### Prepare bank reconciliation dated June

Assignment Help Accounting Basics
##### Reference no: EM132608535

Question - The cash account of Sweet Co. showed a ledger balance of \$21,899.96 on June 30, 2020. The bank statement as of that date showed a balance of \$23,240. Upon comparing the statement with the cash records, the following facts were determined.

1. There were bank service charges for June of \$140.

2. A bank memo stated that Bao Dai's note for \$6,720 and interest of \$201.60 had been collected on June 29, and the bank had made a charge of \$30.80 on the collection. (No entry had been made on Sweet's books when Bao Dai's note was sent to the bank for collection.)

3. Receipts for June 30 for \$18,984 were not deposited until July 2.

4. Checks outstanding on June 30 totaled \$11,961.88.

5. The bank had charged the Sweet Co.'s account for a customer's uncollectible check amounting to \$1,417.92 on June 29.

6. A customer's check for \$504 (as payment on the customer's Accounts Receivable) had been entered as \$336 in the cash receipts journal by Sweet on June 15.

7. Check no. 742 in the amount of \$491 had been entered in the cash journal as \$419, and check no. 747 in the amount of \$325.92 had been entered as \$3,259.20. Both checks had been issued to pay for purchases and were payments on Sweet's Accounts Payable.

Required -

A - Prepare bank reconciliation dated June 30, 2020, proceeding to a correct cash balance.

B - Prepare entries necessary to make the books correct and complete. Use Office Expense account for bank service charges.

### Previous Q& A

#### What is the inventory period

Given the following information, what is the Inventory Period?

#### Hypothetical situation- mortgage

After selecting a mortgage, calculate your closing costs. Calculate the monthly payment for the mortgage you select.

#### Prepare the corrected post-closing trial balance

Prepare the corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct

#### Change management and configuration management plan

You are an IT manager for an organization and you are advocating for an update of the organization's configuration management and change management practices.

#### What are the pros and cons of cloud computing

What are the pros and cons of cloud computing? Where could cloud computing fit in the organizational structure and operations?

#### What is the journal entry needed to adjust the allowance

Siew Lan uses the allowance method to record bad debts expense. What is the journal entry needed to adjust the allowance for doubtful debts at end of December

#### Analyze pros and cons of a single-step income statement

Question - Analyze the major pros and cons of a single-step income statement and a multistep income statement

#### Security and privacy plan-revised hit architecture diagram

You continue your work on the HCC HIT system upgrade project by drafting several components of your project team's security plan to prevent

#### Record the gain or loss

The company uses straight-line depreciation. Record the gain or loss if the equipment was sold on December 31, 2023, for \$9,000

#### Compute the average accumulated expenditures

Kendall borrowed \$776,000 on a construction loan at 7% interest on January 1, 2021. Compute the average accumulated expenditures for 2021

### Similar Q& A

#### Calculate the net cash flows from operating activities

From the information given below, calculate the net cash flows from operating activities using the indirect method

#### Write a memo to ceo johnson discussing any advantages

North Shore Equipment, a U.S. company, consistently purchases steel from a supplier in Japan with the invoice price denominated in Japanese yens.

#### Find out the cost of head lamps that would appear in each

runcke motor company manufactures automobiles. during september 2011 the company purchased 5000 head lamps at a cost of

#### Explain the net income mean on the income statement

Anne Marie is the owner of Anne's Beauty Salon, Inc. Her accountant prepares a monthly financial statement for her business.

#### How can a person tell whether an entry to an expense

how can a person tell whether an entry to an expense account is payment for a legitimate expenditure or a means of

#### What is the book value of the furniture on december

The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year

#### Prepare adjusting journal entry to record bad debts expense

Massey Ltd uses the allowance method to record bad debts expense and concludes, using the percentage of accounts receivable method, that 1% of accounts.

#### Prepare a direct materials budget for the given quarter

Electro Company budgets production of 570,000 transmissions in the second quarter and 645,000 transmissions in the third quarter.

#### Identify the discrete random variable

Identify the discrete random variable in this situation and determine its expected value.

#### Bradley company has forecasted sales for the month of march

bradley company has forecasted sales for the month of march for its single product to be 10000 in its columbus region

#### Determine net income

Park A is a private camping ground. It has compiled the following financial information as of December 31, 2017. Determine net income for 2017

#### How much could the railroad afford to spend now

Burlington Northern is considering the elimination of a railroad grade crossing by constructing a dual-track overpass. The railroad subcontracts for maintenance

#### 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