Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The folowing information is available for the Tierney Company for the month of November On November 30, after al transactions have been recorded, the balance

image text in transcribed
The folowing information is available for the Tierney Company for the month of November On November 30, after al transactions have been recorded, the balance in the company's Cash account has a balance of $29,202 - The company's bank statement shows a balance on November 30 of $31.779. Outstanding checks at November 30 include check #3030 in the amount of $2,025 and check #3558 in the amount of $1,650. . Included with the bank statement was a credit memo in the amount of $970 for an EFT in payment of a customer's account. The bank deducted $167 for an NSF check from a customer deposited on November 22. A deposit placed in the bank's night depository on November 30 totaled $1,975 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 cheok #3445 for the payment of an account payable was correctly written for $2,850, but was recorded in the accounting records as $3.040. Included with the bank statement was a debit memorandum in the amount of $125 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: Tierney Company Bank Reconciliation At November 30 Updates to Company's Books Ending Cash Balance per Books Additions: Deductions: Deductions: Up-to-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

Government Audit An Effective Tool For The Anti Corruption Struggle In The New Era Of Chinas Governance

Authors: Bowen Zou, Yanzhe Dr. Zhang, Yang Dr. ZHAO, Jian Dr. Zhang

1st Edition

1844646068, 978-1844646067

More Books

Students also viewed these Accounting questions