FINANCIAL ACCOUNTING (ACC 201) NEXT BACK The cash balance per books for Feagen C

Question

FINANCIAL ACCOUNTING (ACC 201) NEXT BACK The cash balance per books for Feagen Company on September 30, 20 18 is $10,740.93. The following checks and receipts were of 2018: Checks Receipts No. Amount No. Amount Amount Date 17 $372.96 22 $578.84 $843.86 10/5 18 $780.62 23 $1,687.50 $94154 10/21 19 $157.00 24 $92130 $880.58 10/27 20 $587.5o 25 $246.03 $967.00 10/30 21 $234.15 In addition, the bank statement for the month of October is presented below: Deposits and No. Total 5 $9,178.36 Checks and Debits Balance This Statements 10,951.01 Credits Last Amount $5,404.84 10 $3,632.19 No Amount No Amount No Amount 5,484.38 10/1 $9,875.31 843.86 108 $9,219.03 941.54 10/23 $9,541.58 808.58 10/29 $10,101.01 1,100.00 CM 10/31 $10,951.01 22 578.84 14 148.29 18 708.62 19 157.00 21 234.15 372.96 24 921.30 25 246.03 25.00 SC 240.00 NSF for a payment on account. The NSF check was from S. Long, a customer, in settlement of an accounts receivable. An entry on account. The Check No. 18 was correctly written for $708.62 has not been accrued. The bank service had not been made for the NSF check. The credit memo is for the collectio charge is $25.00. n of a note receivable including interest of $60 which

Explanation / Answer

Bank reconciliation Ending balance as per bank statement 10951.01 Add Deposit in transit 967 Less Outstanding checks Check #20 587.5 Check #23 1687.5 2275 Adjusted bank balance 9643.01 Ending balance as per cash account 8808.01 Add Directly collected by Bank EFT 1100 #error in check no.17 72 1172 Less Service charges 25 NSF 240 deposit error 27/10 72 337 Adjusted cash balance 9643.01

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