Question
The following information was available for Romney Supply Company for the month ended May 31, 2015. (a) On May 31, 2015, the Cash account of
The following information was available for Romney Supply Company for the month ended May 31, 2015.
(a) On May 31, 2015, the Cash account of Romney Supply Company had a balance of $35,850.
(b) On May 31, 2015, the bank statement indicated a balance of $54,580 .
(c) The bank reported the collection of a note receivable for Romney of $7,300 including $500 interest.
(d) It was observed that the bank statement did not include a deposit of $4,700 made by Romney on May 31 and that cheques totalling $14,930 issued by Romney had not cleared the bank.
(e) Romney recorded an insurance expense payment of $150 as $1,500.
(f) Service charges of $150 were charged for cheque printing.
Make the bank reconciliation at May 31, 2015.
Question2.
(a) The book balance at May 31, 2015 was $3,790.22.
(b) The bank balance at May 31, 2015 was $5,660.22.
(c) Outstanding cheques amounted to $6,310.
(d) The May 31st cash receipts of $5,600 were deposited but have not yet appeared on the bank statement.
(e) A $50 debit memorandum for cheques printed by the bank was included with the cancelled cheques.
(f) A customer's note for $1,000 was collected by the bank. In addition, interest on the note was $110.
(g) The bank incorrectly recorded a cheque payment of $1,600 as $1,500.
Make bank reconciliation for Anderson Company at May 31, 2015.
Question3.
Nugget Mining Company's books show a cash balance at the Denver
National Bank on November 30, 2017, of $20,502. The bank statement covering the month
of November shows an ending balance of $22,190. An examination of Nugget's accounting
records and November bank statement identified the following reconciling items.
1. A deposit of $3,680 that Nugget mailed November 30 does not appear on the bank
statement.
2. Checks written in November but not charged to the November bank statement are:
Check #7327 $ 150
#73484,820
#734931
3. Nugget has not yet recorded the $600 of interest collected by the bank November 20
on Sequoia Co. bonds held by the bank for Nugget.
4. Bank service charges of $18 are not yet recorded on Nugget's books.
5. The bank returned one of Nugget's customer's checks for $220 with the bank statement,
marked "NSF." The bank treated this bad check as a disbursement.
6. Nugget discovered that it incorrectly recorded check #7322, written in November
for $131 in payment of an account payable, as $311.
7. A check for Nugent Oil Co. in the amount of $175 that the bank incorrectly charged
to Nugget accompanied the statement.
Make Bank Reconciliation for Nugget Mining Company
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