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Chap8 Bank Rec Solution

Chap8 Bank Rec Solution - Chap8 bank Rec Solution Solution...

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Chap8 bank Rec Solution Victor Leung ACCT2111 Chapter 8 1 Solution 1. The MADEMOISELLE INTERIORS Bank Reconciliation August 31, 20-- Cash balance per bank statement $14,145.54 Add: deposit in transit (August 31) 1000.05 $15,145.59 Deduct: outstanding checks : No. Date 602 July xx $ 85.50 628 Aug xx 737.70 634 Aug xx 103.30 926.50 Adjusted cash balance $14,219.09 ======== Cash balance per book $6,991.32 (Beginning $10,578 + receipts $6,305.60 - payments $7,878.01) Add: * Proceeds of notes collected--ABC Company $5,000.00 **Deposit by John White 400.00 Error in recording Check No. 624 63.00 5,463.00 $14,468.59 Deduct: NSF check returned $225.40 Bank service charges 24.10 249.50 Adjusted cash balance $14,219.09 ======== * Represent the collection of notes receivable ABC Company by bank with $252 interest revenue and less $52 for bank charge. ** Represent the payment by John White, deposited to the bank directly on 14 August.)
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Chap8 bank Rec Solution Victor Leung ACCT2111 Chapter 8 2 2. Cash ........................................................................................... 5,000.00 Miscellaneous Expense ............................................................... 52.00 Notes Receivable .................................................................. 4,800.00 Interest Revenue .................................................................. 252.00 (To record collection of notes receivable ABC Company by bank
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