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Walsh

1) The document provides examples of bank reconciliation exercises, including adjusting bank statement balances based on outstanding checks and deposits in transit. 2) It also includes examples of general journal entries for various transactions like collecting a note receivable, reimbursing petty cash, and recording revenue with a cash shortage. 3) The exercises focus on concepts like reconciling cash balances to bank statements, identifying reconciling items, and recording adjusting entries in the general journal.

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154 views

Walsh

1) The document provides examples of bank reconciliation exercises, including adjusting bank statement balances based on outstanding checks and deposits in transit. 2) It also includes examples of general journal entries for various transactions like collecting a note receivable, reimbursing petty cash, and recording revenue with a cash shortage. 3) The exercises focus on concepts like reconciling cash balances to bank statements, identifying reconciling items, and recording adjusting entries in the general journal.

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api-518242090
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© © All Rights Reserved
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You are on page 1/ 6

Accountig 6

Hodine Walsh, Katherin Acosta

exercise 6-1

Bank Reconciliation
March 31,20--

Bank Satement Balance $ 3,764.00


Add: deposit in transit $ 267.00
$ 4,031.00
Deduct: Outstanding checks $ 212.00
No.211 $ 320.00
No.225 $ 318.00
No.228 $ 850.00
Adjusted Bank Statement Balance $ 3,181.00

ledger Balance of cash $ 2,837.00


Add note Collected by bank $ 430.00
$ 3,267.00
Deduct: Bank service and collection charges $ 12.00
NFS chack from customer $ 74.00 $ 86.00
Adjusted Ledger balane $ 3,181.00

exercise 6-2

Lasha Company
GENERAL JOURNAL
Date Description Post. Ref Debit Credit
20-
July 31 Cash $ 717.50
Note Receivable $ 700.00
Interest Income $ 17.50
Bank collected note signed by
D.Dansky

31 Cash $ 12.00
Accounts Payable $ 12.00
(Reduction in over paid payable)

31 Accounts Receivable $ 95.00


Cash $ 95.00
(NSF Check Received from J. Kenyon)

31 Miscellaneous Expense $ 29.00


Cash $ 29.00
(Bank service and collection charges)

Exercise 6-3

$3,100 = $5,200 + $1,200 - Total of Outstanding Checks


Total of Outstanding Checks= $6,400 - $3,100
Total of Outstanding Checks = $ 3,300.00

Exerciise 6-4

Add to Bank Statement


Balance
a. A check-printing charge
b. An outstanding check
c. A deposit for $197 was listed incorrectlyon the banks statement as $179 ü
d. A collection change the bank made for a note collected for its depositor
e. A check written for $41,73 and recorded incorrectly in the check book as $41.37
f. A deposit transit ü
g. An NSF check received from a customer
h. A check written for $82.40 and recorded incorrectly in the check box as $820.40

Exercise 6-5

Hosung Company
Bank Reconciliation
August 31,20--

Bank statement balance $ 1,383.00


Add: Error in recording check $ 237.25
$ 1,260.25
Deduct: Outstanding checks
$ 260.50
$ 425.10
$ 331.00 $ 1,016.60
Adjustment bank statement balance $ 603.65

Ledger balance of cash $ 801.65


Add:
Deduct
NSF Customer check $ 180.00
Bank service and collection charges $ 18.00 $ 198.00
$ 603.65

exercise 6-6

GENERAL JOURNAL
Date Description Post. Ref Debit Credit
20-
a. Petty Cash Fund $ 100.00
Cash $ 100.00
established a petty cash fund,
check No.857

b. Store Supplies Expense $ 38.00


Office Supplies Expense $ 21.00
Miscellaneous Expense $ 39.00
Cash $ 98.00
(Reimbursed Petty Cash Fund, Check No.889

c. Petty Cash fund $ 50.00


Cash $ 50.00
(Increased the amount of Petty Cash Fund, Check No.891

d. Store Supplies expense $ 41.68


Delivery Expense $ 35.00
Miscellaneous Expense $ 19.90
Cash $ 96.58
(Reimbursed Petty Cash Fund, Check No.936)

Excersice 6-7

GENERAL JOURNAL
Date Description Post. Ref Debit Credit
20-
Cash $ 878.86
Cash Short and over $ 2.55
Income from services $ 881.40
(recording revenue earned during the day
with a cash shortage of $2.55)

Excersice 6-8

a. On January 3, showes the sales were $1.520, and after deducting the change fund, the cash count was $1.522, creating an o
January 4, shows that the sales were $1,421 , and after deducting the change fund, the cash count was $1,418 creating a short
January 6, shows that that the sales were $1,665, and after deducting the change fund, the cash count was $1,664 creating a s

b. In the income statement,the credit of Cash Short and Over is debited to Miscellaneous Expense, so the $2 debit of cash sho
Subtract from
Subtract from Bank Add to Ledger Ledger Balance of
Statement Balance Balance of Cash Cash
ü
ü

ü
ü

ü
ü
was $1.522, creating an overage of $2.
as $1,418 creating a shortage of $3. On
nt was $1,664 creating a shortage of $1.

o the $2 debit of cash short and over is added to Miscellaneous Expense.

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