PR8-5A

be reported as cash? 081. PR 8-5A Bank reconciliation and entries $9,317.40 $9,223.76 Date June 22 24 30 Amount $ 89734 947.21 1.117.74 f Bank service charges for My amounted to $30. & A check for $1,325 from Jennings Co. was returned by the bank due to insuficient and 1. Prepare a bank reconciliation as of May 31. 2. Journalize the necessary entries. The accounts have not been closed 3. If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount stock depository after banking hours. The data required to reconcile the bank statement as of June Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night 30 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 1. Prepare a bank reconciliation as of June 30, 20Y2. If errors in recording deposits or all deposits are from cash sales All checks are written to satisfy accounts payable. checks are discovered, assume that the errors were made by the company. Assume that 432 Chapter 8 Internal Control and Cash Instructions 1. Adjusted balance: $13,216 o Excel CASH ACCOUNT Balance as of June 1 CASH RECEIPTS FOR MONTH OF JUNE DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June Amount Date Amount Date $996.61 June 1 $1,080.50 June 10 882.95 3 15 854.17 840.50 B 1,606.74 17 CHECKS WRITTEN Number and amount of each check issued in June: Check No. Amount Check No. Amount 740 $237.50 747 Vold 741 495.15 748 $450.90 742 501.90 749 640.13 743 761.30 750 276.77 744 506.88 299,37 745 117.25 752 537.01 746 298.66 753 380.95 Total amount of checks issued in June BANK RECONCILIATION FOR PRECEDING MONTH: Beeler Furniture Company Bank Reconciliation May 31 2012 Cash balance according to bank statement... Add deposit for May 31, not recorded by bank Deduct outstanding checks: No. 731 736 Adjusted balance........ Cash balance according to company's records Deduct bank service charges Adjusted balance Instructions Check No. 754 755 756 757 758 759 760 Amount $ 449.75 272.75 113.95 407.95 259.60 901.50 48639 $8,395.66 751 $ 9,447.20 690.25 738.**** 739 ... $162.15 345.95 251.40 60.55 820.05 $ 9317.40 $ 9,352.50 35.10 $ 9,317.40 3. What is the amount of Cash that should appear on the balance sheet as of June 302 Chapter 8 Internal Control and Cash 2. Journalize the necessary entries. The accounts have not been closed. 433 4. Assume that a canceled check for $390 has been incorrectly recorded by the bank as $930. Briefly explain how the error would be included in a bank reconcilia- tion and how it should be corrected JUNE BANK STATEMENT: PAGE 1 ACCOUNT NUMBER A MEMBER FDIC AMERICAN NATIONAL BANK OF CHICAGO FROM 6/01/20Y8 TO 6/30/2012 CHICAGO, IL 60603 (312) 441-1239 BALANCE 9,447.20 9 DEPOSITS 8,691.77 20 WITHDRAWALS 7,599.26 BEELER FURNITURE COMPANY 4 OTHER DEBITS AND CREDITS 3,085.OOCR 13.624.71 NEW BALANCE --- CHECKS AND OTHER DEBITS ---. No.731 No.739 No.741 No.743 No.745 No.748 No.750 No.782 No.754 No.787 No.736 No 740 No.742 No.744 No.746 No.749 No.781 No.763 No.766 No.760 162.15 60.55 495.15 671.30 117.26 450.90 278.77 537.01 449.75 407.95 13.015.33 13.010. 12.134.30 18. 345.95 237.50 301.90 506.88 298.68 840.13 299.37 380.95 278.75 486.39 1. DEPOSITS --.-DATE-.-- BALANCE--. 690.26 6/01 9.629.35 1.080.50 6/02 10,411.80 854.17 6/04 10,268.92 840.50 6/09 9,931.24 MS 3,500.00 6/09 MS 210.00 8/09 896.61 8/11 12,454.77 882.95 8/16 12,419.76 1,606.74 8/18 13,304.00 897.34 8/23 13,307.00 048.71 6/20 14.249.71 0/88 13,699.71 6/30 13,624.71 OD-OVERDRAFT PS PAYMENT STOPPRD 80 - SRRVION CHARON NSP 550.00 BC 70.00 EC-ERROR CORREOTION MS - MISCELLANEOUS NSF - NOT SUFFICIENT FUNDS THE RECONCIL MINT OF THIS STATEMENT WITH YOUR RECORDS 18 MSSENTIAL ANY ERROH OR HXCEPTION BHOULD BY REPORTED IMMEDIATELY