Wright company deposits all cash receipts

Basic Accounting Homework.

value:1.00 points

Ch 8. Homework - Group B (graded) instructions | help

Exercise 8-9 Bank reconciliation L.O. P3 Frederick 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, 2011, its Cash account shows a $14,780 debit balance. Frederick Clinic's June 30 bank statement shows $13,904 on deposit in the bank. a. Outstanding checks as of June 30 total $1,338. b. The June 30 bank statement included a $95 debit memorandum for bank services. c. Check No. 919, listed with the canceled checks, was correctly drawn for $589 in payment of a utility bill

on June 15. Frederick Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $598.

d. The June 30 cash receipts of $2,128 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.

Prepare a bank reconciliation for Frederick Clinic using the above information (Input all amounts as positive values. Omit the "$" sign in your response):

FREDERICK CLINIC Bank Reconciliation

June 30, 2011 Bank statement balance $ Book balance $ Add Add Deposit of June 30 Error on Ck. No. 919 Deduct Deduct Outstanding checks Bank service charge Adjusted bank balance $ Adjusted book balance $

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Daniel NashPrinciples of Accounting I: acg2001_474426

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2. value:1.00 points

Ch 8. Homework - Group B (graded) instructions | help

Exercise 8-10 Adjusting entries from bank reconciliation L.O. P3 Frederick 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, 2011, its Cash account shows a $15,141 debit balance. Frederick Clinic's June 30 bank statement shows $14,275 on deposit in the bank. a. Outstanding checks as of June 30 total $2,500. b. The June 30 bank statement included a $125 debit memorandum for bank services. c. Check No. 919, listed with the canceled checks, was correctly drawn for $645 in payment of a utility bill

on June 15. Frederick Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $654.

d. The June 30 cash receipts of $3,250 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.

Prepare the adjusting journal entries that Frederick Clinic must record as a result of preparing the bank reconciliation. (Omit the "$" sign in your response.)

Date General Journal Debit Credit June 30 Cash

Utilities expense Miscellaneous expenses

Cash

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Daniel NashPrinciples of Accounting I: acg2001_474426

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3. value:1.00 points

Ch 8. Homework - Group B (graded) instructions | help

Exercise 8-11 Bank reconciliation L.O. P3 Chung 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, 2011, its Cash account shows a $15,500 debit balance. Chung's May 31 bank statement shows $13,800 on deposit in the bank. a. May 31 cash receipts of $2,200 were placed in the bank's night depository after banking hours and were

not recorded on the May 31 bank statement. b. Outstanding checks as of May 31 total $1,600. c. The May 31 bank statement included a $100 debit memorandum for bank services; Chung has not yet

recorded the cost of these services. d. In reviewing the bank statement, a $400 check written by Wald Company was mistakenly drawn against

Chung's account. e. A debit memorandum for $600 refers to a $600 NSF check from a customer; Chung has not yet

recorded this NSF check. Prepare a bank reconciliation for Chung Company using the above information. (Input all amounts as positive values. Omit the "$" sign in your response.)

CHUNG COMPANY Bank Reconciliation

May 31, 2011 Bank statement balance $ Book balance $ Add Deposit of May 31 Bank error Deduct Deduct Outstanding checks Bank service charge

NSF check Adjusted bank balance $ Adjusted book balance $

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Daniel NashPrinciples of Accounting I: acg2001_474426

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