Beeler Fumiture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the as of June 30, 20Y2, 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. DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: CHECKS WRITTEN: Number and amount of each check issued in June: CHECKS WRITTEN: Number and amount of each check issued in June: Total amount of checks issued in June: \$8,395.66 BANK RECONCILIATION FOR PRECEDING MONTH: BANK RECONCILIATION FOR PRECEDING MONTH: Instructions Refer to the June Bank Statement. Required: 1. Prepare a bank reconciliation as of June 30, 20Y2. 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 satisty accounts payable. 2. Joumalize the necessary entries. 3. What is the amount of Cash that should appear on the balance sheet as of June 30,20Y2 ? 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 reconcillation and how it should be corrected. Chart of Accounts Chart of Accounts 141MerchandiseInventory145OlficeSupplies146StoreSupplies151PrepaidInsurance181Land191OfficeEquipment192AccumulatedDepreciation-OfficeEquipment193StoreEquipment194AccumulatedDepreciation-StoreEquipmentLiABiLities210AccountsPayable221NotesPayable222InterestPayable231SalariesPayable241SalesTaxPayable510CostofGoodsSold515CreditCardExpense516CashShortandOver520SalariesExpense531AdvertisingExpense532DellveryExpense533InsuranceExpense534OtliceSuppliesExpense535RentExpense536RepairsExpense537SollingExpenses538StoreSuppliesExpense561DepreciationExpense-OfficeEquipr562DepreciationExpense-StoreEquipm590MiscellaneousExpense710interestExpense EQUITY 310 Common Stock 311 Retained Eamings 312 Dividends Labels and Amount Descriptions Labels For the Month Ended June 30, 20Y2 June 30,20Y2 Amount Descriptions Adjusted balance Bank service charges Check returned because of insufficient funds Error in recording June 10 deposit Error in recording June 24 deposit Error in recording Check No. 743 Deposit in transit on June 30 Note collected by bank, including $210 interest Outstanding Check No. 738 Outstanding Check No. 756 Outstanding Check No. 758 Outstanding Check No. 759 Total additions Total deductions 1. Prepare a bank reconciliation as of October 31, 20Yg. Bank Reconciliation 1 Cash balance according to bank statement 2 3 4 s 6 7 8 9 10 Cash balance according to company's records 11 12 13 14 15 16 17 18 19 2. Journalizo the nocessary entries. 3. What is the amount of Cash that should appear on the balance sheet as of June 30, 20y2? 4. Assume that a canceled check for $390 has been incorrectly recorded by the bank as 5930 . Select how the emor would be included in a bank reconciliation and how it should be corrected. Treatment: Deduction from cash per company's records Addition to cash per bank statement Deduction from cash per bank statement Not included in a bank reconciliation Addition to cash per compamy's records To correct: Request that the bank correct the error Deduct from the amount of bank service charges Journalize an entry deducting $930 from cash Journalize an entry deducting $540 from cash 4. Assume that a canceled check for $390 has been incorrectly recorded by the bank as $930. Select how the error would be included in a bank reconcillation and how it should be corrected. Treatment: Deduction from cash per company's records Addition to cash per bank statement Deduction from cash per bank statement Not included in a bank reconciliation Addition to cash per company's records To correct: Request that the bank correct the error Deduct from the amount of bank service charges Journalize an entry deducting $930 from cash Journalize an entry deducting $540 from cash Journalize an entry adding $540 to cash Journalize a correcting entry adding $930 to cash Beeler Fumiture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the as of June 30, 20Y2, 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. DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: CHECKS WRITTEN: Number and amount of each check issued in June: CHECKS WRITTEN: Number and amount of each check issued in June: Total amount of checks issued in June: \$8,395.66 BANK RECONCILIATION FOR PRECEDING MONTH: BANK RECONCILIATION FOR PRECEDING MONTH: Instructions Refer to the June Bank Statement. Required: 1. Prepare a bank reconciliation as of June 30, 20Y2. 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 satisty accounts payable. 2. Joumalize the necessary entries. 3. What is the amount of Cash that should appear on the balance sheet as of June 30,20Y2 ? 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 reconcillation and how it should be corrected. Chart of Accounts Chart of Accounts 141MerchandiseInventory145OlficeSupplies146StoreSupplies151PrepaidInsurance181Land191OfficeEquipment192AccumulatedDepreciation-OfficeEquipment193StoreEquipment194AccumulatedDepreciation-StoreEquipmentLiABiLities210AccountsPayable221NotesPayable222InterestPayable231SalariesPayable241SalesTaxPayable510CostofGoodsSold515CreditCardExpense516CashShortandOver520SalariesExpense531AdvertisingExpense532DellveryExpense533InsuranceExpense534OtliceSuppliesExpense535RentExpense536RepairsExpense537SollingExpenses538StoreSuppliesExpense561DepreciationExpense-OfficeEquipr562DepreciationExpense-StoreEquipm590MiscellaneousExpense710interestExpense EQUITY 310 Common Stock 311 Retained Eamings 312 Dividends Labels and Amount Descriptions Labels For the Month Ended June 30, 20Y2 June 30,20Y2 Amount Descriptions Adjusted balance Bank service charges Check returned because of insufficient funds Error in recording June 10 deposit Error in recording June 24 deposit Error in recording Check No. 743 Deposit in transit on June 30 Note collected by bank, including $210 interest Outstanding Check No. 738 Outstanding Check No. 756 Outstanding Check No. 758 Outstanding Check No. 759 Total additions Total deductions 1. Prepare a bank reconciliation as of October 31, 20Yg. Bank Reconciliation 1 Cash balance according to bank statement 2 3 4 s 6 7 8 9 10 Cash balance according to company's records 11 12 13 14 15 16 17 18 19 2. Journalizo the nocessary entries. 3. What is the amount of Cash that should appear on the balance sheet as of June 30, 20y2? 4. Assume that a canceled check for $390 has been incorrectly recorded by the bank as 5930 . Select how the emor would be included in a bank reconciliation and how it should be corrected. Treatment: Deduction from cash per company's records Addition to cash per bank statement Deduction from cash per bank statement Not included in a bank reconciliation Addition to cash per compamy's records To correct: Request that the bank correct the error Deduct from the amount of bank service charges Journalize an entry deducting $930 from cash Journalize an entry deducting $540 from cash 4. Assume that a canceled check for $390 has been incorrectly recorded by the bank as $930. Select how the error would be included in a bank reconcillation and how it should be corrected. Treatment: Deduction from cash per company's records Addition to cash per bank statement Deduction from cash per bank statement Not included in a bank reconciliation Addition to cash per company's records To correct: Request that the bank correct the error Deduct from the amount of bank service charges Journalize an entry deducting $930 from cash Journalize an entry deducting $540 from cash Journalize an entry adding $540 to cash Journalize a correcting entry adding $930 to cash