Required: 1. Prepare a bank reconciliation as of June 30,20Y. If emors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Be sure to complete the statement heading. Refer to the instructions, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. To enter the Check number, please enter" "No." preceeding the number. "Deduct," "Add", or colons ( ) wW automatically appear if required. Enter all amounts as positive numbers. Round your answers to two decimal places. 2. Joumalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered. Round your answers to two decimal places. 3. What is the amount of Cash that should appear on the balance sheet as of June 30 ? 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 reconciliation and how it should be corrected. CHART OF ACCOUNTS Beeler Furniture Company General Ledger Labels Cash and cash equivalents For the Year Ended June 30, 20Y2 June 30,20Y2 Outstanding checks Amount Descriptions Adjusted balance Bank service charges Check returned because of insufficient funds Deposit of June (insert day), not recorded by bank Error in recording Check No. (insert check number) Error in recording June (insert day) deposit Interest Note and interest collected by bank Principa (Check numbers are valid Amount Descriptions; Please enter "No." preceeding the Check number.) EQUITY 310 Ouner, Capital 311 Owner, Drawing DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: CHECKS WRITTEN: Number and amount of each check issued in June: Total amount of checks issued in June: $8,395.66 3. What is the amount of Cash that should appear on the balance sheet as of June 30 ? $11,155 Required: 1. Prepare a bank reconciliation as of June 30,20Y. If emors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. Be sure to complete the statement heading. Refer to the instructions, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. To enter the Check number, please enter" "No." preceeding the number. "Deduct," "Add", or colons ( ) wW automatically appear if required. Enter all amounts as positive numbers. Round your answers to two decimal places. 2. Joumalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered. Round your answers to two decimal places. 3. What is the amount of Cash that should appear on the balance sheet as of June 30 ? 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 reconciliation and how it should be corrected. CHART OF ACCOUNTS Beeler Furniture Company General Ledger Labels Cash and cash equivalents For the Year Ended June 30, 20Y2 June 30,20Y2 Outstanding checks Amount Descriptions Adjusted balance Bank service charges Check returned because of insufficient funds Deposit of June (insert day), not recorded by bank Error in recording Check No. (insert check number) Error in recording June (insert day) deposit Interest Note and interest collected by bank Principa (Check numbers are valid Amount Descriptions; Please enter "No." preceeding the Check number.) EQUITY 310 Ouner, Capital 311 Owner, Drawing DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: CHECKS WRITTEN: Number and amount of each check issued in June: Total amount of checks issued in June: $8,395.66 3. What is the amount of Cash that should appear on the balance sheet as of June 30 ? $11,155
