Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. problem 2 (bank reconciliation) high-tech company

Problem 2 (Bank Reconciliation) High-Tech Company of New York has provided you with the following...

70.2K

Verified Solution

Question

Accounting

image
Problem 2 (Bank Reconciliation) High-Tech Company of New York has provided you with the following cash account information for the month. The company's cash book had a cash balance of $ 5,815.30 while the company's bank account at Fleet Bank showed the balance of $ 7,075.80. A comparison of the cash book and the bank statement revealed the following details: 1. Bank service charge for July was $ 25. 2. The bank collected a note receivable of $ 1,200 for R & Company on July 15, pluss 48 of interest. The bank made a $ 10 charge for the collection. 3. The July receipts of $ 1,819.60 were not included in the July deposits 4. Company check No. 2480 issued to G. Subway a creditor for $ 492 that cleared the bank in July was incorrectly entered in the cash payment journal in July for $ 429. 5. Checks outstanding in July totaled $ 2,480.10. 6. On July 31, the bank statement showed an NSF check of $ 550 for a check received by company from B.N.Diet a customer on account. Instructions: (a) Prepare the bank reconciliation for July 2011 (b) Prepare the necessary adjusting entries at July 31, 2011

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Why may pancreatic lipase not have much effect on digesting milk fat? What else do we...

Medical Sciences
Q

tical Thinking Both crystal violet and safranin are basic stains used to perform simple stains...

Biology
Q

5 Given the following graph find the adjacency list and the adjacency matrix and use...

Basic Math
Q

Without using a calculator, compute the sine and cosine 5?/3 of by using the reference...

Basic Math
Q

In sketching the graph of y = 2 sin {3x - (?/5)} + 1. Find...

Algebra
Q

Problem 3: An Engineering Company is considering an investment proposal to install new...

Accounting
Q

21) On May 1, 2021, Gray Company issued a note payable to Fidelity Bank in...

Accounting
Q

Claire Company has provided the following information: Number of issued common shares, 930,000 ...

Accounting
Q

DDBM: A property that is book-depreciated over a 10-year period by the Double Declining Balance...

Accounting
Q

How can the economic perspective help us understand the behavior of fast-food consumers? Explain several...

Accounting
Q

On March 1, fixtures and equipment were purchased for $4,500 with a downpayment of $2,000...

Accounting
Q

El 1 de enero de 2019, un inversionista compra 18,000 acciones ordinarias de una participada...

Accounting