Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2040, 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 $9,579.00 6,467.42 CASH ACCOUNT: Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: Date Amount Date Amount July 2 5569.50 July 12 $580.70 5 701.80 500.10 819.24 701.26 Date Mly 23 26 31 Amount 5715.45 601.50 1,177.87 9 Amount $837.70 329.90 882.80 1,081,56 325.40 310.00 634 241.71 58,389.42 CHECKS WRITTEN: Number and amount of each check issued in July: Check No. Amount Check No. Amount Check No. 614 $243.50 621 $309.50 628 615 350.10 Void 616 279.90 623 Void 630 617 395.50 707.01 631 618 435.40 158.63 632 619 320.10 626 550.03 633 238.87 627 391.73 Total amount of checks issued in July BANK RECONCILIATION FOR PRECEDING MONTH: Sunshine Interiors Bank Reconciliation June 30, 2040 Cash balance according to bank statement 59,423.70 Add: Deposit of June 30 not recorded by bank $780.80 Deduct: Outstanding Check No. 580 (5310.10) Outstanding Check No. 602 (85.50) Outstanding Check No. 612 (92 501 Outstanding Check No. 613 (137.40) Total deductions (625.50) Adjusted balance 59,579.00 Cash balance according to company's records Deduct: Bank service charges Adjusted balance $9,606.70 (27.70) $9.579.00 JULY BANK STATEMENT: MEMBER FDIC PAGE 1 AMERICAN NATIONAL BANK OF DETROIT ACCOUNT NUMBER FROM 7/01/20YO TO 7/31/20Y0 DETROIT, MI 48201-2500 (313) 933-8547 BALANCE 9,423.70 9 DEPOSITS 6,106.35 7,657.74 SUNSHINE INTERIORS 3,749.00CR 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE DEPOSITS DATE 11,621.31 CHECKS AND OTHER DEBITS BALANCE No. 580 310.10 No. 612 92.50 780.80 07/01 No. 602 85.50 No. 614 243.50 569.50 07/03 No. 615 350.10 No. 616 279.90 701.80 07/06 9,801.90 10,042.40 10,114.20 10,102.54 10,124.27 No. 617 395.50 No. 618 435.40 819.24 07/11 No. 619 320.10 No. 620 238.87 580.70 07/13 No. 621 309.50 No. 624 707.01 MS 4,000.00 07/14 13,107.76 No. 625 158.63 No. 626 550.03 MS 160.00 07/14 12,559.10 No. 627 319.73 329.90 600.10 07/17 No. 629 No. 631 12,509.57 10,170.21 No. 630 882.80 1,081.56 NSF 375.00 07/20 No. 632 325.40 No. 634 241.71 701.26 07/21 07/24 10,304.36 11,055.81 751.45 601.50 07/28 11,657.31 SC 36.00 07/31 11,621.31 EC -- ERROR CORRECTION OD -- OVERDRAFT MS -- MISCELLANEOUS PS -- PAYMENT STOPPED NSF -- NOT SUFFICIENT FUNDS SC -- SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY. Required: 1. Prepare a bank reconciliation as of July 31, 20YO. If errors 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. When required, enter amounts in dollars and cents. Sunshine Interiors July 31, 2010 Cash balance according to be sent Bank Reconciliation Total deductions Adjud balance Selin e blunken Cashbaccording to company records Toldos Selleks Total deductions Adjusted balance 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank 200 July 31 31 3. What is the amount of cash that should appear on the balance sheet as of July 31, 20YO? Sanel 4. Assume that a canceled check for $160 has been incorrectly recorded by the bank as $1,600. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Te correct Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 2040, 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 $9,579.00 6,467.42 CASH ACCOUNT: Balance as of July 1 CASH RECEIPTS FOR MONTH OF JULY DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: Date Amount Date Amount July 2 5569.50 July 12 $580.70 5 701.80 500.10 819.24 701.26 Date Mly 23 26 31 Amount 5715.45 601.50 1,177.87 9 Amount $837.70 329.90 882.80 1,081,56 325.40 310.00 634 241.71 58,389.42 CHECKS WRITTEN: Number and amount of each check issued in July: Check No. Amount Check No. Amount Check No. 614 $243.50 621 $309.50 628 615 350.10 Void 616 279.90 623 Void 630 617 395.50 707.01 631 618 435.40 158.63 632 619 320.10 626 550.03 633 238.87 627 391.73 Total amount of checks issued in July BANK RECONCILIATION FOR PRECEDING MONTH: Sunshine Interiors Bank Reconciliation June 30, 2040 Cash balance according to bank statement 59,423.70 Add: Deposit of June 30 not recorded by bank $780.80 Deduct: Outstanding Check No. 580 (5310.10) Outstanding Check No. 602 (85.50) Outstanding Check No. 612 (92 501 Outstanding Check No. 613 (137.40) Total deductions (625.50) Adjusted balance 59,579.00 Cash balance according to company's records Deduct: Bank service charges Adjusted balance $9,606.70 (27.70) $9.579.00 JULY BANK STATEMENT: MEMBER FDIC PAGE 1 AMERICAN NATIONAL BANK OF DETROIT ACCOUNT NUMBER FROM 7/01/20YO TO 7/31/20Y0 DETROIT, MI 48201-2500 (313) 933-8547 BALANCE 9,423.70 9 DEPOSITS 6,106.35 7,657.74 SUNSHINE INTERIORS 3,749.00CR 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS NEW BALANCE DEPOSITS DATE 11,621.31 CHECKS AND OTHER DEBITS BALANCE No. 580 310.10 No. 612 92.50 780.80 07/01 No. 602 85.50 No. 614 243.50 569.50 07/03 No. 615 350.10 No. 616 279.90 701.80 07/06 9,801.90 10,042.40 10,114.20 10,102.54 10,124.27 No. 617 395.50 No. 618 435.40 819.24 07/11 No. 619 320.10 No. 620 238.87 580.70 07/13 No. 621 309.50 No. 624 707.01 MS 4,000.00 07/14 13,107.76 No. 625 158.63 No. 626 550.03 MS 160.00 07/14 12,559.10 No. 627 319.73 329.90 600.10 07/17 No. 629 No. 631 12,509.57 10,170.21 No. 630 882.80 1,081.56 NSF 375.00 07/20 No. 632 325.40 No. 634 241.71 701.26 07/21 07/24 10,304.36 11,055.81 751.45 601.50 07/28 11,657.31 SC 36.00 07/31 11,621.31 EC -- ERROR CORRECTION OD -- OVERDRAFT MS -- MISCELLANEOUS PS -- PAYMENT STOPPED NSF -- NOT SUFFICIENT FUNDS SC -- SERVICE CHARGE THE RECONCILEMENT OF THIS STATEMENT WITH YOUR RECORDS IS ESSENTIAL ANY ERROR OR EXCEPTION SHOULD BE REPORTED IMMEDIATELY. Required: 1. Prepare a bank reconciliation as of July 31, 20YO. If errors 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. When required, enter amounts in dollars and cents. Sunshine Interiors July 31, 2010 Cash balance according to be sent Bank Reconciliation Total deductions Adjud balance Selin e blunken Cashbaccording to company records Toldos Selleks Total deductions Adjusted balance 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank 200 July 31 31 3. What is the amount of cash that should appear on the balance sheet as of July 31, 20YO? Sanel 4. Assume that a canceled check for $160 has been incorrectly recorded by the bank as $1,600. Select how the error would be included in a bank reconciliation and how it should be corrected. Treatment Te correct
