Question

Lisa Lansbury Company deposits all receipts and makes all payments by check. The following information is...

Lisa Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records.

June 30 Bank Reconciliation

Balance per bank

$22,400

Add: Deposits in transit

4,928

Deduct: Outstanding checks

(6,400

)

Balance per books

$20,928

Month of July Results

Per Bank

Per Books

Balance July 31

$27,680 $29,600

July deposits

14,400 18,592

July checks

12,800 9,920

July note collected (not included in July deposits)

4,800

July bank service charge

48

July NSF check from a customer, returned by the bank (recorded by bank as a charge)

1,072

Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.

LISA LANSBURY COMPANY
Bank Reconciliation
July 31

select an opening name for section one                                                                      NSF checkBalance per bank statement, July 31Collection of noteDeposits in transitCorrect cash balance, July 31Outstanding checksBank service charge

$enter a dollar amount

select between addition and deduction                                                                      AddLess:

select a reconciling item                                                                      Correct cash balance, July 31Bank service chargeBalance per books, July 31Collection of noteBalance per bank statement, July 31Deposits in transitUnderstated check for suppliesNSF check

enter a dollar amount

select between addition and deduction                                                                      LessAdd:

select a reconciling item                                                                      Balance per bank statement, July 31Bank service chargeUnderstated check for suppliesCollection of noteCorrect cash balance, July 31Outstanding checksNSF checkBalance per books, July 31

enter a dollar amount

select a closing name for section one                                                                      Bank service chargeBalance per bank statement, July 31Collection of noteBalance per books, July 31Deposits in transitOutstanding checksNSF checkCorrect cash balance, July 31

$enter a total amount for section one

select an opening name for section two                                                                      Outstanding checksCorrect cash balance, July 31Collection of noteBalance per books, July 31Bank service chargeDeposits in transitNSF check

$

select between addition and deduction                                                                      AddLess:

select a reconciling item                                                                      Deposits in transitBalance per bank statement, July 31Collection of noteBalance per books, July 31NSF checkCorrect cash balance, July 31Bank service chargeOutstanding checks

enter a dollar amount

select between addition and deduction                                                                      LessAdd:

select a reconciling item                                                                      Bank service chargeBalance per bank statement, July 31NSF checkCollection of noteBalance per books, July 31Deposits in transitCorrect cash balance, July 31Outstanding checks

$enter a dollar amount

select a reconciling item                                                                      Deposits in transitBalance per bank statement, July 31Balance per books, July 31Bank service chargeNSF checkCollection of noteOutstanding checksCorrect cash balance, July 31

enter a dollar amount

enter a subtotal of the two previous amounts

select a closing name for section two                                                                      Deposits in transitCorrect cash balance, July 31Balance per bank statement, July 31Outstanding checksBank service chargeCollection of noteBalance per books, July 31NSF check

$enter a total amount for section two

eTextbook and Media

List of Accounts

  

  

Prepare the general journal entry to correct the Cash account. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Homework Answers

Answer #1

Solution:

Lisa Lansbury company
Bank Reconciliation
Jul-31
Bank Statement Balance $27,680
Add: Deposit in transit (4,928+18,592-14,400) $9,120
Less: Outstanding checks (6,400+9,920-12,800) -$3,520
Corrected cash Balance, July 31 $33,280
Cash Balance per Company's Records $29,600
Add: Note collected $4,800
Less:
NSF Check -$1,072
Bank Service Charges -$48
-$1,120
Corrected cash Balance, July 31 $33,280
Journal Entries
S.No Particulars Debit Credit
1 Accounts Receivable Dr $1,072
Bank Service charges Dr $48
Cash Dr $3,680
       To Notes Receivable $4,800

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