Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. alpha company received its monthly bank statement

Alpha Company received its monthly bank statement on June 30. The bank statement indicates that...

70.2K

Verified Solution

Question

Accounting

image
Alpha Company received its monthly bank statement on June 30. The bank statement indicates that the cash balance on hand was $9,000. The accounting records indicates that the cash balance is $10,380. During the month of June, Alpha Company made a deposit of $3,900 that the bank has yet to process. Checks #210 for $1,400 and #212 for $600 have not cleared the bank either. The bank statement indicates that the monthly service charge of $50 was deducted from Alpha Company's account. Alpha Company's account earned interest of $100. The bank statement notified Alpha Company that a deposited check of 5700 was returned non-sufficient funds. The check was from customer John Smith. A review of May's bank reconciliation indicates that check #193 for $900 has still not cleared the bank. During your analysis for June, you discover that check #204 for $250 of payment on account had been recorded in the cash account as $520. A. Prepare the bank reconciliation for the month of June. B. Make all necessary journal entries for Alpha Company that result from the bank reconciliation

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students