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Chapter 6 - CHAPTER 6 CHAPTER 6 PROBLEM 6-1 1 CALICO...

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CHAPTER 6 CHAPTER 6 PROBLEM 6-1 1. CALICO CORNERS BANK RECONCILIATION MAY 31, 2010 Balance per bank statement, May 31 $ 8,432.11 Add: Deposit in transit $1,250.00 Bank error: deposit credited to wrong account 123 .45 1,373.45 Deduct: Outstanding checks: No. 123 $ 23.40 No. 127 145.00 No. 128 210.80 No. 130 67 .32 (446 .52 ) Adjusted balance, May 31 $ 9,359 .04 Balance per books, May 31 $ 9,965.34 Add: Interest earned on bonds $ 465.00 Interest earned on account 54 .60 519.60 Deduct: Bank service charges $ 50.00 NSF check 166.00 Book error: Deposit of $101.10 recorded as $1,011.00 909 .90 (1,125 .90 ) Adjusted balance, May 31 $ 9,359 .04 2. 2010 May 31 Cash 519.60 Interest Revenue 519.60 To record interest earned. Balance Sheet Income Statement Assets = Liabilities + Stockholders’ Equity Revenues Expenses = Net Income Cash 519.60 519.60 Interest Rev- enue 519.60 519.60 1
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CHAPTER 6 PROBLEM 6-1 CONTINUED 2010 May 31 Bank Service Fees Expense 50.00 Cash 50.00 To record bank service charges. Balance Sheet Income Statement Assets = Liabilities + Stockholders’ Equity Revenues Expenses = Net Income Cash (50.00) (50.00) Bank Service Fees Expense 50.00 (50.00) 2010 May 31 Accounts Receivable 166.00 Cash 166.00 To record customer’s NSF check.
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