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ch 7 exercise - P130(in March 31 2010 Drake Company had a...

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Unformatted text preview: P130 (in March 31 , 2010, Drake Company had a cash balance per books of $5,034.20. The statement from Western Bank on that date showed a balance of $5,941.40. A comparison of the bank statement with the cash account revealed the following facts. 1. The bank service charge for March was $23. 2. The bank collected a note receivable of $2,000- for Drake Company on March 15, plus $115 of interest. The bank made a $20 charge for the collection. Drake has not ac— crued any interest on the note. 3. The March 31 receipts of $1,431.60 were not included in the bank deposits for March. Tl'lnchn c—nminlp 'Ilrnrn Hmoilcu—I 'I-nr il-un nnn—unna—ur .‘n n ninl—ui tic-Wit Vault DI] March 3]- Dezelle Company eggggcgfcmm moms“ ! Cash balance per bank statement $5,941.40 Add: Deposit in transit 1,531.50]? 3332” rm 3 check Less: Outstanding checks $1,360.00 Adjusted cash balance per hank $6,263.00 cash $2,095 Miscellaneous Expense $20 0 Notes Receivable $2. 0000 Interest Revenue $115 Accounts Receivable - Z. Founder $1,033.20 Cash $1 4133.20 P740 The ban}: portion of the bank reconciliation for Fine Imports, Inc. at July 31. 2010, is shown on the next page. The bank statement contained two bank memoranda: l. A credit of $1,630 for the collection of a $1,600 note for Vincent Company plus inter— est of $30 and less a collection fee of $10. Vincent Company has not accrued any in— “:er nn thP fli'l‘l‘P FINE Illt'lPORTS. INC. Bank Reconciliation J 1 31.2010 “3" balance per bank Cash balance per bank $ 9,596 1130115. Inc. made Add: Deposits in transit 930 Cash 1.570 3 $10,526 Miscellaneous Expense 10 Notes Receivable 1 .60!) Interest Revenue BOD Cash 90 3 Accounts Receivable 90 Accounts Payable 27 Cash 27 4312 Miscellaneous Expense 3 5.714 Cash Tl), Milli”? c'aSi'I balance per bOOkB l—J __ “JED per books at July 3]. >sits. No.3185 $1.038 No. 31 85 $455 No. 3188 $273 $7,173 Adjusted cash balance per bank I I Mum Date Number Amount Date Amount 31 3170 $ 312 3—] $ 930 3—2 3171 1.533 3—4 1,325 35 317'4 1.172 3—3 1.152 34 3175 302 3—13 1.104 33 317'6 132 3—13 1.53? 340 31?? '33? 3—21 1.159 3—1 5 31?9 1,325 3—25 1.054 31 S 3130 900 3—23 1.330 3—2? 3131 596 3—30 1,06? 3’30 3133 93 Total $1 1,203 35-29 3131 7134 Total $3,341 The cash records per hooks for August showed the following. ...
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