Q1 Bank Reconciliations (10 Points) Account enquiries ( 132 032 Westpac Bank,24 hrs a day. Customer Number 90876752 Details of your For the period from 31 Jul 2007 to 31 Aug 2007 account Date Description of transaction Debit Credit Balance 2007 6,713.87 STATEMENT OPENING BALANCE CASH DEPOSIT 235.15 1-Aug 6,949.02 STATE GOVT TAX ON 1-Aug WITHDRAWALS 6,749.02 WITHDRAWAL/CHEQUE 9-Aug 301099 5,893.92 9-Aug NOTE NO 5556 COLLECTION 2,800 8,693.92 WITHDRAWAL/CHEQUE 12-Aug 301100 8,127.32 WITHDRAWAL/CHEQUE 12-Aug 301097 7,985.52 WITHDRAWAL/CHEQUE 12-Aug 301098 7,731.72 13-Aug CASH DEPOSIT 8,387,92 WITHDRAWAL/CHEQUE 18-Aug 300903 8,025.42 WITHDRAWAL/CHEQUE 18-Aug 300902 7,935.02 18-Aug Check printing fees WITHDRAWAL/CHEQUE 18-Aug 300906 18-Aug CASH DEPOSIT 25-Aug CASH DEPOSIT Returned Check NSF (Customer 25-Aug A) 28-Aug SERVICE CHARGES 28-Aug MAINTENANCE FEES 31-Aug CLOSING BALANCE 200 855.10 566.60 141.80 253.80 362.50 90.40 100.00 883.30 $450 $35 $69 656.20 369.25 240.00 7,835.02 6,951.72 7,320.97 7,560.97 7,110.97 7,075.97 7,006.97 7,006.97 Books of XYZ Company Date Description of transaction Aug. 1 Balance Debit Credit Balance 6,613.87 $883.30 5.730.57 Aug. 1 Issued to Supplier (Check NO 300906) Issued to Supplier (Check NO 301097) Bank deposit Aug. 1 $441.80 5,388.77 Aug. 1 $235.15 5,623.92 Aug. 5 $253.80 5,370.12 Aug. 5 Issued to Supplier (Check NO 301098) Issued to Supplier (Check NO 301099) Bank deposit $855.104,515.02 Aug. 8 $656.20 5.171.22 $566.60 4,604.62 Aug. 8 Issued to Supplier (Check NO 301100) Aug. 12 Issued to Supplier (Check NO 300902) Aug. 15 Bank deposit $90.40 4.514.22 $369.25 4,883.47 $362.50 4,520.97 Aug. 15 Issued to Supplier (Check NO 300903) Aug. 20 Issued to Supplier (Check NO 300904) Aug. 24 Bank deposit $100.00 4.420.97 $240.00 4,660.97 $3,000 Aug. 29 Customer Check NO 402001 sent to the bank 7,660.97 $2,500 10,160.97 Aug. 29 Customer Check NO 402002 sent to the bank $4,000 6,160.97 Aug. 29 Payroll Salaries Check NO 300905 Aug. 30 Bank deposit $5,000 11,160.97 Aug. 30 Customer Check NO 402003 sent to the $800 11,960.97 bank Aug. 31 CLOSING BALANCE 11,960.97 - Check NO 301097 issued by company to a supplier in January 1, the check issued at amount of $141.80 and the bank correctly cleared the check. But the company clerk made a mistake journalizing the check in amount of $441.8 You have a copy of general ledger as maintained by a company and a copy of ledger as maintained by bank. Prepare bank reconciliations as of August 31 for XYZ co. And record the adjusting entries for the company. Q2 (8 Points) On May 31, 2014, Xyz Company had a cash balance per books of $6,781.50 the bank statement from chase bank on that date showed a balance of $6,404.60 > The bank statement includes a debit memo of $40 for the printing of additional company checks. -Cash sales of $836.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $886.15. the bank credited xyz company for the correct amount. ? Outstanding checks at May 31 totaled $576.25. Deposits in transit were $2,416.15. ? On May 18, the company issued check No. 1181 for $685 to Sara on account. The check, which cleared the bank in May, was incorrectly journalized and posted by the Xyz Company for $658. > A $3,000 note receivable was collected by the bank for Xyz Company on May 31 plus $80 interest. The bank charged a collection fee of $20. No interest has been accrued on the note. A check of $800 was incorrectly charged to Xyz Company by the bank. ? On May 31, the bank statement showed an NSF charge of $680 for a check issued by Ali, a customer to Xyz Company. Prepare the bank reconciliation at May 31, 2014? Q3 (2 Points) The company cash account shows a balance of $50,000 before reconciliation. The bank statement does not include a deposit of $5,000 made on the last day of the month. The bank statement shows a collection of notes by the bank of $2,000 and a customer's check for $3,000 was returned because it was NSF. A customer's check for $450 was recorded incorrectly on the books as $540, and a check written for supplier for $270 was recorded incorrectly as $720. The correct balance in the cash account was
