January 31 of the current year: Bank balance Add Deposit in transit Total Deduct Outstanding checks: No. 114 115 116 Adjusted bank balance Checks 240,000 200,000 900,000 160,000 500,000 All receipts of cash are deposited in the bank account. The bank statement for the month of February is presented below. THIRD BANK 550,000 5,000 SC 1,000,000 800,000 Deposit Balance forwarded 600,000 2,000,000 400,000 1,000,000 1,200,000 1,300,000 550,000 270,000 CM Face of the note Interest on the note 240,000 160,000 60,000 Maturity value of the note Collection charge Credit to your account Date Jan. 31 Feb. 1 3 5 7 9 10 13 300,000 600,000 900,000 16 21 23 24 27 28 460,000 440,000 Balance 300,000 660,000 2,660,000 2,460,000 1,960,000 1,800,000 2,800,000 2,300,000 3,500,000 4,800,000 4,250,000 The following information was taken from the credit memo of February 28: 4,245,000 3,795,000 3,265,000 250,000 30,000 280,000 10,000 270,000 The following data were taken from the cash journals of Xavier Company: Cash Receipt Journal Date Debit Cash Feb. 2 2,000,000 6 400,000 800,000 9 10 15 20 24 28 200,000 1,200,000 1,300,000 550,000 450,000 6,900,000 Cash Disbursement Journal Credit Cash 200,000 900,000 800,000 500,000 550,000 180,000 1,000,000 Check No. 117 118 119 120 121 122 123 124 125 120,000 250,000 4,500,000 Required: a. Prepare bank reconciliation on February 28, showing the book balances before and after adjustment. b. Prepare journal entries to record the adjustments that are indicated by the bank reconciliation. Xavier Company provided the following bank reconciliation on January 31 of the current year: Bank balance Add Deposit in transit Total Deduct Outstanding checks: No. 114 115 116 Adjusted bank balance Checks 240,000 200,000 900,000 160,000 500,000 All receipts of cash are deposited in the bank account. The bank statement for the month of February is presented below. THIRD BANK 550,000 5,000 SC 1,000,000 800,000 Deposit Balance forwarded 600,000 2,000,000 400,000 1,000,000 1,200,000 1,300,000 550,000 270,000 CM Face of the note Interest on the note 240,000 160,000 60,000 Maturity value of the note Collection charge Credit to your account Date Jan. 31 Feb. 1 3 5 7 9 10 13 300,000 600,000 900,000 16 21 23 24 27 28 460,000 440,000 Balance 300,000 660,000 2,660,000 2,460,000 1,960,000 1,800,000 2,800,000 2,300,000 3,500,000 4,800,000 4,250,000 The following information was taken from the credit memo of February 28: 4,245,000 3,795,000 3,265,000 250,000 30,000 280,000 10,000 270,000 The following data were taken from the cash journals of Xavier Company: Cash Receipt Journal Date Debit Cash Feb. 2 2,000,000 6 400,000 800,000 9 10 15 20 24 28 200,000 1,200,000 1,300,000 550,000 450,000 6,900,000 Cash Disbursement Journal Credit Cash 200,000 900,000 800,000 500,000 550,000 180,000 1,000,000 Check No. 117 118 119 120 121 122 123 124 125 120,000 250,000 4,500,000 Required: a. Prepare bank reconciliation on February 28, showing the book balances before and after adjustment. b. Prepare journal entries to record the adjustments that are indicated by the bank reconciliation.
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a Bank Reconciliation on February 28 Book Balance before adjustment 4800000 Add Cash receipts not ye... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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