QuesSon 1 (of 5 The folowing information is available for the Tiemey Company for
ID: 2403630 • Letter: Q
Question
QuesSon 1 (of 5 The folowing information is available for the Tiemey Company for the month of November On November 30, after all transactions have been recorded the balanoe in the company's Cash account has a balance of $28,302 The company's bank statement shows a balance an November 30 of 330.864 Ondude ck soo nte amount of $1,000 and check ,asse in he amoust of $1,560 Inoluded with the bank statoment was a credit memo in the amount of $880 for an EFT in payment of a The bank deducted 3122 for an NSF check trom a customer deposited on November 22 : A deposit placed in the bank's night deposilory on November 30 totaled $1.840 and did not appear on the bark stalement Examiraton of the dhecks an the bank salement with the entries in the accountng reconds reveals that dheck #3445 for the payment of an account payable was correctly wntten for $2.670, but was reoorderd n the acoounting reeords as $2815 - Included with the bank statement was a debit memerandum in the amount of 380 for bank service charpes Required Prepare a bank reconoliation for Tiemay Compaty as of Navember 30 Bank Reconoilatice Updales to Bank Statement Updates to C Ending Cash Balance per Books Books Ending Cash Balance per Bank Statement Deductions Up-to-date ending csh balance O Type here to searchExplanation / Answer
Solution:
Tierney Company Bank Reconciliation - November 30 Bank's Cash balance Company's cash balance Particulars Amount Particulars Amount Ending balance as per Bank Statements $30,654.00 Ending Balance as per cash books $28,302.00 Additions: Additions: Outstanding cash receipt $1,840.00 EFT collection $880.00 Incorrect recording of check ($2,815 - $2,670) $145.00 Deductions: Deductions: Outstanding Checks ($1,800 + $1,569) $3,369.00 NSF Check $122.00 Service Charge $80.00 Up to date cash balance as per bank $29,125.00 Up to date cash balance as per books $29,125.00