Bank reconciliation and entries

Assignment Help Accounting Basics
Reference no: EM13700960

Bank Reconciliation and Entries

The cash account for Remedy Medical Co. at April 30, 2014, indicated a balance of $18,885. The bank statement indicated a balance of $23,775 on April 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

  1. Checks outstanding totaled $7,840.
  2. A deposit of $3,580, representing receipts of April 30, had been made too late to appear on the bank statement.
  3. The bank collected $3,780 on a note left for collection. The face of note was $3,600.
  4. A check for $770 returned with the statement had been incorrectly recorded by Remedy Medical Co. as $700. The check was for the payment of an obligation to Copelin Co. for a purchase on account.
  5. A check drawn for $330 had been erroneously charged by the bank as $3,300.
  6. Bank service charges for April amounted to $110.

1.Prepare a bank reconciliation

2.Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3.If a balance sheet were prepared for Remedy Medical Co. on April 30, 2014, what amount should be reported as cash?

 

Reference no: EM13700960

Questions Cloud

Change in owners'' equity for the year : Prepare the retained earning portion of a statement of change in owners' equity for the year ended December 31, 2010.
Critically analyse the argument that social workers : Critically analyse the argument that social workers have an ethical responsibility to engage in public debates that affect their clients regardless of the interests of the organisation for which they work.
The pertinent information in a short summary for the ceo : Messineo LLC borrowed $15,000 at a 14% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal annual end of year payments. As the CFO of Messineo, LLC you must prepare a report of the pertinent information in ..
Read the footnote in appendix a referring to home depot : Read the footnote in Appendix A referring to Home Depot 's decision to close all of its remaining big box stores in China. Write a short paragraph identifying the incremental, sunk, and opportunity costs associated with this decision. Assume that ..
Bank reconciliation and entries : The cash account for Remedy Medical Co. at April 30, 2014, indicated a balance of $18,885. The bank statement indicated a balance of $23,775 on April 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with th..
Describe the significance of case review : Describe the significance of case review, report writing and documentation, and client participation during the helping process.
Explain the effect on cash received by the borrower : Explain the effect on Cash Received by the borrower and Interest Calculations when payments are made and interest expense recognized each period if
Fnd an eigenvalue problem : Find, in the form of an in?nite series, the solution to the heat conduction problem statedat the start of the question.
Tim business accounting records incorrectly : The correct amount of cheque # 267 is $340, but it was recorded as a cash disbursement of $430. The cheque was issued to pay for inventory purchased. The cheque was written correctly and appeared on the bank statement correctly it was just reco..

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Determine the amount over or under budget

Determine the amount that the South Region's costs were over or under budget.

  If kasper produces a single product and sells it at 200

if kasper produces a single product and sells it at 200 per unit. he variable cost of the product is 120 per unit an

  Required assuming the company produced and sold 5000 units

the cost accountant for the larsen manufacturing co. has provided you with the following information for the month of

  Determine the price o a 1 million bond issue under each of

determine the price o a 1 million bond issue under each of the following independent assumptions

  Calculate the change in contribution margin to each

word wizard is a publishing company with a number of different book lines. each line has contracts with a number of

  Statements of income and the balance sheets

Review the annual reports for PepsiCo, Inc. and The Coca-Cola Company in Appendixes A & B, especially the Consolidated Statements of Income and the Balance Sheets on pp. A4, A6, B1, & B2 of Financial Accounting.

  Compute the standard quantity of materials allowed per

the cost accountant for blue pharmaceuticals has informed youthat the companys materials quantity variance for the

  Saturn issues 65 five-year bonds dated january 1 2011 with

saturn issues 6.5 five-year bonds dated january 1 2011 with a 500000 par value. the bonds pay interest on june 30 and

  Calculate the amount of freight

Calculate the amount of freight-in reported byJackson Company during 2007. Do not use decimals in your answer.

  Management incentives to choose fifo

How are accounting numbers used to monitor this agency contract between owners and managers? Evaluate management's incentives to choose FIFO. Evaluate management's incentives to choose LIFO.

  Describing common implementation issues

What are some common implementation issues with activity-based costing systems? How can they be avoided? Provide at least three examples and explain.

  Determining record interest expense

The minimum lease payments were determined to have a present value of $208,493 at an effective interest rate of 10%. In 2009, Dalton should record interest expense of

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd