Question : 171. Roper Electronics received its bank statement for the month of : 1227218

 

171. 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. 

172. Green Valley Bank sent Comstock Industries its 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. 

173. The cash account for Santiago Co. on May 31, 2011 indicated a balance of $15,515.00. The March bank statement indicated an ending balance of $20,245.00.  Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: 

a.

Checks outstanding totaled $4,820.00

b.

A deposit of $3,796.00 had been made too late to appear on the bank statement.

c.

A check for $1,233.00 returned with the statement had been incorrectly recorded as $233.00.  The check was originally issued to pay on account.

d.

The bank collected $5,541.00 on a note left for collection.

e.

Bank service charges for May amounted to $45.00.

f.

A check for $790.00 was returned by the bank because of insufficient funds.

 

 

Prepare a bank reconciliation as of May 31, 2011.  Journalize the necessary entries.Santiago Co. Bank ReconciliationMay 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Journal

Date

Description

Post Ref

Debit

Credit