Solved: Els Company most recently reconciled its bank

statement and book

Els Company most recently reconciled its bank statement and book

Els Company most recently reconciled its bank statement and book balances of cash on August
31 and it reported two checks outstanding, No. 5888 for $1,038.05 and No. 5893 for $484.25.
The following information is available for its September 30, 2011, reconciliation.

Additional Information
Check No. 5904 is correctly drawn for $2,080 to pay for computer equipment; however, the
record keeper misread the amount and entered it in the accounting records with a debit to
Computer Equipment and a credit to Cash of $2,050. The NSF check shown in the statement
was originally received from a customer, S. Nilson, in payment of her account. Its return has not
yet been recorded by the company. The credit memorandum is from the collection of a $1,400
note for Els Company by the bank. The bank deducted a $15 collection fee. The collection and
fee are not yet recorded.

Required
1. Prepare the September 30, 2011, bank reconciliation for this company.
2. Prepare the journal entries to adjust the book balance of cash to the reconciled balance.
Analysis Component
3. The bank statement reveals that some of the prenumbered checks in the sequence are
missing. Describe three situations that could explainthis.

Els Company most recently reconciled its bank statement and book

ANSWER
https://solvedquest.com/els-company-most-recently-reconciled-its-bank-statement-and-book/

Reach out to freelance2040@yahoo.com for enquiry.

Powered by TCPDF (www.tcpdf.org)