Pacific Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after banking

Question:


Pacific Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account.image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

{Instructions}
1. Prepare a bank reconciliation as of June 30. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable.
2. Journalize the necessary entries. The accounts have not been closed.
3. What is the amount of Cash that should appear on the balance sheet as of June 30 ?
4. Assume that a canceled check for \(\$ 390\) has been incorrectly recorded by the bank as \(\$ 930\). Briefly explain how the error would be included in a bank reconciliation and how it should be corrected.objs. 4, 5

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting

ISBN: 9780324380675

10th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

Question Posted: