On may 18 the company issued check no 1181 for 685 to barry

Reference no: EM13597986

On May 31, 2010, James Logan Company had a cash balance per books of $6,781.50. The bank statement from Farmers State Bank on that date showed a balance of $6,404.60. A comparison of the statement with the cash account revealed the following facts.The statement included a debit memo of $40 for the printing of additional company checks.

Cash sales of $836.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $886.15. The bank credited Logan Company for the correct amount.Outstanding checks at May 31 totaled $576.25. Deposits in transit were $1,916.15.

On May 18, the company issued check No. 1181 for $685 to Barry Trest, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Logan Company for $658.

A $2,500 note receivable was collected by the bank for Logan Company on May 31 plus $80 interest. The bank charged a collection fee of $20. No interest has been accrued on the note.

Included with the cancelled checks was a check issued by Bridgetown Company to Tom Lujak for $800 that was incorrectly charged to Logan Company by the bank.

On May 31, the bank statement showed an NSF charge of $680 for a check issued by Sandy Grifton, a customer, to Logan Company on account.

Prepare the bank reconciliation at May 31, 2010. (List amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 2 decimal places, e.g. 10.50.)

Prepare the necessary adjusting entries for Logan Company at May 31, 2010. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 2 decimal places, e.g. 10.50.

Reference no: EM13597986

Questions Cloud

Make sure that you consider each transaction separately and : quail corporation was created in 2000 through contributions from kasha 700000 and fardin 300000. in a transaction

Hannah company maintains two separate accounts payable : hannah company maintains two separate accounts payable computer systems. one is known to all the users and is used to

On august 9 2010 egret corporation acquired 100 of the : on august 9 2010 egret corporation acquired 100 of the outstanding stock of aqua coorporation for 1million and made a

Assume that on july 1 2012 venzuela co retires half of the : venzuela co. is building a new hockey arena at a cost of 2500000. it received a downpayment of 500000 from local

On may 18 the company issued check no 1181 for 685 to barry : on may 31 2010 james logan company had a cash balance per books of 6781.50. the bank statement from farmers state bank

Gioia company acquired some of the 65000 shares of : gioia company acquired some of the 65000 shares of outstanding common stock no par of tristezza corporation during 2011

What is the amount of cash to be included in the august 31 : the august 31 balance shown on the bank statement is 9810. b. there is a deposit in transit of 1260 at august 31. c.

Dubois inc has 600000 to invest the company is trying to : dubois inc. has 600000 to invest. the company is trying to decide between two alternative uses of the funds. one

Firm d has net income of 83700 sales of 2790000 and average : firm d has net income of 83700 sales of 2790000 and average total assets of 1395000. calculate the firms margin

User Account

All Pages