Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, please help with the question below and provided detail solution. Thanks. Nolan Company deposits all cash receipts on the day when they are received

Hi, please help with the question below and provided detail solution. Thanks.

image text in transcribed

Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2017, its Cash account shows a $24,767 debit balance. Nolan's June 30 bank statement shows $24,845 on deposit in the bank. a. Outstanding checks as of June 30 total $2,468. b. The June 30 bank statement included a $27 debit memorandum for bank services; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $50 check written by the company was mistakenly recorded in the company's books at $59. d. June 30 cash receipts of $2,405 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $33 credit for interest earned on the cash in the bank. Prepare a bank reconciliation for Nolan Company using the above information. NOLAN COMPANY Bank Reconciliation June 30, 2017 Book balance Add: Bank statement balance Add: Deduct Deduct: Adjusted bank balance Adjusted book balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions