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Can someone help me answer number 5 on this question? My answers for the other four questions: #1 = deduct $1600, #2 = add $1120,
Can someone help me answer number 5 on this question?
My answers for the other four questions:
#1 = deduct $1600, #2 = add $1120, #3 = deduct $1040, #4 = $1820.
I'm just having trouble answering number 5.
UMULATIVE REVIEW PROBLEM: CHAPTER 6 urpose of this problem is to provide an opportunity to review both neto concepts in the current chapter and major concepts in previous chapters. This cumulatice review should assist you in integrating accounting concepts and preparing for exams Use the following data for the next five questions: A partially completed bank reconciliation for FAY Company at April 30, 2011, as well as ional data necessary to answer the questions, follow: addit FAY COMPANY Bank Reconciliation April 30, 2011 Balance per book.. Add: 4,650 educt Adjusted cash balance Balance per bank statement Add: Deduct Adjusted cash balance 4,510 -4730 -- Differences between book records and bank statement on April 30, 2011 are as follows: a. Credit memo of $1,100 for a note collected by the bank and credited to Fay's account. $1,000 is for principal on the note and $100 is for interest. b. Deposits in transit at April 30, 2011, totaled S1,820. c. Outstanding checks at April 30, 2011 totaled $1,600. d. Check no. 1233 (for supplies) was written for $700 but erroneously recorded in Fay's records as $450 e. The bank returned an NSF check of Frank Dell, one of Fay's customers. The amount was $700. f. Bank service charge for April, $30. g. Debit memo for $60 or safe deposit box rental at bank. h. Credit memo for $20 for interest income on Fay's account. REQUIRED: Answer each of the next 5 questions I. In Fays completed bank reconciliation at April 30, 2011, what dollar amount should be deducted from the balance per bank statement [indicated by (4) abovel? 2. In Fay's completed bank reconciliation at April 30, 2011, what dollar amount should be added to the balance per Fay's records [indicated by (1) abovelP 274 CHAPTER 6 n Pay's completed bank reconciliation at April 30, 2011, what dollar amount should bhe dedhucted from the balance per Fay's records (indicated by (2) abovel? A. In Fay's completed bank reconciliation at April 30, 2011, what dollar amount should be added alance per bank statement [indicated by (3) abovel? 5. Prepare the journal entries needed to correct the Cash book balance on April 30, 2011
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