The bank account as a control device helps to protect cash

Reference no: EM13583258

The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation for J & J Flooring, Inc. (Use the format shown on page 251 of your textbook.) (25 points)

· The bank statement indicated a service charge of $56.
· J & J made a deposit on May 31, but this deposit did not appear on the bank statement, $1,451.
· A credit memo in the bank statement indicated a bank collection of a note for $1,300 with interest received of $16. This item was dated May 18.
· Also included in the bank statement was a debit memo for a NSF check for $314 from Barney Smythe.
· Checks #1406 for $1,342, #1610 for $1,609, and #1825 for $857 were written by J & J and sent to the respective companies, but these checks do not appear on the bank statement.
· The balance on the bank statement as of May 31 was $13,019.
· The Cash account on Janus' books showed an amount of $9,716.

Reference no: EM13583258

Questions Cloud

The managers of these two facilities are former classmates : gantry manufacturing is a medium-sized organization with manufacturing facilities in seven locations around the

Determine the internal normal force shear force and moment : determine the internal normal force shear force and moment at points c and d of the

The manufacturer has advised the company to expect warranty : on october 29 2010 lue co. began operations by purchasing razors for resale. lue uses the perpetual inventory method.

The plumbers handbook 8th edition p30 produced by the : the plumbers handbook 8th edition p30 produced by the australian copper tubeindustry states that excluding fire

The bank account as a control device helps to protect cash : the bank account as a control device helps to protect cash. one of the requirements is to conduct periodic bank

At december 31 2012 redmond company has outstanding three : at december 31 2012 redmond company has outstanding three long-term debt issues. the first is a 2045900 note payable

Determining the optimal product mix with one constrained : determining the optimal product mix with one constrained resource.comfy fit company manufactures two types of

Wallace computer company produces three products earth wind : wallace computer company produces three products earth wind and fire. earth requires 80 machine setups wind requires 60

Describe the key internal control structure policies and : harris cpa has accepted an engagement to audit the financial statements of grant manufacturing co. a new client. grant

User Account

All Pages