Question Details

(Solution Download) October 31, 2015, Damon CompanyAc??cs general ledger shows a checking account balance of $8,445.


 

 

 

 

 

 

 

October 31, 2015, Damon CompanyAc??cs

 

general ledger shows a checking account balance of $8,445. The

 

companyAc??cs cash receipts for the month total $74,640, of which

 

$71,375 has been deposited in the bank. In addition, the company

 

has written checks for $72,515, of which $71,270 has been processed

 

by the bank.

 

 

 

 

 

 

 

 

 

     The

 

bank statement reveals an ending balance of $12,895 and includes

 

the following items not yet recorded by Damon: bank service fees of

 

$310, note receivable collected by bank of $6,600, and interest

 

earned on the account balance plus from the note of $1,120. After

 

closer inspection, Damon realizes that the bank incorrectly charged

 

the companyAc??cs account $940 for an automatic withdrawal that should

 

have been charged to another customerAc??cs account. The bank agrees to

 

the error.

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Required:

1.

 

Prepare a bank reconciliation to

 

calculate the correct ending balance of cash on October

 

31,2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DAMON COMPANY

 

Bank Reconciliation

 

October 31, 2015

Bank's Cash BalanceCompany's Cash

 

Balance

Per bank

 

statement

 

Per

 

general ledger

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank

 

balance per reconciliation

 

Company

 

balance per reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 - Record the necessary entries to

 

adjust the balance for cash. (If no entry is required for a

 

transaction/event, select "No journal entry required" in the first

 

account field.)

 

 

     

 

Journal Entry Worksheet

 

     

  • Record the entries that increase cash.

    •  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date

 

General Journal

 

Debit

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Enter debits before credit

 

     

  • Record the entries that decrease cash.

    •  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date

 

General Journal

 

Debit

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Enter debits before credits

 

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