Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The cash account of Marigold Co. showed a ledger balance of $19.561.25 on June 30,2020 . The bank statement as of that date showed a

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The cash account of Marigold Co. showed a ledger balance of $19.561.25 on June 30,2020 . The bank statement as of that date showed a balance of $20,750. Upon comparing the statement with the cash records, the following facts were determined. 1. There were bank service charges for June of $125. 2. A bank memo stated that Bao Dai's note for $6,000 and interest of $180.00 had been collected on June 29 , and the bank had made a charge of $27.50 on the collection. (No entry had been made on Marigold's books when Bao Dai's note was sent to the bank for collection.) 3. Receipts for June 30 for $16,950 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $10,680.25. 5. The bank had charged the Marigold Co's account for a customer's uncollectible check amounting to $1,266.00 on June 29. 6. A customer's check for $450 (as payment on the customer's Accounts Receivable) had been entered as $300 in the cash receipts journal by Marigold on June 15. 7. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $291.00 had been entered as $2.910.00. Both checks had been issued to pay for purchases and were payments on Marigold's Accounts Payable. (a) Prepare a bank reconciliation dated June 30, 2020, proceeding to a correct cash balance, (Enter answers to 2 decimal places, e . 125.62.) Prepare a bank reconciliation dated June 30, 2020, proceeding to a correct cash balance. (Enter answers to 2 decimal places, eg. Less: eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Less: eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Michael J. Jones

3rd Edition

1119977185, 9781119977186

More Books

Students also viewed these Accounting questions

Question

OUTCOME 2 Describe how a training needs assessment should be done.

Answered: 1 week ago