ACCT 201 Case Fall 2017 Question 12: Page 11 Part a: Company using the informati

Question

ACCT 201 Case Fall 2017 Question 12: Page 11 Part a: Company using the information listed below. Prepare the bank reconciliation at July 31, 2017, for the Big Data Cash balance per bank, July 31, $4,213 Cash balance per books, July 31, $3,421 Service charge for month of July, $30 Outstanding checks at July 31, $1,411 NSF check from Abacus Company (a customer) for $750 Deposits in transit at July 31, $1600 Included with the cancelled checks was a check issued by Big Calculator Company to NoStorage Company for $425 that was incorrectly charged to Big Data A $2,100 note receivable was collected by the bank for Big Data Company on July 31 plus $75 interest. The bank charged a $25 collection fee. No interest has been accrued on this note On July 12, Big Data issued check #3200 for $815 to Systems Company on account. The check cleared the bank in July for correct amount. However, Big Data incorrectly journalized and posted the check for $851. 1. 2. 3. 4. 5. 6. 7. 8. 9. Big Data Company Bank Reconciliation July 31, 2017 Balance per Bank 213 Balance per Books 3421 Additions: Additions: tek 3 Deductions Deductions 928 Adjusted Cash Balance 2n 4227 Adjusted Cash Balance 2n

Explanation / Answer

Question 12 Part a.

Question 12 Part b.

Question 13:

a. It is a note receivable for Big Data.

b. Big Data is the payee of the note

c. The face amount is $7,000.

d. $7,105.00

e. August 21, 2017

f. Principal is $7,000

g. As of June 30, 2017 interest accrued is $8.00

h. Accrued interest will be shown under Non-Operating section of the multi step income statement

Big Data Company Bank Reconciliation Statement July31, 2017 Balance as per bank 4213 Balance as per books 3421 Additions: Additions: Service charges for the month 30 Outstanding checks at July 31 1411 NSF check from Abacus Co. 750 Note payable collected 2100 Deposits in transit 1600 Interest on the note collected 75 Collection fee on note payable 25 Wrong entry of check#3200 36 Wrongly charged check 425 2830 3622 Deductions: Deductions: Outstanding checks at July 31 1411 Service charges for the month 30 Note payable collected 2100 NSF check from Abacus Co. 750 Interest on the note collected 75 Deposits in transit 1600 Wrong entry of check#3200 36 Collection fee on note payable 25 Wrongly charged check 425 3622 2830 Balance as per books 3421 Balance as per bank 4213

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