Chapter 6 Excel Worksheet

Chapter 6 Excel Worksheet - 8.The bank had incorrectly...

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BANK RECONCILIATION EXAMPLE The October 31 balance of Mcgill Company's cash account showed a balance of $8,765; whereas the bank statement balance dated October 31 showed a balance of $ 11,295. The following reconciling items were found : 1. A $800 check mailed to the bank for deposit had not reached the bank at the statement date. 2.Outstanding checks totaled $2,500. 3.The bank returned a customer’s NSF check for $250, received as payment on an account receivable. 4.The bank statement showed $30 interest earned during October. 5.A credit memo returned with the October 31 bank statement indicated that the bank had collected a non-interest bearing Note Receivable of $ 1200 and deducted a $50 Collection fee. This credit memo had not been recoded by Mcgill Co. 7.Bank Service charges for the month of October were $75.
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Unformatted text preview: 8.The bank had incorrectly credited a deposit of $375 as $370. Prepare a Bank Reconciliation dated October 31, and also prepare the necessary adjusting entries to bring the company's book balance of cash in conformity with the reconciled cash balance on the bank reconciliation. McGILL COMPANY Bank Reconciliation October 31 2…. Adjusted Bank Balance Adjusted Bank Balance ADJUSTING JOURNAL ENTRIES : 6.C heck No. 781 written for supplies expense had cleared the bank for $275 but was erroneously recorded in our books as $255. Only amounts shown on the book portion of the reconciliation require an adjusting entry. Dr. Cr. 1. Interest Earned 2. Note Collected 3. NSF Check 4.Error in recording check 5.Bank Service Fees...
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This note was uploaded on 04/01/2008 for the course ACCT 2101 taught by Professor Bhan during the Fall '07 term at UGA.

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Chapter 6 Excel Worksheet - 8.The bank had incorrectly...

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