Accounting Help

P8-3B, A-B

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PLEASE USE THE METHOD BELOW FOR THIS PROBLEM

P8-3B Rohatyn Genetics Company of Lancaster, Wisconsin, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2012, the company's cash account per its general ledger showed the following balance CASH NO. 101 Date Explanation Ref. Debit Credit Balance May 31 Balance 13,287 The bank statement from Lancaster State Bank on that date showed the following balance. LANCASTER STATE BANK Checks and Debits Deposits and Credits Daily Balance XXX XXX 5/31 13,332 A comparison of the details on the bank statement with the details in the cash account revealed the following facts. 1. The statement included a debit memo of $35 for the printing of additional company checks. 2. Cash sales of $1,720 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $1,820. The bank credited Rohatyn Genetics Company for the correct amount 3. Outstanding checks at May 31 totaled $1,225, and deposits in transit were $2,100. 4. On May 18, the company issued check no. 1181 for $911 to J. Greenberg on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Rohotyn Genetics Company for $119. 5. A $4,000 note receivable was collected by the bank for Rohatyn Genetics Company on May 31 plus $80 interest. The bank charged a collection fee of $25. No interest has been accrued on the 6. Included with the cancelled checks was a check issued by Powers Company to Jerry Saltz for $900 that was incorrectly charged to Rohatyn Genetics Company by the bank. 7. On May 31, the bank statement showed an NSF charge of $1,308 for a check issued by Simon de Pury, a customer, to Rohatyn Genetics Company on account. Instructions note. (a) Prepare the bank reconciliation at May 31, 2012. (b) Prepare the necessary adjusting entries for Rohatyn Genetics Company at May 31, 2012 PROBLEM 8-3A (a) SABRE COMPANY Bank Reconciliation May 31, 2012 Cash balance per bank statement $6,404.60 Add: Deposit in transit $1,916.15 Bank error-Rapier check 800.00 2,716.15 9,120.75 Less: Outstanding checks 576.25 Adjusted cash balance per bank $8,544.50 Cash balance per books $6,781.50 Add: Collection of note receivable ($2,500 note plus $80 interest less $20 fee) 2,560.00 9,341.50 Less: NSF check $ 680.00 Error in May 12 deposit ($886.15 - $836.15) 50.00 Error in recording check No. 1181 27.00* Check printing charge 40.00 797.00 Adjusted cash balance per books $8,544.50 *$685 - $658 20 (b) May 31 Cash 2,560 Miscellaneous Expense Notes Receivable 2,500 Interest Revenue 80 31 Bennett Accounts Receivable-Jo 680 Cash 680 31 Sales Revenue Cash 50 50 Stills 31 Accounts Payable-Carol 27 Cash 27 31 40 Miscellaneous Expense Cash 40