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  • ACCT 100 - Principles of Financial Accounting Fall 2018, Section 1 &2 Handout 4 - Bank Reconciliation

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    Ahmed Samad
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    This document provides information for a bank reconciliation exercise, including ledger and bank statement balances for Haverman Company's checking account as of July 31. It reveals that July deposits were $79,000 and there was a $3,470 credit memorandum for a note collection plus interest. July debits included checks of $74,700 and a $56 debit memorandum. There were also errors in two July checks recorded in the amounts of $230 and $255 that cleared for different amounts. The June reconciliation had deposits in transit of $7,000 and outstanding checks of $6,200.

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    This document provides information for a bank reconciliation exercise, including ledger and bank statement balances for Haverman Company's checking account as of July 31. It reveals that July deposits were $79,000 and there was a $3,470 credit memorandum for a note collection plus interest. July debits included checks of $74,700 and a $56 debit memorandum. There were also errors in two July checks recorded in the amounts of $230 and $255 that cleared for different amounts. The June reconciliation had deposits in transit of $7,000 and outstanding checks of $6,200.

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    © All Rights Reserved
    Descărcați ca DOCX, PDF, TXT sau citiți online pe Scribd
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    72 vizualizări1 pagină

    ACCT 100 - Principles of Financial Accounting Fall 2018, Section 1 &2 Handout 4 - Bank Reconciliation

    Încărcat de

    Ahmed Samad
    This document provides information for a bank reconciliation exercise, including ledger and bank statement balances for Haverman Company's checking account as of July 31. It reveals that July deposits were $79,000 and there was a $3,470 credit memorandum for a note collection plus interest. July debits included checks of $74,700 and a $56 debit memorandum. There were also errors in two July checks recorded in the amounts of $230 and $255 that cleared for different amounts. The June reconciliation had deposits in transit of $7,000 and outstanding checks of $6,200.

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    © All Rights Reserved
    Descărcați ca DOCX, PDF, TXT sau citiți online pe Scribd
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    din 1

    ACCT 100 – Principles of Financial Accounting

    Fall 2018, Section 1 &2


    Handout 4 – Bank Reconciliation

    P7-5A Haverman Company maintains a checking account at the Commerce Bank. At


    July 31, selected data from the ledger balance and the bank statement are shown below.

    Analysis of the bank data reveals that the credits consist of €79,000 of July deposits and a
    credit memorandum of €3,470 for the collection of a €3,400 note plus interest revenue of
    €70. The July debits per bank consist of checks cleared €74,700 and a debit memorandum
    of €56 for printing additional company checks.

    You also discover the following errors involving July checks: (1) A check for €230 to a
    creditor on account that cleared the bank in July was journalized and posted as €320. (2)
    A salary check to an employee for €255 was recorded by the bank for €155.

    The June 30 bank reconciliation contained only two reconciling items: deposits in transit
    €7,000 and outstanding checks of €6,200.

    Instructions
    (a) Prepare a bank reconciliation at July 31, 2011.
    (b) Journalize the adjusting entries to be made by Haverman Company. Assume that
    interest on the note has not been accrued.

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