M Final Exam Chegg Study | Guided S/X Dezto. mheducation.com/hm.tpx keeper at To
ID: 2489012 • Letter: M
Question
M Final Exam Chegg Study | Guided S/X Dezto. mheducation.com/hm.tpx keeper at Tony Company has asked you to prepare a bank reconcililation as of February 29. The February bank statement and the February T-account for cash showed the following (summarized) BANK STATEMENT Checks Deposits Other Balance 59,600 Balance, February 1 February 2 February 4 February 5 February9 February 12 February 14 February 19 February 23 February 26 February 27 February 28 #101 $18,000 41,600 54,600 $13,000 NSF $380 54,220 #102 12.800 41,420 32,720 48,220 37,420 53,970 46,070 46,340 #103 8700 15,500 #104 10,800 16,550 #105 7,900 Interest earned 270 Service charge 50 46,290 Cash (A) 59,600 Feb. 1 Balance Feb. 2 Feb. 13 Feb. 21 Feb. 28 3,00018,000 15,500 12,800 8,700 9,00010,800 7,900 1,500 Feb. 1 Feb. 7 Feb. 11 Feb. 17 Feb. 25 Feb. 29 #101 #102 #103 #104 #105 #106 16,550 Feb. 29 Balance 53,950 2 2:14Explanation / Answer
Bank Statement
Ending balance as per bank statement 46,290
Add : Deposit in transit 9,000
Less : Outstanding checks -1,500
Adjusted balance 53,790
Cash statement
Ending balance as per bank statement 53,950
less: NSF - 380
Service charges - 50 - 430
Add: Interest earned 270
Adjusted balance 53,790
Journal entries
Cash
270
To interest revenue
270
Account receivable
380
To Cash
380
Bank service charge
50
To Cash
50
3) Balance in cash account $53,790
19) total amount of cash and cash equivalents
53,790 +170 = 53,960
Bank Statement
Ending balance as per bank statement 46,290
Add : Deposit in transit 9,000
Less : Outstanding checks -1,500
Adjusted balance 53,790
Cash statement
Ending balance as per bank statement 53,950
less: NSF - 380
Service charges - 50 - 430
Add: Interest earned 270
Adjusted balance 53,790
Journal entries
Cash
270
To interest revenue
270
Account receivable
380
To Cash
380
Bank service charge
50
To Cash
50
3) Balance in cash account $53,790
19) total amount of cash and cash equivalents
53,790 +170 = 53,960
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