182.The following information is available for the Savvy Company for the month of June. a. On June 30, after all transactions have been recorded, the balance in the company’s Cash account has a balance of $17,202. b. The company’s bank statement shows a balance on June 30 of $19,279. c. Outstanding checks at June 30 total $2,984. d. A credit memo included with the bank statement indicates that the bank collected $770 on a noninterest-bearing note receivable for Savvy. e. A debit memo included with the bank statement shows a $67 NSF check from a customer, J. Maroon. f. A deposit placed in the bank’s night depository on June 30 totaling $1,675 did not appear on the bank statement. g. Comparing the checks on the bank statement with the entries in the accounting records reveals that check #3445 for the payment of an account payable was correctly written for $2,450, but was recorded in the accounting records as $2,540. h. Included with the bank statement was a debit memorandum in the amount of $25 for bank service charges. It has not been recorded on the company’s books. 1. Prepare the June bank reconciliation for the Savvy Company. 2. Prepare the general journal entries to bring the company’s book balance of cash into conformity with the reconciled balance as of June 30.
1.
183.The following information is available for the Topper Company for the month of July.a. On July 31, after all transactions have been recorded, the balance in the company’s Cash account has a balance of $15,244.b. The company’s bank statement shows a balance on July of $16,450.c. Outstanding checks at July total $2,063.d. A credit memo included with the bank statement indicates that the bank collected $570 on a note receivable for Topper. The $570 includes $550 principle and $20 interest.e. A debit memo included with the bank statement shows a $107 NSF check from a customer, P. Flank.f. A deposit placed in the bank’s night depository on July 31 totaling $1,275 did not appear on the bank statement.h. Included with the bank statement was a debit memorandum in the amount of $45 for check printing charges that have not been recorded on the company’s books.Prepare the July bank reconciliation for the Topper Company.
184.Umber Company’s bank reconciliation for September is presented below. Prepare the necessary adjusting journal entries based on the reconciliation report.
UMBER COMPANYBank ReconciliationSeptember 30
Bank statement balance$1,350Book balance of cash$995
Add:Add:
Deposit in transit1,250Proceeds of note900
Bank error275Less note collection fee25875
$2,8751,870
Deduct:Deduct:
Outstanding checks1,145NSF check plus processing fee125
Bank service charge15
Reconciled balance$1,730Reconciled balance$1,730
185.The following information is available for the Victor Company for its March 31 bank reconciliation: From the March 31 bank statement:
Previous BalanceTotal Checks and DebitsTotal Deposits and CreditsCurrent Balance
$9,908$7,805$11,905$14,008
Checks and DebitsDeposits and CreditsDaily Balance
DateNo.AmountDateAmountDateAmount
03/0328741,21003/024,34003/019,908
03/1129063,85003/277,27003/0214,248
03/15290517003/31295IN03/031,038
03/25290972503/119,188
03/2929081,35003/159,018
03/30500NSF03/258,293
03/2715,563
03/2914,213
03/3013,713
03/3114,008
NSF: A check from a customer, Booker Co. in payment of their account. IN: Interest earned on the account. From the Victor Company’s accounting records:
Cash Receipts Deposited
DateCash Debit
March74,340
277,270
312,090
13,700
Cash Disbursements
Check No.Cash Debit
2905170
29063,850
2907460
29081,350
2909725
2910340
6,895
Cash Acct. No. 101
DateExplanationPRDebitCreditBalance
February28Balance8,698
March31Total receiptsR413,70022,398
31Total disbursementsD56,89515,503
1. Based on the above information, prepare a bank reconciliation for the Victor Company. 2. Prepare the necessary general journal entries to adjust cash to the reconciled balance.
1.
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