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The cash account for Santiago Co. on May 31 indicated a balance of $20,915. The March bank statement indicated an ending balance of $25,645. Comparing
The cash account for Santiago Co. on May 31 indicated a balance of $20,915. The March bank statement indicated an ending balance of $25,645. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
a. | Checks outstanding totaled $5,975. | |
b. | A deposit of $3,796 had been made too late to appear on the bank statement. | |
c. | A check for $1,482 returned with the statement had been incorrectly recorded by the company as $482. The check was originally issued to pay on account. | |
d. | The bank collected $4,515 on a note left for collection of which $515 was interest revenue. | |
e. | Bank service charges for May amounted to $70. | |
f. | A check for $894 was returned by the bank because of insufficient funds. |
Prepare a bank reconciliation as of May 31.
Santiago Co. | ||
Bank Reconciliation | ||
May 31 | ||
Cash balance according to bank statement | $fill in the blank bff7ad07e072012_1 | |
Adjustments: | ||
Deposits not recorded by bank | $fill in the blank bff7ad07e072012_3 | |
Outstanding checks | fill in the blank bff7ad07e072012_5 | |
Total adjustments | fill in the blank bff7ad07e072012_6 | |
Adjusted balance | $fill in the blank bff7ad07e072012_7 | |
Cash balance according to company's records | $fill in the blank bff7ad07e072012_8 | |
Adjustments: | ||
$fill in the blank bff7ad07e072012_10 | ||
fill in the blank bff7ad07e072012_12 | ||
fill in the blank bff7ad07e072012_14 | ||
fill in the blank bff7ad07e072012_16 | ||
Total adjustments | fill in the blank bff7ad07e072012_17 | |
Adjusted balance | $fill in the blank bff7ad07e072012_18 |
Journalize the necessary entries. Record the entry to increase cash first.
If an amount box does not require an entry, leave it blank or enter "0".
May 31 | fill in the blank 75f62fff5f9a068_2 | fill in the blank 75f62fff5f9a068_3 | |
fill in the blank 75f62fff5f9a068_5 | fill in the blank 75f62fff5f9a068_6 | ||
fill in the blank 75f62fff5f9a068_8 | fill in the blank 75f62fff5f9a068_9 | ||
31 | fill in the blank 75f62fff5f9a068_11 | fill in the blank 75f62fff5f9a068_12 | |
fill in the blank 75f62fff5f9a068_14 | fill in the blank 75f62fff5f9a068_15 | ||
fill in the blank 75f62fff5f9a068_17 | fill in the blank 75f62fff5f9a068_18 | ||
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