Answered step by step
Verified Expert Solution
Question
1 Approved Answer
. A bank memo stated that Bao Dais note for $3,840.00 and interest of $115.20 had been collected on June 29, and the bank had
. | A bank memo stated that Bao Dais note for $3,840.00 and interest of $115.20 had been collected on June 29, and the bank had made a charge of $17.60 on the collection. (No entry had been made on Indigos books when Bao Dais note was sent to the bank for collection.) | |
3. | Receipts for June 30 for $10,848.00 were not deposited until July 2. | |
4. | Checks outstanding on June 30 totaled $6,835.36. | |
5. | The bank had charged the Indigo Co.s account for a customers uncollectible check amounting to $810.24 on June 29. | |
6. | A customers check for $288.00 (as payment on the customers Accounts Receivable) had been entered as $192.00 in the cash receipts journal by Indigo on June 15. | |
7. | Check no. 742 in the amount of $491.00 had been entered in the cash journal as $419.00, and check no. 747 in the amount of $186.24 had been entered as $1,862.40. Both checks had been issued to pay for purchase of equipment and were payments on Indigos Accounts Payable
Prepare a bank reconciliation dated June 30, 2017, proceeding to a correct cash balance Prepare entries necessary to make the books correct and complete. Use Office Expense account for bank service charges. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started