Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Cash transactions and cash balances of Fahad company for November were as follows 1. The ledger account for cash showed a balance at November

The Cash transactions and cash balances of Fahad company for November were as follows 1. The ledger account for cash showed a balance at November 30 of $ 6,750. 2. The November Bank statement showed a closing balance of $ 4,710. 3. The cash received of November 30 amounted to $ 3,850 was left at the bank in the night depository chute after banking hours on November 30 and was not recorded by the bank in the November statement. 4. Also included with November bank statement was a debit memorandum from the bank for $ 15 representing service charges for November. 5. A credit memorandum, bank collected note receivable for $ 4,000/ from Arsalan Brother and credited to account. 6. Comparison of paid checks returned by the bank with entries in the accounting record revealed that check no. 810 for $ 430/ issued on November 15 in payment for computer equipment, had be erroneously entered as $ 340/ 7. Examination of the paid checks revealed that three checks issued in November had not been paid by bank: no. 814 for $ 115 ; no. 816 for $ 170 and no. 830 for $ 530. 8. Included with the November bank statement was a $ 2,900 check drawn by Saud , a customer was returned marked NSF it had been included in the deposit of November 27 but had been charged back against the companys account on November 30. Instructions A) Prepare a bank reconciliation for company at November 30. B) Prepare the adjusting entries (in General Journal) to adjust the account at November 30 assume the accounts have not been closed.

State the amount of Cash that should be included in the balance sheet at November 30.

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

Interpreting Company Reports And Accounts

Authors: Geoffrey Holmes, Alan Sugden, Paul Gee

10th Edition

0273711415, 9780273711414

More Books

Students also viewed these Accounting questions

Question

2 To what extent does their relevance vary internationally?

Answered: 1 week ago

Question

8 What can HRM do to manage diversity?

Answered: 1 week ago

Question

7 How should HRM practitioners approach conflict in the workplace?

Answered: 1 week ago