age tra HWII eBook Show Me How Calculator Print Rem The cash account for Capston
ID: 2563977 • Letter: A
Question
age tra HWII eBook Show Me How Calculator Print Rem The cash account for Capstone Medical Co. at November 30, 2016, Indicated a balance of $93,115. The bank statement indicated a balance of $125,800 on November 30, 2016. Compering the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $30,060. B. A deposit of $19,240, representing receipts of November 30, had been made too late to appear on the bank statement C. The bank collected $24,075 on a $22,500 note, Including interest of $1,575 D. A check for s1,800 returned with the statement had been incorrectly recorded by Capstone Medical Co. as $180. The check was for the payment of an obligation to ABC Supply Co. for a purchase on account erroneously charged by the bank as $930. F. Bank service charges for November amounted to $50. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for 2. Journalilze the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of 3. If a balance sheet were prepared for Capstone Medical Co. on November 30, 2016, what amount should be reported as cash? text entries. "Deduct:"or "Add: will automatically appear if it is required. account tities. PreviousExplanation / Answer
Bank Reconciliation
Journal entries
Amount to be reported as cash as of Nov 30 will be $115,520.
Capstone Medical Co. Bank Reconciliation Nov 30, 2016 Particulars Amount ($) Amount ($) Cash balance according to bank statement 125,800.00 Add: Deposit of November 30, not recorded by bank 19,240 Bank Error in charging check as 930 instead of 390 540 Less: Outstanding checks 30,060 Adjusted cash balance per bank 115,520 Cash balance according to company's records 93,115.00 Add: Proceeds of Note collected by bank, including $1,575 interest 24,075 Less: Bank Service Charge 50 Error in recording check 1620 Adjusted cash balance as per books 115,520Related Questions
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