Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

OS 8.6 Bank reconciliation P3 Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by

image text in transcribed
OS 8.6 Bank reconciliation P3 Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2013, its Cash account shows an $22,352 debit balance. Nolan's June 30 bank statement shows $21.332 on deposit in the bank. Prepare a bank reconciliation for the Company using the following information a. Outstanding checks as of June 30 total $3.713. b. The June 30 bank statement includes $41 debit memorandum for bank services; the company has not yet recorded the cost of these services c. In reviewing the bank statement, a $90 check written by the Company was mistakenly recorded in the company's books at $99. d. June 30 cash receipts of $4,724 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $23 credit for interest eamed on the cash in the bank

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

Economics Of Accounting Information In Markets

Authors: Peter Ove Christensen, Gerald Feltham

2nd Edition

1402072295, 9781402072291

More Books

Students also viewed these Accounting questions

Question

=+beliefs about the brand, product, or service?

Answered: 1 week ago

Question

=+4. Did your message properly reflect the brand's image?

Answered: 1 week ago