view Policies Current Attempt in Progress On October 31, 2021, Pharoah Company had a cash balance...

Transcribed Image Text:

view Policies Current Attempt in Progress On October 31, 2021, Pharoah Company had a cash balance per books of $8,967. The bank statement on that date showed a balance of $10,155. A comparison of the statement with the Cash account revealed the following: 1. 2. 3. 4. 5. 6. 7. 8. 9. The statement included debit memos of $35 for the printing of additional company cheques and $30 for bank service charges. Cash sales of $417 on October 12 were deposited in the bank. The journal entry to record the cash receipt and the deposit slip were incorrectly made out and recorded by Pharoah as $741. The bank detected the error on the deposit slip and credited Pharoah Company for the correct amount. The September 30 deposit of $985 was included on the October bank statement. The deposit had been placed in the bank's night deposit vault on September 30. The October 31 deposit of $960 was not included on the October bank statement. The deposit had been placed in the bank's night deposit vault on October 31. Cheques #1006 for $415 and #1072 for $975 were outstanding on September 30. Of these, #1072 cleared the bank in October, All the cheques written in October except for #1278 for $545, #1284 for $635, and #1285 for $315 had cleared the bank by October 31. On October 18, the company issued cheque #1181 for $457 to Helms & Co. on account. The cheque, which cleared the bank in October, was incorrectly journalized and posted by Pharoah Company for $574. A review of the bank statement revealed that Pharoah Company received electronic payments from customers on account of $1.875 in October. The bank had also credited the account with $25 of interest revenue on October 31. Pharoah had no previous notice of these amounts. Included with the cancelled cheques was a cheque issued by Lasik Company for $585 that was incorrectly charged to Pharoah Company by the bank. On October 31, the bank statement showed an NSF charge of $805 for a cheque issued by W. Hoad, a customer, to Pharoah Company on account. This amount included a $16 service charge by the bank. The company's policy is to pass on all NSF fees to the customer. view Policies Current Attempt in Progress On October 31, 2021, Pharoah Company had a cash balance per books of $8,967. The bank statement on that date showed a balance of $10,155. A comparison of the statement with the Cash account revealed the following: 1. 2. 3. 4. 5. 6. 7. 8. 9. The statement included debit memos of $35 for the printing of additional company cheques and $30 for bank service charges. Cash sales of $417 on October 12 were deposited in the bank. The journal entry to record the cash receipt and the deposit slip were incorrectly made out and recorded by Pharoah as $741. The bank detected the error on the deposit slip and credited Pharoah Company for the correct amount. The September 30 deposit of $985 was included on the October bank statement. The deposit had been placed in the bank's night deposit vault on September 30. The October 31 deposit of $960 was not included on the October bank statement. The deposit had been placed in the bank's night deposit vault on October 31. Cheques #1006 for $415 and #1072 for $975 were outstanding on September 30. Of these, #1072 cleared the bank in October, All the cheques written in October except for #1278 for $545, #1284 for $635, and #1285 for $315 had cleared the bank by October 31. On October 18, the company issued cheque #1181 for $457 to Helms & Co. on account. The cheque, which cleared the bank in October, was incorrectly journalized and posted by Pharoah Company for $574. A review of the bank statement revealed that Pharoah Company received electronic payments from customers on account of $1.875 in October. The bank had also credited the account with $25 of interest revenue on October 31. Pharoah had no previous notice of these amounts. Included with the cancelled cheques was a cheque issued by Lasik Company for $585 that was incorrectly charged to Pharoah Company by the bank. On October 31, the bank statement showed an NSF charge of $805 for a cheque issued by W. Hoad, a customer, to Pharoah Company on account. This amount included a $16 service charge by the bank. The company's policy is to pass on all NSF fees to the customer.