Demonstration_Problems_for_Chapter_7 - Demonstration...

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Demonstration Problems for Chapter 7 Demonstration Problem 7-1 Bank Reconciliation The bank statement for Greenbrier Furniture Stores showed a balance of $63,289 as of November 30. The unadjusted balance in the general ledger cash account at November 30 was $59,345. An examination of the bank statement disclosed the following information. 1. Outstanding checks totaled $24,598. 2. The bank had issued a $157 credit memo for interest deposited into Greenbrier’s account. 3. The bank had deducted $469 for two non-sufficient funds (NSF) checks. 4. The bank statement enclosures included a debit memo for $36 the bank had deducted from Greenbrier’s account to pay for new checks. 5. Deposits in transit were $19,060. 6. The bank had mistakenly deducted from Greenbrier’s account a $1,246 check drawn on the Greenbay Company. Required a. Reconcile the balance shown on the bank statement with the unadjusted balance of the company’s cash account. b.
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This note was uploaded on 04/01/2008 for the course ACIS 2115 taught by Professor Jayardley during the Spring '07 term at Virginia Tech.

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Demonstration_Problems_for_Chapter_7 - Demonstration...

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