Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mhifer Corporation's December 31 bank statement showed a $2,04925 balance. On this date, Miller's Cashraccount refiected a $32560 overdratt in reconciling these amounts, the followne

image text in transcribed
image text in transcribed
Mhifer Corporation's December 31 bank statement showed a $2,04925 balance. On this date, Miller's Cashraccount refiected a $32560 overdratt in reconciling these amounts, the followne information is discovered. 1 Cash on hand for undeposited sales receipts, December 31,$13025 2 Customer NSF check returned with bank statement, $42040 3 Cash sales of $640.25 for the week ended December 18 were recorded on the books The cashier reports this arnount missing, and it was not deposited in the bank. 4 Note recervable of $2,500 and interest of $25 collected by the bank and not recorded on the books 5. Deposit in transit December 31,$35000. 6. A customer check for $29040 in payment of ts account was recorded on the books at $94020 Outstanding checks, $2,04055 includes a duplicate check of $7085 to C Brown, who notfied Miller 7 that the criginal was lost. Miler stopped payment on the original check and has already adjusted the casb account in the accounting records for thes amount. 1. Prepare a December 31 bank reconciliation for Miller. 2. Prepare any journal entries necessary by Miller to record the information from Requirement 1

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

Recommended Textbook for

Forensic And Investigative Accounting

Authors: D. Larry Crumbley, Lester E. Heitger, G. Stevenson Smith

7th Edition

0808040731, 9780808040736

More Books

Students also viewed these Accounting questions