Chart of Accounts Instructions Beeler Furfure 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 Amount Date Date June 10 Amount $89734 June 1 996.61 51,080.50 854 17 June 22 24 3 15 947 21 882.95 1.606.74 8 840.50 17 30 1.117.74 CHECKS WRITTEN Number and amount of each check issued in June Check No. Check No. Check No Amount Amount 5237 50 Amount Void 740 747 754 $449.75 741 495.15 748 $450 90 755 272.75 742 501 90 749 640.13 756 113.95 743 76130 750 276.77 757 407.95 259 60 744 506.88 751 299.37 745 117 25 752 537.01 758 759 750 90150 486.30 746 296.66 753 38095 Total amount of checks issued in June: $8.395.66 BANK RECONCILIATION FOR PRECEDINO MONTH BEELER FURNITURE COMPANY Bank Reconciliation May 31, 2012 $9.447.20 1 Cash balance according to bank statement 2 Add deposit for May 31, not recorded by bank 690.25 $10.13745 Deduct outstanding checks No. 731 $162.15 No. 756 345.95 7 No. 738 251.40 1 No. 739 60.55 820.05 Adjusted balance $9.317.40 59.352.50 11 Cash balance according to company's records 12 Deduct service charges 35.10 11 Cash balance according to company's 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, 2012. 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. To enter the Check number, please enter No. preceeding the number. (Note: "Deduct", "Add", 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