Instructions Beeler Furniture 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, 20Y2, 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 Date Amount Date Amount June 1 $1,080.50 June 10 $996.61 June 22 $897.34 3 854.17 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: Chart of Accounts CHART OF ACCOUNTS Beeler Furniture Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Merchandise Sold 145 Office Supplies 515 Credit Card Expense 146 Store Supplies 516 Cash Short and Over 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 191 Office Equipment 532 Delivery Expense 533 Insurance Expense 192 Accumulated Depreciation Office Equipment 192 Accumulated Depreciation Office Equipment 533 Insurance Expense 193 Store Equipment 534 Office Supplies Expense 194 Accumulated Depreciation-Store Equipment 535 Rent Expense 536 Repairs Expense LIABILITIES 537 Selling Expenses 210 Accounts Payable 538 Store Supplies Expense 221 Notes Payable 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 222 Interest Payable 231 Salaries Payable 590 Miscellaneous Expense 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Amount Descriptions Amount Descriptions Adjusted balance Bank service charges Check returned because of insufficient funds Error in recording June 10 deposit Error in recording June 24 deposit Error in recording Check No. 743 Deposit in transit on June 30 Note collected by bank, including $210 interest Outstanding Check No. 738 Outstanding Check No. 756 Outstanding Check No. 758 Outstanding Check No. 759 Total additions Total deductions Bank Reconciliation 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 Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. (Note: For those boxes in which you must enter subtracted or negative numbers use a minus sign.) Beeler Furniture Company Bank Reconciliation June 30, 20Y2 1 Cash balance according to bank statement 2 3 4 5 6 Bank Reconciliation 6 7 8 9 10 Cash balance according to company's records 11 12 13 14 15 16 17 18 19 Journal 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. JOURNAL DATE DESCRIPTION POST. REF. ACCO ASSETS DEBIT CREDIT 1 2 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: O Addition to cash per company's records O Deduction from cash per company's records o Addition to cash per bank statement Deduction from cash per bank statement 0 Not included in a bank reconciliation Instructions Beeler Furniture 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, 20Y2, 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 Date Amount Date Amount June 1 $1,080.50 June 10 $996.61 June 22 $897.34 3 854.17 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: Chart of Accounts CHART OF ACCOUNTS Beeler Furniture Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Merchandise Sold 145 Office Supplies 515 Credit Card Expense 146 Store Supplies 516 Cash Short and Over 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 191 Office Equipment 532 Delivery Expense 533 Insurance Expense 192 Accumulated Depreciation Office Equipment 192 Accumulated Depreciation Office Equipment 533 Insurance Expense 193 Store Equipment 534 Office Supplies Expense 194 Accumulated Depreciation-Store Equipment 535 Rent Expense 536 Repairs Expense LIABILITIES 537 Selling Expenses 210 Accounts Payable 538 Store Supplies Expense 221 Notes Payable 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 222 Interest Payable 231 Salaries Payable 590 Miscellaneous Expense 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Amount Descriptions Amount Descriptions Adjusted balance Bank service charges Check returned because of insufficient funds Error in recording June 10 deposit Error in recording June 24 deposit Error in recording Check No. 743 Deposit in transit on June 30 Note collected by bank, including $210 interest Outstanding Check No. 738 Outstanding Check No. 756 Outstanding Check No. 758 Outstanding Check No. 759 Total additions Total deductions Bank Reconciliation 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 Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. Round your answers to two decimal places. (Note: For those boxes in which you must enter subtracted or negative numbers use a minus sign.) Beeler Furniture Company Bank Reconciliation June 30, 20Y2 1 Cash balance according to bank statement 2 3 4 5 6 Bank Reconciliation 6 7 8 9 10 Cash balance according to company's records 11 12 13 14 15 16 17 18 19 Journal 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. JOURNAL DATE DESCRIPTION POST. REF. ACCO ASSETS DEBIT CREDIT 1 2 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: O Addition to cash per company's records O Deduction from cash per company's records o Addition to cash per bank statement Deduction from cash per bank statement 0 Not included in a bank reconciliation