Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The cash balance per books for Feagen Company on September 30, 2015 is $10,740.93. The following checks and receipts were recorded for the month of

The cash balance per books for Feagen Company on September 30, 2015 is $10,740.93. The following checks and receipts were recorded for the month of October, 2015:

Checks Receipts
No. Amount No. Amount Amount Date
17 $372.96 22 $578.84 $843.86 10/5
18 $780.62 23 $1,687.50 $941.54 10/21
19 $157.00 24 $921.30 $880.58 10/27
20 $587.50 25 $246.03 $967.00 10/30
21 $234.15

In addition, the bank statement for the month of October is presented below:

Balance Deposits and Credits Checks and Debits Balance
Last Statement No. Total Amount No. Total Amount This Statements
$5,404.84 5 $9,178.36 10 $3,632.19 $10,951.01
Checks and other debits Deposits Date Balance
No Amount No Amount No Amount
14 148.29 17 372.96 22 578.84 5,484.38 10/1 $9,875.31
18 708.62 24 921.30 843.86 10/8 $9,219.03
19 157.00 25 246.03 941.54 10/23 $9,541.58
21 234.15 25.00 SC 808.58 10/29 $10,101.01
240.00 NSF 1,100.00 CM 10/31 $10,951.01
Symbols: NSF (Not sufficient funds) SC (Service charge) CM (Credit Memo)

Check No. 18 was correctly written for $708.62 for a payment on account. The NSF check was from S. Long, a customer, in settlement of an accounts receivable. An entry had not been made for the NSF check. The credit memo is for the collection of a note receivable including interest of $60 which has not been accrued. The bank service charge is $25.00.

image text in transcribedimage text in transcribedimage text in transcribed

Prepare a bank reconciliation at October 31. (List items that increase cash balance first. Enter answers to 2 decimal places, e.g. 25.20.) FEAGEN COMPANY Bank Reconciliation October 31, 2015

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

Financial Accounting

Authors: Robert Libby, Patricia Libby, Daniel Short

5th Edition

0073208140, 978-0073208145

More Books

Students also viewed these Accounting questions

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago

Question

What kinds of communication help sustain long-distance romances?

Answered: 1 week ago