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Amount Per Bank 31 December 2022 Amount Per Book PT TUNTON 31 December 2022
Begining balance 39,292 Beginning balance
Add deposit 3,910 addition
43,202 collection note receivable by bank
deduction outstanding check interest
no.812 1,080
no.878 200 deduct
no.883 633 NSF
1,913 bank service
error journal check no 879
41,289
Information
A deposit of $3910 did not appear on the bank statement
The bank collected a note in the amount of $9203 and the related interest of $123 for PT Tunton
Three checks that were written during the period did not appear on the bank statement: #812, $1,080; #878, $200, #88
The bank returned an NSF check from one of the firm’s customers, Feni Rose, in the amount of $1000. This was a pa
The bank service charges totaled $136.00.
Check No. 879 for $8584 to Taylor Co. on account, erroneously recorded in journal as $1400.
Task!
prepare a formal statement for PT Tunton
Prepare Journal entries for those items that affected the depositor’s side of the reconciliation.
Practice 2
LOLI COMPANY has several transaction for the year
On January 3, a firm sold $3,800 of merchandise for cash. Using a perpetual inventory, the inventory cost of $2,100
On January 12, a firm sold Sims Company merchandise on account, $1520. The cost of the merchandise to the selle
On January 13, issued Credit Memo 32 to SimsCompany for merchandise returned to Loli Company. Selling price, $4
On January 14, Loli Company purchased merchandise on account from DiphaTech, $6,600. 2/10 n/30
On January 16, Loli Co returns $1,310 of the merchandise.
On January 20, Loli Co pays the amount due.
On January 21, the firm receives the amount due from Sims (refer to Slide 25), less the 2 percent discount.
Received a $11,000, 13%, 30-day note dated January 21, in settlement of the account of Bun Co.
On february 21, when the note matures, the firm receives from Bunn Co (plus interest).
NTON 31 December 2022 Adjustment Journal Entry
40,283 3/1 Dr.Cash
21/1 Dr.Cash
Dr.sales discount
21/1 Dr.cash
2 percent discount.
3,800
Cr.sales 3,800
2,100
Cr.Inventory 2,100
1,520
Cr.sales 1,520
910
Cr.Inventory 910
450
Cr. Account receivable 450
310
Cr.cost of merchandise 310
6,600
Cr.account payable 6,600
1,310
Cr.merchandise 1,310
5,290
Cr.cash 5,184.20
Cr.merchandise inventory 105.8
1489.6
30.4
account receivable 1,520
11,000
Cr.sales/account receivable 11,000
11,119.16
note receivable 11,000
interest venue 119.16