80.2K

Verified Solution

Link Copied!

(in US dollars Nov 30 Dec 31 Cash account balance (per ledger) 175,130 217.710 2. Bank statement balance 214,164 253 354 3. Deposit in transit 16,402 25.760 4. Outstanding checks 55.436 60.224 The bank statements and the company's cash records show that 5. Total cash receipts in December per Emeralds books:$488,994 Total receipts in December per bank statement: $498,216 6. 7. Customer's check deposited Dec 10, returned by bank on Dec 15 marked NSF (not sufficient funds) and re-deposited immediately, no entry made books for return or redeposit: $16.500 8. December bank service charge was not recorded: 5120 9. Interest charged by the bank for the month of December, but not recorded: 5780 10. Proceeds of a note of Golden Bears Company were collected by the bank for Emerald on December 27 but not entered on the books: 52.080 including the principal of $2.000 and the interest of 580 Required: Prepare a bank reconciliation the month ended Dec 31, 2015. b. Prepare a four-column proof of cash for the month ended Dec 31, 2015. Prepare all adjusting entries. (in US dollars Nov 30 Dec 31 Cash account balance (per ledger) 175,130 217.710 2. Bank statement balance 214,164 253 354 3. Deposit in transit 16,402 25.760 4. Outstanding checks 55.436 60.224 The bank statements and the company's cash records show that 5. Total cash receipts in December per Emeralds books:$488,994 Total receipts in December per bank statement: $498,216 6. 7. Customer's check deposited Dec 10, returned by bank on Dec 15 marked NSF (not sufficient funds) and re-deposited immediately, no entry made books for return or redeposit: $16.500 8. December bank service charge was not recorded: 5120 9. Interest charged by the bank for the month of December, but not recorded: 5780 10. Proceeds of a note of Golden Bears Company were collected by the bank for Emerald on December 27 but not entered on the books: 52.080 including the principal of $2.000 and the interest of 580 Required: Prepare a bank reconciliation the month ended Dec 31, 2015. b. Prepare a four-column proof of cash for the month ended Dec 31, 2015. Prepare all adjusting entries

Answer & Explanation Solved by verified expert

See Answer