FINANCE

Problem 8-4A Part 1

Required:
1. Prepare the bank reconciliation for this company as of July 31, 2011. (Input all amounts as positive values. Omit the “$” sign in your response.)
CLARK COMPANY
Bank Reconciliation
July 31, 2011
  Bank statement balance $ [removed]    Book balance $ [removed]
  Add:    Add:
[removed] [removed]


[removed] [removed]
  Deduct:    Deduct:
$ [removed] $ [removed]
[removed] [removed]
[removed] [removed] [removed] [removed]




  Adjusted bank balance $ [removed]    Adjusted book balance $ [removed]





 7.
value:
3.00 points

Problem 8-4A Part 2

2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2011. (Omit the “$” sign in your response.)

 

Date General Journal Debit Credit
July 31 [removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]

 

Problem 8-5A Prepare a bank reconciliation and record adjustments L.O. P3

[The following information applies to the questions displayed below.]

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.
From the September 30 Bank Statement
PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE
16,800.45 9,620.05 11,182.85 18,363.25

CHECKS AND DEBITS DEPOSITS AND CREDITS DAILY BALANCE
Date No. Amount Date Amount Date Amount
09/03 5888 1,038.05 09/05 1,103.75 08/31 16,800.45
09/04 5902 731.90 09/12 2,226.90 09/03 15,762.40
09/07 5901 1824.25 09/21 4,093.00 09/04 15,030.50
09/17 588.25 NSF 09/25 2,351.70 09/05 16,134.25
09/20 5905 937.00 09/30 22.50 IN 09/07 14,310.00
09/22 5903 399.10 09/30 1,385.00 CM 09/12 16,536.90
09/22 5904 2,080.00 09/17 15,948.65
09/28 5907 213.85 09/20 15,011.65
09/29 5909 1,807.65 09/21 19,104.65
09/22 16,625.55
09/25 18,977.25
09/28 18,763.40
09/29 16,955.75
09/30 18,363.25

From Els Company’s Accounting Records
Cash Receipts Deposited
Date Cash
Debit
  Sept.  5 1,103.75
 12 2,226.90
 21 4,093.00
 25 2,351.70
 30 1,582.75

11,358.10



Cash Disbursements
Check No. Cash
Credit
5901 1,824.25
5902 731.90
5903 399.10
5904 2,050.00
5905 937.00
5906 859.30
5907 213.85
5908 276.00
5909 1,807.65

9,099.05



Cash Acct. No. 101
Date    Explanation PR Debit Credit  Balance
Aug. 31    Balance 15,278.15
Sept. 30    Total receipts R12 11,358.10 26,636.25
30    Total disbursements D23 9,099.05 17,537.20

Additional Information
Check No. 5904 is correctly drawn for $2,080 to pay for computer equipment; however, the recordkeeper 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.

 

 8.
value:
3.00 points

Problem 8-5A Part 1

Required:
1. Prepare the September 30, 2011, bank reconciliation for this company. (Round your answers to 2 decimal places. Input all amounts as positive values. Omit the “$” sign in your response.)
ELS COMPANY
Bank Reconciliation
September 30, 2011
  Bank statement balance $ [removed]     Book balance $ [removed]
  Add:     Add:
[removed] $ [removed]
[removed] [removed]



[removed] [removed]
  Deduct:     Deduct:
$ [removed] [removed]
[removed] [removed]
[removed] [removed]
[removed]



  Adjusted bank balance $ [removed]     Adjusted book balance $ [removed]





 9.
value:
3.00 points

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