Instructions Beeler Furmiture 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 $9,317.40 Balance as of June 1 CASH RECEIPTS FOR MONTH OF JUNE $9,223.76 DUPLICATE DEPOSIT TICKETS: Date and aamount of each deposit in June: Date Date Amount Amount Date Amount 996.61 June 1 $1,080.50 June 10 June 22 $897.34 854.17 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 Check No. Check No. Amount Amount Amount Void $449.75 740 $237.50 747 754 495.15 $450.90 272.75 741 748 755 742 640.13 501.90 749 756 113.95 407.95 743 761.30 750 276.77 757 744 506.88 751 299.37 758 259.60 745 117.25 752 537.01 759 901.50 746 298.66 753 380.95 760 486.39 Total amount of checks issued in June: $8,395.66 BANK RECONCILIATION FOR PRECEDING MONTH: BEELER FURNITURE COMPANY Bank Reconciliation May 31, 20Y2 $9,447.20 1Cash balance according to bank statement 2Add deposit for May 31, not recorded by bank 690.25 $10,137.45 Deduct outstanding checks: 4 $162.15 5 No.731 No.736 345.95 6 251.40 7 No.738 60.55 820.05 8 No.739 9Adjusted balance $9,317.40 10 $9,352.50 11 Cash balance according to company's records 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, 20Y2. 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. PAGE 1 MEMBER FDIC ACCOUNT NUMBER AMERICAN NATIONAL BANK OF CHICAGO FROM 6/01/20Y2 TO 6/30/20Y2 CHICAGO, IL 60603 (312) 441-1239 BALANCE 9,447.20 8,891. 9 DEPOSITS 20 WITHDRAWALS 7,899.26 BEELER FURNITURE COMPANY 4 OTHER DEBITS AND CREDITS 3,088.00CR NEW BALANCE 13,624.71 CHBCKS AND OTHER DEBITS -.- DEPOSITS -- DATE- -BALANCE - e90.2B 9,629.38 No.731 162.18 No.736 34B.98 8/01 39 60.8B 237.80 1,080.B0 6/02 10,411.80 No.740 B01.90 884.17 8/04 No.741 496.15 No.742 10,268.92 No.743 671.30 806.88 840.B0 No.744 6/09 9,931.24 MS 3,800.00 117.25 No.748 No.746 298.66 6/09 13,018.33 450.90 No.748 No.749 640.13 MS 210.00 8/09 12,134.30 299.37 No.7B0 276.7 No.7B1 896.61 8/11 12,484.7 12,419.76 No.7B2 837.01 No.7B3 380.9B 882.9B 6/16 272.78 1,606.74 13,304.00 No.YB4 449.78 No.7BB 6/18 486.39 8/23 No.7B7 409.98 No.760 897.34 13,307.00 6/28 942.71 14,249.71 NSP 5B0.00 8/28 13,699.71 SC 78.00 6/30 13,824.71 OD OVERDRAFT EC ERROR CORRECTION MS MISCELLANEOUS PS PAYMENT STOPPED SC SERVICE CHARGE NSF NOT SUFFICIENT FUNDS THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTTIAL ANY BRROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATBLY CHART OF ACCOUNTS Beeler Furniture Company General Ledger ASSETS REVENUE 410 Sales 110 Cash 111 Petty Cash 610 Interest Revenue 120 Accounts Receivable EXPENSES 131 Notes Receivable 141 Merchandise Inventory 510 Cost of Merchandise Sold 515 Credit Card Expense 145 Office Supplies 146 Store Supplies 516 Cash Short and Over 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 532 Delivery Expense 191 Office Equipment 533 Insurance Expense 192 Accumulated Depreciation-Office Equipment 534 Office Supplies Expense 193 Store Equipment 194 Accumulated Depreciation-Store Equipment 535 Rent Expense 536 Repairs Expense 537 Selling Expenses LIABILITIES 210 Accounts Payable 538 Store Supplies Expense 221 Notes Payable 561 Depreciation Expense-Office Equipment 222 Interest Payable 562 Depreciation Expense-Store Equipment 231 Salaries Payable 590 Miscellaneous Expense 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary Labels and Amount Descriptions Labels Cash and cash equivalents Outstanding checks Note and interest collected by bank Amount Descriptions Adjusted balance Check returned because of insufficient funds Deposit of June (insert day), not recorded by bank Error in recording Check No. (insert check number) Error in recording June (insert day) deposit Interest Principal Service charges (Check numbers are valid Amount Descriptions; Please enter "No." preceeding the Check number.) Lork ecenalaior . AcpDar rocanaiorion as o ne: 30, M0Y2 Manoa baadiy acpoats or ahecke ae dhcoced assune fuot the oncen uoo mode by the company Assume that al daposto ae fam cash anca ANchools and mtton dc satsty occounts pa/atk. Rotrto me Latas and Amauat Descronions Act areAiad Aorthe cwcot wordhtn of the anar chocs or iost anmcs. To ontor me Check nasmber plococ arNo. " crecscalng the nambar jNote Daducf "Ad, arcolons faautomattaly apocar Mraquhea Wnonrier mone ls more Shan ane cquatig iom in the bank patan of me recanaNenen cr the gencra' icager pomon of fie oaik reconaioncn crter M She orbrprosonicdl in he BEE.ER FURNT.RE COVPANY Rk R-u.0 nia UTe ,UY2 Latcl Cash telar degto amaryk mmads Journal 2. Journalize the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of acccount titles. PAGE 1 JOURNAL ACCOUNTING FOLIATION. LIABILITIES DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS EQUITY 1 3 4 5 6 7 8 Final Questions 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. Select how the error would be included in a bank reconciliation and how it should be corrected Treatment Deduction from cash per company's records Not included in a bank reconciliation Deduction from cash per bank statement Addition to cash per company's records Addition to cash per bank statement orrect: Deduct from the amount of bank service charges Journalize an entry adding $540 cash Journalize an entry deducting $540 from cash Request that the bank correct the error Journalize an entry deducting $930 from cash Journalize a correcting entry adding $930 to cash