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Daniel [21]
3 years ago
13

Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close

of business on June 30, 2015, its Cash account shows a $20,621 debit balance. Nolan’s June 30 bank statement shows $19,791 on deposit in the bank.
a. Outstanding checks as of June 30 total $2,482.
b. The June 30 bank statement included a $22 debit memorandum for bank services; the company has not yet recorded the cost of these services.
c. In reviewing the bank statement, a $40 check written by the company was mistakenly recorded in the company’s books at $49.
d. June 30 cash receipts of $3,333 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement.
1e. The bank statement included a $34 credit for interest earned on the cash in the bank.
Business
1 answer:
algol133 years ago
3 0

Answer:

Balance as per cash book                                                 $ 20,621

Less: Debit memorandum                                                 $ (      22)

Add: Interest earned on bank balance                             $        34

Add: Correction of error                                                     <u>$          9</u>

Adjusted balance per cash book                                      $ 20,642

Balance as per bank statement                                         $  19,791

Add: Deposits in Transit                                                     $   3,333

Less: Outstanding checks                                                  <u>$  ( 2,482)</u>

Adjusted balance per bank statement                              $  20,642

Explanation:

The debit memorandum from the bank has to be adjusted from the cash book. This is only known from the bank statement

The interest earned on the bank balance is only known from the bank statement and has to be adjusted in the cash book

The correction of error needs to be corrected in the cash book.

The deposits in transit have been recorded in the cash book so no adjustment is needed there. The money has not been deposited so the bank statement balance has to be added thereto,

The checks issued by the Company, have been properly recorded in the cash book, however, since the checks have not been encashed the bank balance needs to be reduced to reconcile the balance.

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