Prob 6-24 Handout Bank Reconciliation Angela Lansbury Company deposits all recei

Question

Prob 6-24 Handout Bank Reconciliation Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from cash records: From June 30, 2006 Reconciliation $7,000 Add: Deposits in transit 1,540 Deduct: outstanding checks (2,000 $6.540 Balance per Bank Balance per Books For the Month of July: Per Bank Per Books $8,650 $9,250 5,000 5,810 Balance July 31 July deposits July checks July note collected (not in deposits) July bank service charges July NSF check from Brown Co. 4,000 1,000 3,100 335 1. Prepare a bank reconciliation 2. journalize entries to correct cash. 3. JOURNALIZE Petty Cash Expenses of Required: a. Store Supplies $299.50 b. Office Supplies $145.80 c. Transportation in $79.43 d. Miscellaneous Administrative $77.27 e. Replenish fund back to $600 LEVEL

Explanation / Answer

BANK RECONCILIATION STATEMENT Balance as per bank statement 8650 Adjustment: Add: Deposits in transit 2350 11000 Less: Outstanding checks 1100 Adjusted balance as per Bank statement 9900 Balance as per Books 9250 Adjustment; Add: Notes collected 1000 10250 Less: Service charges not recorded 15 Lless: NSF 335 Adjusted balance as per books 9900 JOURNAL ENTRIES: Date Accounts title and explanations Debit $ Credit $ Cash Account Dr. 1000     Notes Receivable 1000 Service Charges expense Dr. 15 Accounts recievable Dr. 335      Cash Account 350 JOURNAL ENTRIES Date Accounts title and explanations Debit $ Credit $ Stores Supplies expense Dr. 299.5 Office Supplies expense Dr. 145.8 Freight in expense Dr. 79.43 Misc expense Dr. 77.27      Cash Account 600      Cash Over/ Short 2

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