Question
I need a competent tutor to answer the following questions for me. Open the attachment to view The bank statement for Allen Co. indicates a
I need a competent tutor to answer the following questions for me. Open the attachment to view
The bank statement for Allen Co. indicates a balance of $8,000.00 on June 30.After the journals for June had been posted, the cash account had a balance of $3,675.00. Prepare the bank reconciliation on the basis of the following reconciling items:
| (a) | Cash sales of $342 had been erroneously recorded in the cash receipts journal as $324. |
| (b) | Deposits in transit not recorded by bank, $500. |
| (c) | Bank debit memorandum for service charges, $25. |
| (d) | Bank credit memorandum for note collected by bank, $2,850, including $50 interest. |
| (e) | Bank debit memorandum for $218 NSF (not sufficient funds) check from Alice Bell, a customer. |
| (f) | Checks outstanding, $2,200. |
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Modeling
Authors: Simon Benninga
4th Edition
0262027283, 9780262027281
