Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a nig
ID: 2447921 • Letter: S
Question
Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31 have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account.
DUPLICATE DEPOSIT TICKETS:
Date and amount of each deposit in July:
Date
Amount
Date
Amount
Date
Amount
CHECKS WRITTEN: Number and amount of each check issued in July:
Check No.
Amount
Check No.
Amount
Check No.
Amount
Total amount of checks issued in July: $8,379.42
JULY BANK STATEMENT:
Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected.
July Bank Statement:
MEMBER FDIC PAGE 1.
AMERICAN NATIONAL BANK ACCOUNT NUMBER
OF DETROIT FROM 7/01/2016 TO 7/31/2016
DETROIT, MI 48201-2500 (313) 933-8547 BALANCE 9,422.80
9 DEPOSITS 6,086.35
20 WDRWLS 7,656.74
SUNSHINE INTERIORS 4 OTHER DEBITS
AND CREDITS 3,749.00CR
NEW BALANCE 11,601.41
* ----- CHECKS AND OTHER DEBITS ––––– * – DEPOSITS – * – DATE – * – BALANCE– *
No. 580 3.10.10 No. 612 92.50 780.80 07/01 9,801.00
No. 602 85.50 No. 614 243.50 569.50 07/03 10,041.50
No. 615 350.10 No. 616 279.90 701.80 07/06 10,113.30
No. 617 395.50 No. 618 455.40 819.24 07/11 10,101.64
No. 619 320. 10 No. 620 238.87 580.70 07/13 10,123.37
No. 621 309.50 No. 624 707.01 MS 4,000.00 07/14 13,106.86
No. 625 158.63 No. 626 550.03 MS. 160.00 07/14 12.558.20
No. 627 318.73 No. 629 329.90 600.10 07/17 12,509.67
No. 630 882.80 No. 631 1,081.58 NSF 375.00 07/20 10,170.31
No. 632 325.40 No. 654 241.71 701.26 07/21 10,304.46
731.45 07/24 11,035.91
601.50 07/28 11,637.41
SC 36.00 07/31 11,601.41
EC - ERROR CORRECTION OD - OWERDRAFT
MS - MISCELLANEOUS PS - PAYMENT STOPPED
NSF - NOT SUFFICIENT FUNDS SC - SERVICE CHARGE
BANK RECONCILIATION FOR PRECEDING MONTH (DATED JUNE 30): Cash balance according to bank statement $9,422.80 Add deposit of June 30, not recorded by bank 780.80 $10,203.60 Deduct outstanding checks: No. 580 $310.10 No. 602 85.50 No. 612 92.50 No. 613 137.50 625.60 Adjusted balance $ 9,578.00 Cash balance according to company’s records $ 9,605.70 Deduct service charges 27.70 Adjusted balance $ 9,578.00Explanation / Answer
Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a nig
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