Chapter 7 Cash and Receivables Soll

Chapter 7 Cash and Receivables Soll - CHAPTER 7 Cash and...

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Unformatted text preview: CHAPTER 7 Cash and Receivables *PROBLEM 7-13 (a) Jose Orozco Co. Bank Reconciliation June 30, 2007 Balance per bank, June 30 $4,150.00 Add: Deposits in transit 2,890.00 Deduct: Outstanding checks (2,136.05 ) Correct cash balance, June 30 $4,903.95 Balance per books, June 30 $3,969.85 Add: Error in recording deposit ($90 $60) $ 30.00 Error on check no. 747 ($582.00 $58.20) 523.80 Note collection ($900 + $36) 936.00 1,489.80 5,459.65 Deduct: NSF check 453.20 Error on check no. 742 ($491 $419) 72.00 Bank service charges ($25 + $5.50) 30.50 (555.70 ) Correct cash balance, June 30 $4,903.95 (b) Cash............................................................... 1,489.80 Accounts Receivable............................. 30.00* Accounts Payable.................................. 523.80** Notes Receivable................................... 900.00 Interest Revenue.................................... 36.00 Accounts Receivable................................... 453.20 Accounts Payable........................................ 72.00*** Office ExpenseBank Charges................. 30.50 Cash......................................................... 555.70 *Assumes sale was on account and not a cash sale. **Assumes that the purchase of the equipment was recorded at...
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This note was uploaded on 09/12/2009 for the course ACCT 0301311 taught by Professor Mostafa during the Spring '09 term at Abu Dhabi University.

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Chapter 7 Cash and Receivables Soll - CHAPTER 7 Cash and...

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