NEED ASWERS ASAP PLEASE !! On May 31, 2017, Reber Company had a cash balance per
ID: 2395482 • Letter: N
Question
NEED ASWERS ASAP PLEASE !!
On May 31, 2017, Reber Company had a cash balance per books of $6,881.50. The bank statement from New York State Bank on that date showed a balance of $6,504.60. A comparison of the statement with the cash account revealed the following facts.
On May 31, the bank statement showed an NSF charge of $675.00 for a check issued by Sue Allison, a customer, to Reber Company on account.
1. The statement included a debit memo of $45.00 for the printing of additional company checks. 2. Cash sales of $631.00 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $681.00. The bank credited Reber Company for the correct amount. 3. Outstanding checks at May 31 totaled $694.25. Deposits in transit were $2,516.15. 4. On May 18, the company issued check No. 1181 for $661 to Lynda Carsen on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Reber Company for $616. 5. A $3,100.00 note receivable was collected by the bank for Reber Company on May 31 plus $85.00 interest. The bank charged a collection fee of $25.00. No interest has been accrued on the note. 6. Included with the cancelled checks was a check issued by Stiner Company to Ted Cress for $900.00 that was incorrectly charged to Reber Company by the bank. 7.On May 31, the bank statement showed an NSF charge of $675.00 for a check issued by Sue Allison, a customer, to Reber Company on account.
Prepare the bank reconciliation at May 31, 2017. (Round answers to 2 decimal places, e.g. 52.75. List it REBER COMPANY Bank Reconciliation May 31, 2017Explanation / Answer
Bank Reconciliation Statement Balance as per Bank Statement 6504.6 Add: Deposits in transit 2516.15 Error in recording issued check 900 3416.15 9920.75 Less: Outstanding checks 694.25 Adjusted balance as per bank statement 9226.5 Balance as per Books 6881.5 Add: Notes receivable collected 3160 10041.5 Less: Service charges levied 45 NSF check 675 Error in recording receipts of sales 50 Error in recording check issued 45 Adjusted balance as per Books 9226.5 Journal entries: Cash account Dr. 3160 Misc expense Account Dr. 25 Notes receivable Account 3100 Interest revenue 85 Misc expense account Dr. 45 Cash account 45 Accounts receivable-Sue allison Dr. 675 Cash account 675 Sales account Dr. 50 Cash account 50 Accounts payable-Lynda Account Dr. 45 Cash account 45
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