Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pr 8-3a bank reconciliation and entries obj.s the

PR 8-3A Bank reconciliation and entries OBJ.S The cash...

50.1K

Verified Solution

Question

Accounting

image
PR 8-3A Bank reconciliation and entries OBJ.S The cash account for Capstone Medical Co. at November 30, 2016, indicated a balance of $89,620. The bank statement indicated a balance of $128,660 on November 30, 2016. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $32,700. b. A deposit of $18,550, representing receipts of November 30, had been made too late y1. Adjusted balance: $114,960 General Ledger to appear on the bank statement. c. The bank collected $26,750 on a $25,000 note, including interest of $1,750. d. A check for $1,500 returned with the statement had been incorrectly recorded by Capstone Medical Co. as $150. The check was for the payment of an obligation to ME HOW ABC Supply Co. for a purchase on account. e. A check drawn for $490 had been erroneously charged by the bank as $940. f. Bank service charges for November amounted to $60. Instructions 1. Prepare a bank reconciliation. 2. Journalize the necessary entries. The accounts have not been closed. 3. If a balance sheet were prepared for Capstone Medical Co. on November 30, 2016, what amount should be reported as cash

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

Biology
1.2K views

How is this bacterium classified?obligate anaerobeAerotolerant anaerobefacultative anaerobeobligate aerobemicroaerophile

Biology
1.2K views

Which of the following tab contains the Use Presente View in MS PowerPoint 2013 O...

Geometry
1.2K views

Example 1 Consider the graph G given in Fig 1 15 2 1 2 Subgraph...

Calculus
1.2K views

The adjacent spinner is used to play a board game If the wheel is spun...

Calculus
1.2K views

The Laplace Transform turns a given function f f t into a new function F...

Calculus
1.2K views

A fence is to be built to enclose a rectangular area of 250 square feet...

Calculus
1.2K views

The figure to the right shows the shape and dimensions of a small dam Assuming...

Algebra
1.2K views

1 Solve each rational equation Check your solutions 15 7 8 x 1 x 1...

Algebra
1.2K views

2 I want to know if Algebra 2 students at OHS study for their test...

Accounting
1.2K views

What of the following is NOT considered practice before the IRS per circular 230? 1-...

Accounting
1.2K views

Assume the costs of a service department are driven by the number of service orders...

Finance
1.2K views

What ration would a bank be interested to increase certainty of being paid interest and...