The answers I need help filling in the chart below This information relates to t
ID: 2443270 • Letter: T
Question
The answers I need help filling in the chart below
This information relates to the Cash account in the ledger of Hadaway Company.
Balance September 1 - $16,400; Cash deposited - $64,000
Balance September 30 - $17,600; Checks written - $62,800
The September bank statement shows a balance of $16,422 at September 30 and the following memoranda.
Credits Debits
1.Collection of $1,800 note plus interest $30 = $1,830
2.Interest earned on checking account 45
Debits
1.NSF check: J. Hower $560
2.Safety deposit box rent 50
At September 30 Deposits in transit were $4,826 and outstanding checks totaled $2,383.
(a) Complete the bank reconciliation at September 30, 2010 below. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)
HADAWAY COMPANY
Bank Reconciliation
September 30, 2010
Cash balance per bank statement
$
Add: Safety deposit box rentOutstanding checksAdjusted cash balance per booksNSF checkDeposits in transitAdjusted cash balance per bankCollection of note receivableInterest earned
Less: Adjusted cash balance per bankCollection of note receivableDeposits in transitInterest earnedOutstanding checksNSF checkSafety deposit box rentAdjusted cash balance per books
Adjusted cash balance per booksAdjusted cash balance per bankCollection of note receivableDeposits in transitNSF checkInterest earnedSafety deposit box rentOutstanding checks
$
Cash balance per books
$
Add: Adjusted cash balance per booksDeposits in transitOutstanding checksAdjusted cash balance per bankCollection of note receivableNSF checkInterest earnedSafety deposit box rent
$
Safety deposit box rentAdjusted cash balance per bankCollection of note receivableNSF checkAdjusted cash balance per booksInterest earnedDeposits in transitOutstanding checks
Less: NSF checkDeposits in transitOutstanding checksAdjusted cash balance per bankCollection of note receivableInterest earnedSafety deposit box rentAdjusted cash balance per books
Safety deposit box rentNSF checkCollection of note receivableDeposits in transitInterest earnedAdjusted cash balance per booksOutstanding checksAdjusted cash balance per bank
NSF checkSafety deposit box rentCollection of note receivableAdjusted cash balance per bankAdjusted cash balance per booksInterest earnedDeposits in transitOutstanding checks
$
(b)
Prepare the adjusting entries at September 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
I need help filling in this chart too
Date
Account/Description
Debit
Credit
Sept.30
Notes receivableAccounts receivableCashInterest receivableInterest revenueMiscellaneous expense
Notes receivableInterest revenueCashInterest receivableMiscellaneous expenseAccounts receivable
CashNotes receivableAccounts receivableMiscellaneous expenseInterest revenueInterest receivable
(To record collection of note receivable)
Sept.30
Accounts receivableInterest revenueCashNotes receivableInterest receivableMiscellaneous expense
Interest receivableMiscellaneous expenseAccounts receivableInterest revenueCashNotes receivable
(To record interest earned)
Sept.30
Interest receivableNotes receivableInterest revenueAccounts receivableCashMiscellaneous expense
Notes receivableInterest receivableMiscellaneous expenseAccounts receivableInterest revenueCash
(To record NSF check.)
Sept.30
CashNotes receivableInterest receivableInterest revenueAccounts receivableMiscellaneous expense
Miscellaneous expenseInterest receivableInterest revenueAccounts receivableCashNotes receivable
(To record safety deposit box rental.)
HADAWAY COMPANY
Bank Reconciliation
September 30, 2010
Cash balance per bank statement
$
Add: Safety deposit box rentOutstanding checksAdjusted cash balance per booksNSF checkDeposits in transitAdjusted cash balance per bankCollection of note receivableInterest earned
Less: Adjusted cash balance per bankCollection of note receivableDeposits in transitInterest earnedOutstanding checksNSF checkSafety deposit box rentAdjusted cash balance per books
Adjusted cash balance per booksAdjusted cash balance per bankCollection of note receivableDeposits in transitNSF checkInterest earnedSafety deposit box rentOutstanding checks
$
Cash balance per books
$
Add: Adjusted cash balance per booksDeposits in transitOutstanding checksAdjusted cash balance per bankCollection of note receivableNSF checkInterest earnedSafety deposit box rent
$
Safety deposit box rentAdjusted cash balance per bankCollection of note receivableNSF checkAdjusted cash balance per booksInterest earnedDeposits in transitOutstanding checks
Less: NSF checkDeposits in transitOutstanding checksAdjusted cash balance per bankCollection of note receivableInterest earnedSafety deposit box rentAdjusted cash balance per books
Safety deposit box rentNSF checkCollection of note receivableDeposits in transitInterest earnedAdjusted cash balance per booksOutstanding checksAdjusted cash balance per bank
NSF checkSafety deposit box rentCollection of note receivableAdjusted cash balance per bankAdjusted cash balance per booksInterest earnedDeposits in transitOutstanding checks
$
Explanation / Answer
Balance per bank statement $16,422 Add: Deposit in transit $4,826 4,826 21,248 Deduct: Outstanding checks 2,383 2,383 Correct cash balance 18,865 Balace per books $17,600 Add:Collection of notes plus interest $1,830 Interest earned 45 1,875 19,475 Deduct: NSF check 560 Safety deposit box rent 50 610 Correct cash balance 18,865
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