Question
Please solve quickly, time is short If you know that ASDA bank statement for September showed a balance per bank of 7,000. The company's Cash
Please solve quickly, time is short
If you know that ASDA bank statement for September showed a balance per bank of 7,000. The company's Cash account in the general ledger had a balance of 4,667. In addition to that:
(1) Cash receipts for September 30 recorded on the company's books were 5,000 which does not appear on the bank statement.
(2) The bank statement shows a memorandum for 60 for check printing charges.
(3) The total amount of checks that did not clear the bank at September 30 amounted to 5,800 and at August 30 was 6000.
(4) Check No. 138 was correctly written and paid by the bank for 429. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for 492.
(5) NSF check from a customer for 530.
(6) The bank included a memorandum which represents collection of a customer's note by the bank for the company; principal amount of the note was 2,000 and interest was 60.
Instructions
(a) Find is the amount that should be reported in the adjusted cash balance per books on September 30.
(b) Prepare the adjusting entries for the bank reconciliation.
(c) If you know that Octobers issued checks per books was 5000 and the checks that cleared the bank was 6000. Calculate the October Outstanding checks.
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