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"The following information is available to reconcile Clark Company’s book balance of cash with its bank statement cash balance as of July 31, 2011.
a.
On July 31, the company’s Cash account has a $26,193 debit balance, but its July bank statement shows a $28,020 cash balance.
b.
Check No. 3031 for $1,380 and Check No. 3040 for $552 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $336 and Check No. 3069 for $2,148, both written in July, are not among the canceled checks on the July 31 statement.
c.
In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent was correctly written and drawn for $1,250 but was erroneously entered in the accounting records as $1,230.
d.
A credit memorandum enclosed with the July bank statement indicates the bank collected $9,000 cash on a non-interest-bearing note for Clark, deducted a $45 collection fee, and credited the remainder to its account. Clark had not recorded this event before receiving the statement.
e.
A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Jim Shaw. Clark has not yet recorded this check as NSF.
f.
Enclosed with the July statement is a $15 debit memorandum for bank services. It has not yet been recorded because no previous notification had been received.
g.
Clark’s July 31 daily cash receipts of $10,152 were placed in the bank’s night depository on that date, but do not appear on the July 31 bank statement.
references
3.
value
3.00 points
Problem 6-4A Part 1
Required
1.
Prepare the bank reconciliation for this company as of July 31, 2011. (Input all amounts as positive values. Omit the ""$"" sign in your response.)
CLARK COMPANY
Bank Reconciliation
July 31, 2011
Bank statement balance
$
Book balance
$
Add
Add
(Click to select)Deposit of July 31Check No. 3069Service chargeCheck No. 3031Check No. 3065
(Click to select)Service chargeCheck No. 3065Proceeds of note less collection chargeCheck No. 3069NSF check
Deduct
Deduct
(Click to select)Checks No. 3031Service chargeNSF checkChecks No. 3065Checks No. 3069
$
(Click to select)Service chargeNSF checkChecks No. 3065Checks No. 3031Error (Check 3056)
$
(Click to select)Checks No. 3065Checks No. 3069NSF checkChecks No. 3031Service charge
(Click to select)NSF checkError (Check 3056)Service chargeChecks No. 3031Checks No. 3065
(Click to select)Checks No. 3065Checks No. 3069NSF checkService chargeChecks No. 3031
(Click to select)Error (Check 3056)Checks No. 3065Checks No. 3031Service chargeNSF check
Adjusted bank balance
$
Adjusted book balance
$
check my work eBook Link references
4.
value
2.00 points
Problem 6-4A Part 2
2.
Prepare the journal entries necessary to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2011. (Omit the ""$"" sign in your response.)
Date
General Journal
Debit
Credit
July 31
(Click to select)Note receivableCashRent expenseBills payableMiscellaneous expensesBills receivableCollection expenseAccounts receivable-J. Shaw
(Click to select)Collection expenseBills receivableBills payableNote receivableAccounts receivable-J. ShawRent expenseCashMiscellaneous expenses
(Click to select)Miscellaneous expensesRent expenseNote receivableCashCollection expenseAccounts receivable—J. ShawBills receivableBills payable
(Click to select)CashInterest payableInterest receivableCollection expenseNote receivableAccounts receivable-J.ShawBills payableBills receivable
(Click to select)Note receivableInterest receivableBills receivableAccounts receivable-J. ShawCollection expenseCashBills payableInterest payable
(Click to select)Bills receivableBills payableCollection expenseInterest payableCashInterest receivableNote receivableMiscellaneous expenses
(Click to select)Interest payableBills receivableInterest receivableCashNote receivableBills payableCollection expenseMiscellaneous expenses
(Click to select)Interest receivableBills payableCashInterest payableRent expenseCollection expenseBills receivableNote receivable
(Click to select)Bills payableCollection expenseCashInterest receivableBills receivableInterest payableRent expenseNote receivable
check my work eBook Link references"

 

Solution ID:436760 | This paper was updated on 26-Nov-2015

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