1. Bank reconciliation information for Cole Co. for May 31, 2011 is as follows:
ID: 2374828 • Letter: 1
Question
1. Bank reconciliation information for Cole Co. for May 31, 2011 is as follows:
(a)
The bank statement balance is $2,936.
(b)
The cash account balance is $3,194.
(c)
Outstanding checks amounted to $465.
(d)
Deposits in transit are $655.
(e)
The bank service charge is $50.
(f)
A check for $97 for supplies was recorded as $79 in the ledger.
Record the appropriate journal entry for Cole Co.
2. Consider the following journal entry made by Jones Company. Upon investigation, what might you find happened to create this amount of Cash Over/Short account difference? Give three possible reasons for this difference.
Cash
2,235.00
Cash Short and Over
100.00
Sales
2,135.00
1. Bank reconciliation information for Cole Co. for May 31, 2011 is as follows:
(a)
The bank statement balance is $2,936.
(b)
The cash account balance is $3,194.
(c)
Outstanding checks amounted to $465.
(d)
Deposits in transit are $655.
(e)
The bank service charge is $50.
(f)
A check for $97 for supplies was recorded as $79 in the ledger.
Record the appropriate journal entry for Cole Co.
Explanation / Answer
c. Supplies Debit 465
outstandind checks 465
d. cash Debit 655
Deposit in transit 655
e. Service charge Debit 50
cash 50
f. Bank debit 97
supplies 97
2..
1. cash have been received but recorded in books as 2135..thus undervalued amount now corrected,.
2. In sales book it has been recorded as 2135...thus sales book had been undervalued..
3.there was calculation mistake....
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