Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

those first two pictures go together this is what needs to be answered from those question Problem B - Bank Reconciliation The bank statement of

image text in transcribed
image text in transcribed
those first two pictures go together
image text in transcribed
this is what needs to be answered from those question
Problem B - Bank Reconciliation The bank statement of Irish Company's checking account with the 2 nd National Bank shows: The following additional data are syeslabie: a) Balance per ledger account as of July 31 was $128,209. b) A credit memo included with the bank statement indicated the collection of a note by the bank for Irish Company. Proceeds were $13,500, of which $375 was interest. c) An NSF check in the amount of $6,210 was returned by the bank and included in the total of checks deducted on the bank statement. d) Deposits in transit as of July 31 totaled $33,750. e) Checks outstanding as of July 31 were $55,350. f) The bank added the $29,025 deposit of another company to Irish's account in error. g) The bank deducted one of Irish's checks as $20,250 instead of the correct amount of $2,025. Hint: Use difference in reconciliation. h) Deposit of July 21 was recorded by the company as $4,299.75 and by the bank at the actual amount of $4,542.75. The receipts for the day were from collections on account Hint Use difference in reconciliation. Prepare a bank reconciliation as of July 31 for Irish Company with any journal entries needed. i) The deposits amount shown on the bank statement includes $675 of interest earned by Irish on its checking account with the bank

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_2

Step: 3

blur-text-image_3

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

Advanced Financial Accounting

Authors: Richard E. Baker, Valdean C. Lembke, Thomas E. King

3rd Edition

0070054142, 978-0070054141

More Books

Students also viewed these Accounting questions