UPDATED hope this helps Bank Statement: Beginning Balance, January 1, 2018 : $0
ID: 2569441 • Letter: U
Question
UPDATED hope this helps
Bank Statement:
Beginning Balance, January 1, 2018 : $0
Deposits and other credits:
$570,000, $74,250, $250,000, $380,000, $780,000, $1,500 = Interest Revenue: $2,055,750
Checks and other debits:
EFT to Bank Checks* : $75
Checks: $47,000, $405,000, $40,000, $67,500, $180, $2,600, $1,100, $350,000, $550,000, $152,500, $1,800 = Bank Service Charge: $1,617,755
Ending Balance, December 31, 2018: $437,995
Cash T-Account (letters are previous journal entries):
debit: (a) $570,000 (l) $74,250 (m) $250,000 (p) $380,000 (q) $175,950 (u) $780,000
credit: (b) $47,000 (c) $405,000 (d) $67,500 (e) $40,000 (f) $1,100 (g) $2,600 (i) $180 (o) $ 350,000 (s) $550,000 (v) $152,500 (w) $136 (x) $12,000 (y) $83,400
balance - debit : $518,784
Question Help Instructor-created question King Appliance Center Nantucket has just purchased a franchise from King Appliance Center (KAC). (Click the icon to view, the additional information.) Following is the chart of accounts for King Appliance Center Nantucket. As a new business, all beginning balances are $O 0)Click the icon to view the chart of accounts.) Requirement 2. It is a common business practice to reconcile the bank accounts on a monthly basis. However, in this problem, the recondiliation of the company's checking account will be done at the end of the year, based on an annual summary. Reconcile the bank account by comparing the following annual summary statement from Nantucket National Bank to the Cash account in the general ledger. Record journal entries as needed and post to the general ledger. Use transaction z as the posting reference. Start by reconoiling the bank account by comparing the following annual summary statement from Nantucket National Bank to the Cash account in the general ledger. For any outstanding checks, use the appropriate transaction letteridescriptions in lieu of check numbers to identfly each outstanding payment. (Click the icon to view the bank statement.) )(Click the icon to view the Cash T-account.) King Appliance Center-Nantucket Bank Reconciliation December 31, 2018 BOOKS BANK ADD: ADD:Explanation / Answer
3.a. Buildings :
3.b.
No details to make the calculations.
3.c.
For all other parts details are to be given.
King Appliance Center Bank reconciliation statement January 2018 Balance as per bank 437995 Balance as per cash book 518784 Additions: Additions: Deposit in transit 175950 Interest income 1500 Bank service charges 1800 Checks outstanding 136 EFT to banck checks 75 Checks outstanding 12000 Checks outstanding 83400 Total 177825 Total 97036 Deductions: Deductions: Interest income 1500 Deposit in transit 175950 Checks outstanding 136 Bank service charges 1800 Checks outstanding 12000 EFT to banck checks 75 Checks outstanding 83400 Total 97036 Total 177825 Balance as per cash book 518784 Balance as per bank 437995Related Questions
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