33)
Part A:
Use the following information to complete the June bank reconciliation for ArcCo:
From the June bank statement:
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From the company’s records:
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June 30 cash balance
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$9,292.18
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June 30 cash balance
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$9,332.92
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NSF check from G. Murphy
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543.22
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Outstanding checks
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2,100.12
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Deposits in transit
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1,597.64
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ArcCo
Bank Reconciliation
May 31, 2012
Balance per bank statement,Balance per books,
June 30,June 30,
Add:Add:
Deduct:Deduct:
Adjusted balance,Adjusted balance,
June 30June 30
Part B:
What amount will ArcCo show for cash on its June 30 balance sheet?
Part C:
For which item(s) must ArcCo prepare an adjusting entry?
34) The following information is available for Ace Electronics for November:
Balance per Bank statement at November 30
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$12,879.76
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Outstanding checks
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1,045.97
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NSF check from customer
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255.34
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Deposits in transit
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2,987.12
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Bank service charge
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50.00
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Cash balance per Ace’s books at November 30
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15,126.25
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Part A:
Prepare a bank reconciliation:
Ace Electronics
Bank Reconciliation
November 30, 2012
Balance per bank statement,Balance per books,
Nov. 30Nov. 30,
Add:Add:
Deduct:Deduct:
Adjusted balance,Adjusted balance,
Nov. 30Nov. 30
Part B:
What amount will Ace Electronics show for cash on its November 30 balance sheet?
Part C:
For which item(s) must Ace Electronics prepare an adjusting entry?
35) Put an X in the appropriate box to show how each of these items would appear on a company’s bank reconciliation. Put an asterisk (*) next to the items for which the company must record an adjusting entry:
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Balance per bank
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Balance per books
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add to
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deduct from
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add to
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deduct from
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1.
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Note receivable collected by the bank
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2.
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NSF check from a customer
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3.
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Deposits in transit
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4.
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Check #902 was mistakenly deducted twice by the company.
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5.
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Outstanding checks
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6.
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A check correctly written to a supplier for $1,300, and correctly recorded on the company’s books, was mistakenly paid by the bank as $3,100.
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