Final Exam The following Information applies to the questions displayed below Th

Question

Final Exam The following Information applies to the questions displayed below The bookkeeper at Tony Company has asked you to prepare a bank reconciliation as of February 29. The February bank statement and the February T-account for cash showed the following (summarized: BANK STATEMENT Checks Deposits Balance, February 1 February 2 February 4 February 5 February 9 52,000 36,200 44,700 101 $15,800 $8,500 NSF $335 44,365 32,865 February 12 February 14 February 19 February 23 #102 11,500 #103 7850 #104 9,500 25,015 36,015 26,515 41,315 34,265 11,000 14,800 February 26 #105 7050 34.445 February 27 February 28 Interest earned 180 Service charge 40 34,405 Cash (A) ; Feb. 1 Balance Feb. 2 Feb. 13 Feb. 21 Feb. 28 52,000 8,50015,800 1,000 11,500 14,800 7,850 8,100 9,500 7050 1270 Feb. 1 #101 Feb. 7 #102 Feb. 11 103 Feb. 17 #104 Feb. 25 #105 Feb. 29 #106 Feb. 29 Balance 1,430 Tony Company's bank reconcillation at the end of January showed no outstanding checks. No deposits were in transit at the end of January, but a deposit was in transit at the end of February

Explanation / Answer

. Bank reconciliation:

Journal:

3. after posting entries balance= 41235

4. cash and cash equivalents= 41235+80= 41315

Bank statement: Ending balance as per bank statement 34405 Additions: Deposit in transif # 8100 Deductions: Check in transit # -1270 Up to date cash balance 41235 Company books: Ending balance as per cash account 41430 Additions: Bank interest 180 Deductions: NSF check -335 Service charge -40 Up to date cash balance 41235

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