Prepare a bank reconciliation as of October 31, 20.1754 Checkbook shows it was for 72.00, b u t i t w a s a c t u a l l y w r i t t e n f o r 72.00, but it was actually written for 72.00, b u t i tw a s a c t u a ll y w r i tt e n f or 62.00. By examining last month’s bank reconciliation, comparing the deposits and checks written per books and per bank in November, and noting the service charges and other debit and credit. The bank statement shows an ending balance of2,127.00. 1781 369.00 180.00 Unrecorded ATM withdrawal:* 43.00 Bank service charge: 370.00 NSF check: \beginĭeposits in transit: Outstanding checks: Unrecorded ATM withdrawal:* Bank service charge: NSF check: 10/29 10/30 No. The book balance in the checking account of Lyle’s Salon as of November 30 is 3,282.95. The following information is discovered by (1) comparing last month's deposits in transit and outstanding checks with this month's bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement.ĭeposits in transit: 10 / 29 $ 175.00 10 / 30 334.00 Outstanding checks: No. T h e bank s t a t e m e n t s h o w s an e n d in g ba l an ceo f 4,348.00. Any differences need to be identified and the balances adjusted until they are equal. Comparing the monthly ending balance of the companys cash account to the monthly ending balance per their bank. The bank statement shows an ending balance of 4, 765.00. Bank Reconciliation (known as a Bank Rec) Click the card to flip. T h e b a n k s t a t e m e n t s h o w s a n e n d i n g b a l a n c e o f 4,765.00. Outstanding checks amounted to 100 a deposit in transit was 300. T h e bank s t a t e m e n t s h o w s an e n d in g ba l an ceo f 4,348.00.BANK RECONCILIATION AND RELATED JOURNAL ENTRIES The book balance in the checking account of Volman Enterprises as of October 31 is 4, 765.00. Study with Quizlet and memorize flashcards containing terms like The bank statement for Link Company contained the following items: a bank service charge of 10 a credit memo for interest earned, 15 and a 50 NSF check from one of Link's customers. The bank statement shows an ending balance of 4, 765.00. Present the data in the form illustrated in Exhibit 5.īANK RECONCILIATION AND RELATED JOURNAL ENTRIES The book balance in the checking account of Volman Enterprises as of October 31 is 4, 765.00. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. A credit memo, also known as a credit memorandum, is a document issued by the buyer to the seller and is different from an invoice. The firm uses the weighted average cost method with a perpetual inventory system. Two credit memos are included in the bank statement: one for 700 which represents a collection of an account receivable that the bank made for Pen Paint and one for 100 which represents the amount of interest that Pen Paint had earned on its interest. Heather wants to help her client send out a statement that reflects all unpaid invoices, unapplied payments, and Credit memos. The Company's bank statement reveals bank service charges of 50. Different customer statement types are available to suit different client situations. The following information is discovered by (1) comparing last month’s deposits in transit and outstanding checks with this month’s bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement.ĭeposits in transit: 11 / 29 $ 125.00 11 / 30 200.00 Outstanding checks: No. The bank statement shows an ending balance of$2,525.00. The book balance in the checking account of Kyri Enterprises as of November 30 is $2,964.00.
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