Question : 173. The Scharf Company a retailer located in a state without : 1239828

 

173. The Scharf Company is a retailer located in a state without sales tax.  The following data was given to you to complete the transactions for the day’s sales to be recorded.  All cash drawers start with $100 in change. 

 

Reg. #1

Reg. #2

Reg. #3

Reg.#4

Cash in Drawer

974.50

1,383.66

939.46

1,137.91

Sales Reading

879.50

1,298.16

839.46

1,030.33

Difference

 

 

 

 

 

 

 

 

 

Record the Journal Entries for EACH cash register to determine the cashier’s accuracy. 

Account

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

174. Roper Electronics received its bank statement for the month of August with an ending balance of $11,740.00. Roper determined that check #613 for $155.00 and check #601 for $420.00 were both outstanding. Also, a $6,900.00 deposit for August 30th was in transit as of the end of the month. Northern Regional Bank also collected a $5,000.00 notes receivable on August 1st that was issued March 1st at 12% annual interest. No interest revenue has been accrued on this note and Northern Regional Bank charged a $35.00 fee for the collection service.The bank statement reveals a bank service charge of $20.00. A customer check for $68.00 was returned with the bank statement marked “NSF”. The ending balance of the Roper cash account is $12,938.00.Complete a bank/account reconciliation and prepare any necessary journal entries for the reconciliation. 

 

 

 

 

 

175. Green Valley Bank sent Comstock Industries their end of month bank statement for July. The end of month balance by the bank is $11,237.00. The statement shows that a deposit for $4,250.00 is in transit at the end of the statement period. The statement also revealed that checks for $87.00, $105.00, and $95.00 are outstanding. Green Valley collected a 90 day, 12% interest $4,000.00 note receivable charging $20.00 for the service. No interest has been accrued on the note. The bank charges a monthly account fee of $35.00. The end of month balance per company books is $11,135.00.Complete a bank/account reconciliation and write any necessary journal entries for the reconciliation. 

 

 

 

 

 

176. The cash account for Santiago Co. on May 31, 2014 indicated a balance of $20,915. The March bank statement indicated an ending balance of $25,645.  Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: 

a.

Checks outstanding totaled $5,975

b.

A deposit of $3,796 had been made too late to appear on the bank statement.

c.

A check for $1,482 returned with the statement had been incorrectly recorded as $482.  The check was originally issued to pay on account.

d.

The bank collected $4,515 on a note left for collection.

e.

Bank service charges for May amounted to $70.

f.

A check for $894 was returned by the bank because of insufficient funds.

 

 

Prepare a bank reconciliation as of May 31, 2014.  Journalize the necessary entries.Santiago Co. Bank ReconciliationMay 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Journal

Date

Description

Post Ref

Debit

Credit