Question

Maple Industries Inc. deposits all cash receipts on the day when they are received and it...

Maple Industries Inc. deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on December 31, its Cash account shows a debit balance of $18,879. The company’s bank statement as of December 31 shows an ending cash balance of $16,101. The following information was also available. • Outstanding checks as of December 31 total $2,351. • Included with the bank statement was a debit memo in the amount of $125 for service charges. • Check No. 2519, listed with the canceled checks, was correctly drawn for $895 in payment of a utility bill on December 16. The company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $1,030. • The December 31 cash receipts of $3,695 were placed in the bank’s night depository after banking hours and were not recorded on the December 31 bank statement. • The bank deducted $1,444 for an NSF check from a customer deposited on December 10. Required: Prepare the bank reconciliation as of December 31.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Wright Company deposits all cash receipts on the day when they are received and it makes...
Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2017, its Cash account shows a $30,900 debit balance. The company’s May 31 bank statement shows $29,200 on deposit in the bank. The May 31 bank statement lists $270 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total...
Wright Company deposits all cash receipts on the day when they are received and it makes...
Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2017, its Cash account shows a $29,300 debit balance. The company’s May 31 bank statement shows $27,600 on deposit in the bank. The May 31 bank statement lists $190 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total...
Del Gato Clinic deposits all cash receipts on the day when they are received and it...
Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2017, its Cash account shows an $12,366 debit balance. Del Gato Clinic’s June 30 bank statement shows $11,851 on deposit in the bank. Outstanding checks as of June 30 total $1,863. The June 30 bank statement lists a $90 service charge. Check No. 919, listed with the canceled checks, was...
Del Gato Clinic deposits all cash receipts on the day when they are received and it...
Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2017, its Cash account shows a $14,600 debit balance. Del Gato Clinic’s June 30 bank statement shows $14,038 on deposit in the bank. a. Outstanding checks as of June 30 total $2,402. b. The June 30 bank statement lists a $45 service charge. c. Check No. 919, listed with the...
Del Gato Clinic deposits all cash receipts on the day when they are received and it...
Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2016, its Cash account shows an $16,485 debit balance. Del Gato Clinic’s June 30 bank statement shows $15,577 on deposit in the bank. Outstanding checks as of June 30 total $1,661. The June 30 bank statement included a $95 debit memorandum for bank services. Check No. 919, listed with the...
Clayborn Company deposits all cash receipts on the day they are received and makes all cash...
Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $25,025. Clayborn's May bank statement shows $22,200 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 7,600 Outstanding checks $ 6,200 Bank service fees, not yet recorded by company $ 105 A NSF check from a...
Gillis Co. deposits all reciepts on the day they are recieved and makes all cash payments...
Gillis Co. deposits all reciepts on the day they are recieved and makes all cash payments by check. At the close of business on May 31, 2015 its Cash account shows a $27,500 debit balance. The company's May 31 bank statement shows $25,800 on deposit with the bank. Prepare a bank renconciliation for the company using the following information: a. The May 31 bank statement included a $100 debit memorandum for bank service fees b. Outstanding checks as of May...
Moran's Morning Brew deposits all cash receipts on a daily basis. It makes all cash payments...
Moran's Morning Brew deposits all cash receipts on a daily basis. It makes all cash payments by check. At the close of business on November 30, 2012, its cash account per the general ledger shows a debit balance of $13,789. Moran's Morning Brew's November 30 bank statement shows $10,555 on deposit. Required: (a) Prepare a bank reconciliation using the following information: 1) The Nov. 30 cash deposit of $8,686 were deposited late and not recorded on the bank statement. 2)...
Franklin Company deposits all cash receipts on the day they are received and makes all cash...
Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin's August bank statement shows $14,237 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $4,500 Outstanding checks $3,900 Bank service fees, not yet recorded by company $50 The bank collected on a note receivable, not...
Franklin Company deposits all cash receipts on the day they are received and makes all cash...
Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $20,162. Franklin's August bank statement shows $19,837 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 6,600 Outstanding checks $ 5,300 Bank service fees, not yet recorded by company $ 120 The bank collected on a...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT