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150 bank reconciliation information for cole co for may 31 2011 is as follows a the 4298782

 

150. Bank reconciliation information for Cole Co. for May 31, 2011 is as follows:
 

(a)

The bank statement balance is $2,936.

(b)

The cash account balance is $3,194.

(c)

Outstanding checks amounted to $465.

(d)

Deposits in transit are $655.

(e)

The bank service charge is $50.

(f)

A check for $97 for supplies was recorded as $79 in the ledger.

 

 

Record the appropriate journal entry for Cole Co. 

 

 

151. The bank statement for Gatlin Co. indicates a balance of $7,735.00 on June 30, 2010.  After the journals for June had been posted, the cash account had a balance of $4,098.00.  Prepare a bank reconciliation on the basis of the following reconciling items:
 

(a)

Cash sales of $742 had been erroneously recorded in the cash receipts journal as $724.

(b)

Deposits in transit not recorded by bank, $425.00.

(c)

Bank debit memo for service charges, $35.00.

(d)

Bank credit memo for note collected by bank, $2,475 including $75 interest.

(e)

Bank debit memo for $256.00 NSF (not sufficient funds) check from Janice Smith, a customer.

(f)

Checks outstanding, $1,860.00.

 

 

 

 

 

152. Accompanying a bank statement for Marsh Land Properties is a credit memo for $15,475, representing the principal ($15,000) and interest ($475) on a note that had been collected by the bank. Marsh Land Properties had been notified by the bank at the time of collection, but had made no entries.  Journalize the entry that should be made by Marsh Land to bring the accounting records up to date. 

153. For each of the following, explain whether the issue would require you to prepare a journal entry for your company, assuming any original entry is correct.  If an entry is required, please include it as part of your answer.

(1)  The bank recorded your deposit as $75 rather than the actual amount of $175.
(2)  Two outstanding checks amounted to $280.
(3)  Company check number 538 for postage was recorded incorrectly by the company bookkeeper as $79 instead of $97. 
(4)  The bank paid a check for $500 after the company had issued a stop payment and voided the check.
(5)  An EFT deposit was made by one of the company’s customers, Atlas Design, for merchandise received. The sale had previously been recorded when shipped and was equal to the payment amount of $85. 

 

 

 

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