Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On May 31, 2017, Reber Company had a cash balance per books of $7.201.50. The bank statement from NewYork State Bank on that date showed

image text in transcribed
On May 31, 2017, Reber Company had a cash balance per books of $7.201.50. The bank statement from NewYork State Bank on that date showed a balance of $6.824.60. A comparison of the statement with the cash account revealed the following facts. The statement included a debit memo of $50.00 for the prang of additional company checks. Cash soles of $634.00 on May 12 were deposited in the bank The cash receipts journal entry and the depose sap were incorrectly made for $684.00. The bank credited Reber Company for the correct amount. 1 Outstanding checks at Hay 31 totaled $1, 014.25. Deposits in transit were $2, 836.15. On May 18, the company issued check No. 1181 for $672 to Lynda Carsen on account The check, which cleared the bank in Hay. was incorrectly Journalized and posted by Reber Company for $627. A $3, 420.00 note receivable was collected by the bank for Reber Company on Hay 31 plus $80.00 interest. The bank charged a collection fee of $30.00. No interest has been on the note. Included with the conceded checks was a check issued by Reber Company to Ted Cress for $1, 220.00 that was Incorrectly charged to Reber Company by the bank. On May 31 the bank statement showed an NSF charge of $670.00 for a check issued by Sue, a customer, to Reber Company on account. Prepare the bank recombination at May 31, 2017. (Round answer to 2 decimal places, e.g. 5.2.75. list items that increase cash balance first. Reconcile cash balance per bank first.) Prepare the necessary adjusting entries for Reber company at May 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Enter answers to 2 decimal places, e.g. 15.25. Record journal entries in the order presented in the problem.)

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

Auditing Principles And Techniques

Authors: Sanjib Kumar Basu, Andrei Alexandrescu

1st Edition

8177581783, 9788177581782

More Books

Students also viewed these Accounting questions

Question

Using Language That Works

Answered: 1 week ago

Question

4. Are my sources relevant?

Answered: 1 week ago