Beeler 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 CASH ACCOUNT Balance as of June 1 $9,317 40 CASH RECEIPTS FOR MONTH OF JUNE $9,223 76 DUPLICATE DEPOSIT TICKETS Date and amount of each deposit in June Date Amount Date Amount Date Amount June 1 $1,080 50 June 10 $996 61 June 22 $897 34 3 854 17 15 882 95 24 947 21 8 840 50 17 1,606 74 30 1,117 74 CHECKS WRITTEN Number and amount of each check issued in June Check No Amount Check No Amount Check No Amount 740 $237 50 747 Void 754 $449 75 741 495 15 748 $450 90 755 272 75 742 501 90 749 640 13 756 113 95 743 761 30 750 276 77 757 407 95 744 506 88 751 299 37 758 259 60 745 117 25 752 537 01 759 901 50 746 298 66 753 380 95 760 486 39 Total amount of checks issued in June $8,395 66 BANK RECONCILIATION FOR PRECEDING MONTH BEELER FURNITURE COMPANY Bank Reconciliation May 31, 2016 1 Cash balance according to bank statement $9,447 20 2 Add deposit for May 31, not recorded by bank 690 25 3 $10,137 45 4 Deduct outstanding checks 5 No 731 $162 15 6 No 736 345 95 7 No 738 251 40 8 No 739 60 55 820 05 9 Adjusted balance $9,317 40 10 11 Cash balance according to companys records $9,352 50 12 Deduct service charges 35 10 13 Adjusted balance $9,317 40 JUNE BANK STATEMENT Click here to view Required 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 Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries ( Note Deduct, Add, No , or colons ( ) will automatically appear if required ) 2 Journalize the necessary entries The accounts have not been closed Refer to the Chart of Accounts for exact wording of account titles 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

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Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank

Beeler 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.

CASH ACCOUNT:
Balance as of June 1	$9,317.40
CASH RECEIPTS FOR MONTH OF JUNE	$9,223.76

DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June:

Date	Amount	Date	Amount	Date	Amount
June 1	$1,080.50	June 10	$996.61	June 22	$897.34
3	854.17	15	882.95	24	947.21
8	840.50	17	1,606.74	30	1,117.74

CHECKS WRITTEN: Number and amount of each check issued in June:

Check No.	Amount	Check No.	Amount	Check No.	Amount
740	$237.50	747	Void	754	$449.75
741	495.15	748	$450.90	755	272.75
742	501.90	749	640.13	756	113.95
743	761.30	750	276.77	757	407.95
744	506.88	751	299.37	758	259.60
745	117.25	752	537.01	759	901.50
746	298.66	753	380.95	760	486.39

Total amount of checks issued in June: $8,395.66

BANK RECONCILIATION FOR PRECEDING MONTH:

BEELER FURNITURE COMPANY

Bank Reconciliation

May 31, 2016

1	Cash balance according to bank statement		$9,447.20
2	Add deposit for May 31, not recorded by bank		690.25
3			$10,137.45
4	Deduct outstanding checks:
5	No. 731	$162.15
6	No. 736	345.95
7	No. 738	251.40
8	No. 739	60.55	820.05
9	Adjusted balance		$9,317.40
10
11	Cash balance according to companys records		$9,352.50
12	Deduct service charges		35.10
13	Adjusted balance		$9,317.40

JUNE BANK STATEMENT:

Click here to view.

	Required:
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. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. (Note: Deduct, Add, No., or colons (:) will automatically appear if required.)
2.	Journalize the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of account titles.
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.