May The petty cash fund balance is inereased to $400 Prepare the journal entries
ID: 2578305 • Letter: M
Question
May The petty cash fund balance is inereased to $400 Prepare the journal entries to record these transactions. Rrywiw/ Alternate Problems The following data pertain to England Company: Prepare bank reconciiation with 1. Balance per the bank statement dated June 30, 2012, is s30.000. recessary Journal entry 2. Balance of the Cash in Bank account on the company books as o (L.o 4) is $8,795 3. Outstanding checks as of June 30, 2012, total $14,30o. . Bank deposit of June 30 for $2,735 was not included in the deposits per the bank statement. collected proceeds of a note, $22,612 (of which $112 was interest), that it e England Company account. The bank charged the company a collection 5. The bank had proceed fee of S15 on the note 6. The bank erroneously charged the England Company account for a $10,500 debit memo of another company that has a similar name. 7. Bank service charges for June, exclusive of the collection fee, amounted to S5 8. Among the canceled checks was one for $700 given in payment of an account. The bookkeeper had recorded the check at $920 in the company records. 9. A check of Crosby, a customer, for $2,447, deposited on June 20, was returned by the bank marked NSF. No entry has been made to reflect the returned check on the company records. 10. A check for $1,435 of Malcolm, a customer, which had been deposited in the bank, was erroneously recorded by the bookkeeper as $1,570. The check had been received as a payment on the customer's account receivable. Prepare a bank reconciliation as of June 30, 2012, and any necessary journal entry or entries Requi to correct the accountsExplanation / Answer
Balance per bank statement 30000 Add: Deposits in transit 2735 Error by bank 10500 43235 Deduct: Outstanding checks 14300 Adjusted Balance per bank statement 28935 Balance per cash account 8795 Add: Note collection 22597 Error in recording 220 31612 Deduct: Bank service charges 95 NSF check 2447 Error in recording 135 Adjusted Balance per cash account 28935 Journal entries: Cash 22597 Miscellaneous expense 15 Notes receivable 22500 Interest revenue 112 Cash 220 Accounts payable 220 Accounts receivable 2447 Cash 2447 Accounts receivable 135 Cash 135