Part II Application Directions Please Answer Each Of The Fol

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Part Ii Applicationdirectionsplease Answer Each Of The Following Que Part Ii Applicationdirectionsplease Answer Each Of The Following Que PART II: APPLICATION Directions: Please answer each of the following questions. Show your work as necessary. 1. The following bank reconciliation contains several errors. Bank Reconciliation July 31, 20-- Bank Statement Balance $9,057.00 Add: Note collected by bank 1,200.00 Deduct: Outstanding checks $596.00 Error in recording Ck. No. 462 (recorded check for $546 rather than $456) Adjusted Bank Statement Balance $9,571.00 Ledger Balance of Cash $8,366.00 Add: NSF check from customer $60.00 Deposit in transit $941.00 Total $1,001.00 $9,367.00 Deduct: Bank service and collection charges $14.00 Adjusted Ledger Balance of Cash $9,353.00 Instructions: Prepare a corrected bank reconciliation. Bank Reconciliation July 31, 20-- Bank Statement Balance Add: Deposit in transit Deduct: Outstanding checks Adjusted Bank Statement Balance Ledger Balance of Cash Add: Note collected from customer Deduct: Bank service and collection charges Error in recording Ck. No. 462 (recorded check for $546 rather than $456) NSF check from customer Adjusted Ledger Balance of Cash 2. Capable Cleaners deposits all receipts in the bank each evening and makes all payments by check. On March 31, its ledger balance of cash is $983.40. The bank statement balance of cash as of March 31 is $1,176.53. Information for reconciliation: a. Bank debit memo for service charges, $5. b. Deposit of $198.50 in night depository not on bank statement. c. Previous month’s outstanding checks: Ck. No. 332 for $18, Ck. No. 333 for $138.60; only Ck. No. 332 not returned. d. Bank debit memo for $4.17 NSF check from L. Long. e. Checks no. 352 ($141.15), 355 ($17.50), 356 ($215.15) written during March not returned by bank. f. Check no. 348 for $56 paid to Glyn Company was recorded as $65. Instructions: 1. Prepare a bank reconciliation as of March 31, assuming the debit and credit memos ha

Dr. Jack HW Helper · Accepted Answer

Part Ii Applicationdirectionsplease Answer Each Of The Following Que Part Ii Applicationdirectionsplease Answer Each Of The Following Que PART II: APPLICATION Directions: Please answer each of the following questions. Show your work as necessary. 1. The following bank reconciliation contains several errors. Bank Reconciliation July 31, 20-- Bank Statement Balance $9,057.00 Add: Note collected by bank 1,200.00 Deduct: Outstanding checks $596.00 Error in recording Ck. No. 462 (recorded check for $546 rather than $456) Adjusted Bank Statement Balance $9,571.00 Ledger Balance of Cash $8,366.00 Add: NSF check from customer $60.00 Deposit in transit $941.00 Total $1,001.00 $9,367.00 Deduct: Bank service and collection charges $14.00 Adjusted Ledger Balance of Cash $9,353.00 Instructions: Prepare a corrected bank reconciliation. Bank Reconciliation July 31, 20-- Bank Statement Balance Add: Deposit in transit Deduct: Outstanding checks Adjusted Bank Statement Balance Ledger Balance of Cash Add: Note collected from customer Deduct: Bank service and collection charges Error in recording Ck. No. 462 (recorded check for $546 rather than $456) NSF check from customer Adjusted Ledger Balance of Cash 2. Capable Cleaners deposits all receipts in the bank each evening and makes all payments by check. On March 31, its ledger balance of cash is $983.40. The bank statement balance of cash as of March 31 is $1,176.53. Information for reconciliation: a. Bank debit memo for service charges, $5. b. Deposit of $198.50 in night depository not on bank statement. c. Previous month’s outstanding checks: Ck. No. 332 for $18, Ck. No. 333 for $138.60; only Ck. No. 332 not returned. d. Bank debit memo for $4.17 NSF check from L. Long. e. Checks no. 352 ($141.15), 355 ($17.50), 356 ($215.15) written during March not returned by bank. f. Check no. 348 for $56 paid to Glyn Company was recorded as $65. Instructions: 1. Prepare a bank reconciliation as of March 31, assuming the debit and credit memos ha

Part Ii Applicationdirectionsplease Answer Each Of The Following Que

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