Roper Electronics received its bank statement for the month of August with an ending balance of $11,775. Roper determined that Check No. 613 for $155 and Check No. 601 for $420 were both outstanding. A $6,900 deposit for August 30 was in transit as of the end of the month. Northern Regional Bank also collected $5,250 on a note receivable, which included interest of $250. The bank statement reveals a bank service charge of $20. A customer check for $68 was returned with the bank statement marked “NSF.” The ending balance of the Roper cash account is $12,938. Question Content Area a. Prepare a bank reconciliation as of August 31. Cash balance according to bank statement Add bank service chargeAdd collection feeAdd deposit in transitDeduct collection feeDeduct deposit in transit Deduct outstanding checks: No. 600No. 601No. 603No. 604No. 605 No. 611No. 612No. 613No. 614No. 615 Adjusted balance Cash balance according to Roper Electronics Add deposit in transitAdd note and interest collected by bankAdd outstanding checksDeduct note and interest collected by bankDeduct outstanding checks Add deposit in transitAdd bank service chargeAdd check returned because of insufficient fundsDeduct check returned because of insufficient fundsDeduct deposit in transit Add bank service chargeAdd deposit in transitAdd check returned because of insufficient fundsDeduct bank service chargeDeduct deposit in transit Adjusted balance Question Content Area b. Journalize any necessary entries based on the bank reconciliation. If an amount box does not require an entry, leave it blank. Aug. 31 CashInterest RevenueNotes ReceivablePetty CashSales Bank Service Charge ExpenseCashNotes PayableNotes ReceivablePetty Cash Bank Service Charge ExpenseCashCash Short and OverInterest ExpenseInterest Revenue Aug. 31 CashCash Short and OverMiscellaneous ExpensePetty CashSales CashCash Short and OverAccounts PayableAccounts ReceivablePetty Cash Accounts PayableAccounts ReceivableCashCash Short and OverMiscellaneous Expense
Roper Electronics received its bank statement for the month of August with an ending balance of $11,775. Roper determined that Check No. 613 for $155 and Check No. 601 for $420 were both outstanding. A $6,900 deposit for August 30 was in transit as of the end of the month. Northern Regional Bank also collected $5,250 on a note receivable, which included interest of $250. The bank statement reveals a bank service charge of $20. A customer check for $68 was returned with the bank statement marked “NSF.” The ending balance of the Roper cash account is $12,938.
Question Content Area
a. Prepare a bank reconciliation as of August 31.
Cash balance according to bank statement
Add bank service chargeAdd collection feeAdd deposit in transitDeduct collection feeDeduct deposit in transit
Deduct outstanding checks:
No. 600No. 601No. 603No. 604No. 605
No. 611No. 612No. 613No. 614No. 615
Adjusted balance
Cash balance according to Roper Electronics
Add deposit in transitAdd note and interest collected by bankAdd outstanding checksDeduct note and interest collected by bankDeduct outstanding checks
Add deposit in transitAdd bank service chargeAdd check returned because of insufficient fundsDeduct check returned because of insufficient fundsDeduct deposit in transit
Add bank service chargeAdd deposit in transitAdd check returned because of insufficient fundsDeduct bank service chargeDeduct deposit in transit
Adjusted balance
Question Content Area
b. Journalize any necessary entries based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
Aug. 31 CashInterest RevenueNotes ReceivablePetty CashSales
Bank Service Charge ExpenseCashNotes PayableNotes ReceivablePetty Cash
Bank Service Charge ExpenseCashCash Short and OverInterest ExpenseInterest Revenue
Aug. 31 CashCash Short and OverMiscellaneous ExpensePetty CashSales
CashCash Short and OverAccounts PayableAccounts ReceivablePetty Cash
Accounts PayableAccounts ReceivableCashCash Short and OverMiscellaneous Expense
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