Question : 167. Brown Company’s bank statement for September 30 showed a cash : 1256904

 

167. Brown Company’s bank statement for September 30 showed a cash balance of $1,350. The company’s Cash account in its general ledger showed a $995 debit balance. The following information was also available as of September 30.

a. A customer’s check for $100 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company’s account a $25 processing fee.

b. The September 30 cash receipts, $1,250, were placed in the bank’s night depository after banking hours on that date and this amount did not appear on the September 30 bank statement.

c. A $15 debit memorandum for checks printed by the bank was included with the canceled checks.

d. Outstanding checks amounted to $1,145.

e. A customer’s note for $900 was collected by the bank. A collection fee of $25 was deducted by the bank and the difference was deposited in the account.

f. Included with the canceled checks was a check for $275, drawn on another company, Browne Inc.

(a) Prepare a bank reconciliation as of September 30.

(b) Prepare any necessary adjusting journal entries necessary as a result of the bank reconciliation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

168. The following information is available for the Edwards Company for its March 31 bank reconciliation:

From the March 31 bank statement:

 

 

Previous Balance

Total Checks and Debits

Total Deposits and Credits

Current Balance

$10,908

$7,805

$11,905

$15,008

 

Checks and Debits

Deposits and Credits

Daily Balance

Date

No.

Amount

 

Date

Amount

 

Date

Amount

03/03

2874

1,210

 

03/02

4,340

 

03/01

10,908

03/11

2906

3,850

 

03/27

7,270

 

03/02

15,248

03/15

2905

170

 

03/31

295

IN

03/03

14,038

03/25

2910

725

 

 

 

 

03/11

10,188

03/29

2908

1,350

 

 

 

 

03/15

10,018

03/30

 

500

NSF

 

 

 

03/25

9,293

 

 

 

 

 

 

 

03/27

16,563

 

 

 

 

 

 

 

03/29

15,213

 

 

 

 

 

 

 

03/30

14,713

 

 

 

 

 

 

 

03/31

15,008

 

NSF: A check from a customer, Cook Co. in payment of their account.

IN: Interest earned on the account.

From the Edwards Company’s accounting records:

 

 

Cash Receipts Deposited

Cash Disbursements

Date

 

Cash Debit

Check No.

Cash Credit

March

7

4,340

2905

170

 

27

7,270

2906

3,850

 

31

2,090

2907

460

 

 

13,700

2908

1,350

 

 

 

2910

725

 

 

 

2911

340

 

 

 

 

6,895

 

 

Cash

Acct. No. 101

Date

Explanation

PR

Debit

Credit

 

February

28

Balance

 

 

 

9,698

March

31

Total receipts

R4

13,700

 

23,398

 

31

Total disbursements

D5

 

6,895

16,503

 

a. Based on the above information, prepare a bank reconciliation for the Edwards Company.

b. Prepare the necessary general journal entries to adjust cash to the reconciled balance.

 

 

 

 

 

 

 

 

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