The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300
The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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Question
The following information was available to reconcile A.C. Forrest Company's book cash | ||||||
balance with its bank statement as of June 30, 2020: | ||||||
The June 30 cash balance according to the accounting records was $14,630. | ||||||
Oustanding checks from May's bank reconciliation: | ||||||
Check # 229 | $770 | |||||
Check # 230 | 540 | |||||
Below is a record of the cash receipts and cash payments for June: | ||||||
Cash Deposits | Cash Payments | |||||
Date | Amount | Check# | Amount | |||
Jun 2 | $3,600 | 231 | $1,500 | |||
Jun 5 | 4,210 | 232 | 7,510 | |||
Jun 11 | 5,230 | 233 | 1,800 | |||
Jun 17 | 4,500 | 234 | 3,230 | |||
Jun 23 | 3,350 | 235 | 1,100 | |||
Jun 27 | 5,100 | 236 | 1,250 | |||
Jun 30 | 5,390 | 237 | 6,270 | |||
238 | 1,650 | |||||
239 | 820 | |||||
240 | 1,430 | |||||
241 | 740 | |||||
242 | 1,310 | |||||
243 | 2,190 | |||||
244 | 5,300 | |||||
Continued … | ||||||
On June 30, Forrest received the following bank statement: | ||||||
First Bank | ||||||
Bank Statement for June | ||||||
Beginning Balance, June 1, 2020 | $19,350 | |||||
Deposits and other credits: | ||||||
Jun 3 | 3,600 | |||||
Jun 6 | 4,210 | |||||
Jun 10 | ACH | 3,000 | ||||
Jun 12 | 5,230 | |||||
Jun 18 | 4,500 | |||||
Jun 24 | 3,350 | |||||
Jun 25 | ACH | 750 | ||||
Jun 28 | 5,100 | |||||
Jun 30 | Note | 2,500 | 32,240 | |||
Checks and other debits: | ||||||
Check# | ||||||
Jun 1 | 229 | 770 | ||||
Jun 2 | 230 | 540 | ||||
Jun 4 | 231 | 1,500 | ||||
Jun 4 | 232 | 7,510 | ||||
Jun 5 | 233 | 1,800 | ||||
Jun 9 | 234 | 3,320 | ||||
Jun 14 | 235 | 1,100 | ||||
Jun 15 | 237 | 6,270 | ||||
Jun 18 | 238 | 1,650 | ||||
Jun 21 | 239 | 820 | ||||
Jun 22 | NSF | 800 | ||||
Jun 29 | 244 | 5,300 | ||||
Jun 30 | SC | 110 | 30,180 | |||
Ending Balance, June 30, 2020 | 21,410 | |||||
Additional information: | ||||||
a. The ACH received on June 10th was from a customer on account. | ||||||
b. The ACH received on June 25th was for interest income. | ||||||
c. The Bank Collection on June 30th was for a Note Receivable. | ||||||
d. The NSF check related to a customer deposit on June 24th. | ||||||
g. Check number 234 was incorrectly entered on the books by the | ||||||
accounts payable clerk. | ||||||
Required | ||||||
a. Prepare a bank reconciliation for June 30, 2020 on the form provided. | ||||||
b. Journalize the necessary entries in the general journal provided. |
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