Homework
thoascproblem_8.xls
P08-05A
Student Name: | ||||||
Class: | ||||||
Problem 08-05A | ||||||
ELS COMPANY | ||||||
Bank Reconciliation | ||||||
September 30, 2011 | ||||||
Bank statement balance | ||||||
Add: | ||||||
Deposit of September 30 | ||||||
Total | ||||||
Deduct: | ||||||
Checks No. 5893 | ||||||
5906 | ||||||
5908 | ||||||
Adjusted bank balance | 0 | |||||
Book balance of cash | ||||||
Add: | ||||||
Interest earned | ||||||
Proceeds of note less coll. fee | ||||||
Deduct: | ||||||
NSF check | ||||||
Error on check no. 5904 | ||||||
Total | ||||||
Adjusted book balance | 0 | |||||
ELS COMPANY | ||||||
General Journal | ||||||
Date | Account Title | Debit | Credit | |||
Sep 30 | Cash | |||||
Interest Earned | 0 | |||||
To record interest earned. | ||||||
30 | Cash | |||||
Collection Expense | ||||||
Notes Receivable | 0 | |||||
To record note collection less fee. | ||||||
30 | Accts. Rec.-S. Nilson | |||||
Cash | 0 | |||||
To charge account for NSF check plus fee. | ||||||
30 | Computer Equipment | |||||
Cash | 0 | |||||
To correct an entry error. | ||||||
The bank statement reveals that some of the prenumbered checks in the sequence are missing. | ||||||
Describe three situations that could explain this. |
Enter a short answer in the space provided.
Given P08-05A
Given Data P08-05A: | |||||
ELS COMPANY | |||||
August 31 bank reconciliation: | |||||
Outstanding checks: | |||||
No. 5888 | $ 1,038.05 | ||||
No. 5893 | $ 484.25 | ||||
From the September 30 bank statement: | |||||
September 30 Bank Statement: | |||||
Previous balance | $ 16,800.45 | ||||
Total Checks and Debits | $ 9,620.05 | ||||
Total Deposits and Credits | $ 11,182.85 | ||||
Current Balance | $ 18,363.25 | ||||
Checks and Debits | Daily Balance | ||||
Date Check | Amount | Date | Amount | ||
09/03 5888 | 1,038.05 | 08/31 | 16,800.45 | ||
09/04 5902 | 731.90 | 09/03 | 15,762.40 | ||
09/07 5901 | 1,824.25 | 09/04 | 15,030.50 | ||
09/17 NSF | 588.25 | 09/05 | 16,134.25 | ||
09/20 5905 | 937.00 | 09/07 | 14,310.00 | ||
09/22 5903 | 399.10 | 09/12 | 16,536.90 | ||
09/22 5904 | 2,080.00 | 09/17 | 15,948.65 | ||
09/28 5907 | 213.85 | 09/20 | 15,011.65 | ||
09/29 5909 | 1,807.65 | 09/21 | 19,104.65 | ||
09/22 | 16,625.55 | ||||
09/25 | 18,977.25 | ||||
Deposits and Credits | 09/28 | 18,763.40 | |||
Date Description | Amount | 09/29 | 16,955.75 | ||
09/05 Deposit | 1,103.75 | 09/30 | 18,363.25 | ||
09/12 Deposit | 2,226.90 | ||||
09/21 Deposit | 4,093.00 | ||||
09/25 Deposit | 2,351.70 | ||||
09/30 Interest | 22.50 | ||||
09/30 Credit memo | 1,385.00 | ||||
From Els Company's Accounting Records: | |||||
Cash Receipts Deposited: | Cash Disbursements: | ||||
Date | Cash Debit | Check No. | Cash Credit | ||
Sept. 5 | 1,103.75 | 5901 | 1,824.25 | ||
12 | 2,226.90 | 5902 | 731.90 | ||
21 | 4,093.00 | 5903 | 399.10 | ||
25 | 2,351.70 | 5904 | 2,050.00 | ||
30 | 1,582.75 | 5905 | 937.00 | ||
11,358.10 | 5906 | 859.30 | |||
5907 | 213.85 | ||||
5908 | 276.00 | ||||
5909 | 1,807.65 | ||||
9,099.05 | |||||
Cash | Acct. No. 101 | ||||
Date Explanation | PR | Debit | Credit | Balance | |
Aug. 31 Balance | 15,278.15 | ||||
Sept. 30 Total receipts | R12 | 11,358.10 | 26,636.25 | ||
30 Total disbursements | D23 | 9,099.05 | 17,537.20 | ||
Check No. 5904 for computer equipment: | |||||
Entered in accounting records | $ 2,050.00 | ||||
Correct amount of check | $ 2,080.00 | ||||
Collection of Note: | |||||
Credit memorandum from bank | $ 1,400.00 | ||||
Bank collection fee | $ 15.00 | ||||
Check figures: | |||||
(1) Reconciled balance | $ 18,326.45 | ||||
(2) Credit Note Receivable | $ 1,400.00 |