Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for the Tierney Company for the month of November . On November 30, after all transactions have been recorded the

image text in transcribed
image text in transcribed
The following information is available for the Tierney Company for the month of November . On November 30, after all transactions have been recorded the balance in the company's Cash account has a balance of $27.802 The company's bank statement shows a balance on November 30 of $30,029. Outstanding checks at November 30 include check #3030 in the amount of $1675 and check #3556 in the amount of S1519 Included with the bank statement was a credit memo in the amount of $830 for an EFT in payment of a customer's account The bank deducted $97 for an NSF check from a customer deposited on November 22. A deposit placed in the bank's night depository on November 30 totaled $1765 and did not appear on the bank statement Examination of the checks on the bank statement with the entries in the accounting records reveals that check #3445 for the payment of an account payable was correctly written for $2.570, but was recorded in the accounting records as $2,690 Included with the bank statement was a debit memorandum in the amount of $55 for bank service charges Required: Prepare a bank reconciliation for Tierney Company as of November 30 Updates to Bank Statement Ending Cash Balance per Bank Statement Additions Torney Company Bank Reconciliation Al November 30 Updates to Company's Book Ending Cash Balance por Books Additions Prepare a bank reconciliation for Tierney Company as of November 30. Updates to Bank Statement Ending Cash Balance per Bank Statement Additions: Tierney Company Bank Reconciliation At November 30 Updates to Company's Books Ending Cash Balance per Books Additions: Deductions: Deductions: Upto-date ending cash balance Up-to-date ending cash balance

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

Finance For Non-Finance People

Authors: Sandeep Goel

2nd Edition

0367185083, 9780367185084

More Books

Students also viewed these Accounting questions

Question

Design a cross-cultural preparation program. page 313

Answered: 1 week ago

Question

Evaluate employees readiness for training. page 289

Answered: 1 week ago