Exercise 8-18 Bank Reconciliation The following data were accumulated for use in

Question

Exercise 8-18 Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Maplewood Co. for July: Cash balance according to the company's records at July 31, $15,600. Cash balance according to the bank statement at July 31, $16,230. Checks outstanding, $3,180. Deposit in transit, not recorded by bank, $2,950. A check for $270 in payment of an account was erroneously recorded in the check register as $720. Bank debit memo for service charges, $50. Hide 1. Prepare a bank reconciliation. Maplewood Co. Bank Reconciliation July 31, 20-- Cash balance according to bank statement $ $ Adjusted balance $ Cash balance according to company's records $ $ Adjusted balance $ 2. If the balance sheet were prepared for Maplewood Co. on July 31, what amount should be reported for cash? $ 3. Must a bank reconciliation always balance (reconcile)?

Explanation / Answer

The actual cash received from cash sales was $11,279.00 and the amount indicated by the cash register total was $11,256.00 a.what is the amount deposited in the bank for the day's sales? 11,279 b.What is amount recorded for the day's sales? 11,256 c.How should the difference be recorded? Dr Cash 11,279 Cr Over/Short 23 Cr Sales 11,256 d. If a cashier is consistently over or short what action should be taken? Find out if these are just mistakes or caused by theft. If they are just mistakes, maybe some extra mentoring in cash handling would help. If it's theft, well, you know. The Following data were accumulated for use in reconciling the bank account of commander co.For march: a.cash balance according to the company's records at March 31,$13,065. b.Cash balance according to the bank statement at March 31 $12,750. c.Checks outstanding $4,170. Subtract from bank statement d.Deposit in transit, not recorded by bank $5,100. Add to bank statement e.A check for $180 in payment of an account was erroneously recorded in the check register as $810. Add 630 to company cash records. F. Bank debit memo for service charges, $15. Subtract from company cash records The bank statement should balance at $13,680

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