Back to Messages 7:48 PM 60% edugen.wileyplus.com C LUS Weygandt, Financial Acco
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Back to Messages 7:48 PM 60% edugen.wileyplus.com C LUS Weygandt, Financial Accounting, Problem 7-3A On May 31, 2015, Reber Company had a cash balance per books of $6,781.50. The bank statement from New York State Bank on that date showed a balance of $6,404.60. A comparison of the statement with the Cash account revealed the following facts. The statement included a debit memo of $40.00 for the printing of additional company checks. 2. Cash sales of $836.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $886.15. The bank credited Reber Company for the correct amount. Outstanding checks at May 31 totaled $576.25. Deposits in transit were $2,416.15 On May 18, the company issued check no. 1181 for $685 to Lynda Carsen on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Reber Company for $658. 5. A $3,000.00 note receivable was collected by the bank for Reber Company on May 31 plus $80.00 interest. The bank charged a collection fee of $20.00. No interest has been accrued on the note. Included with the cancelled checks was a check issued by Stiner Company to Ted Cress for $800.000 that was incorrectly charged to Reber Company by the bank. On May 31, the bank statement showed an NSF charge of $680.00 for a check issued by Sue Allison, a customer, to Reber Company on account. Prepare the bank reconciliation at May 31, 2015. (Enter answers to 2 decimal places, e.g. 15.25. List items that increase cash balance first.) REBER COMPANY Bank ReconciliationExplanation / Answer
balance as per pass book $6,404.6
Adjusting entries:
cash balance $680
Item no descripion amount in $ Amount in $ cash balance as per books 6781.5 3 ADD:Outstanding checks 576.25 5 Directly collected by bank 3,000 5 Interest 80 3656.25 1 Less:Additional checks 40 2 cash sales 50 3 Deposits in transit 2416.15 4 check issued for wrong amount 27 5 bank charges 20 6 incorrectly charged by bank 800 7 NSE charge 680 -4,033.15Related Questions
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