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  • Bank Reconcialiation Problem

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    Chatlyn Kaye Mediavillo
    36 views10 pages
    The document contains the trial balances of 5 companies - Apathy, Sensible, Xanthous, Chivalry, and Zodiac - with their book balances, bank balances, and adjusting entries needed to reconcile the accounts. The adjusting entries account for items like notes receivable, service charges, outstanding checks, and deposit and collection errors to calculate the adjusted book and bank balances.

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    The document contains the trial balances of 5 companies - Apathy, Sensible, Xanthous, Chivalry, and Zodiac - with their book balances, bank balances, and adjusting entries needed to reconcile the accounts. The adjusting entries account for items like notes receivable, service charges, outstanding checks, and deposit and collection errors to calculate the adjusted book and bank balances.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    36 views10 pages

    Bank Reconcialiation Problem

    Uploaded by

    Chatlyn Kaye Mediavillo
    The document contains the trial balances of 5 companies - Apathy, Sensible, Xanthous, Chivalry, and Zodiac - with their book balances, bank balances, and adjusting entries needed to reconcile the accounts. The adjusting entries account for items like notes receivable, service charges, outstanding checks, and deposit and collection errors to calculate the adjusted book and bank balances.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 10

    Apathy Company

    BOOK BALANCE 65,000 BANK BALANCE


    Add: CM for notes receivables 30,000 Add:
    Total: 95,000 Total:
    Less: DM for service charge -2000 Less:

    Adjusted Book Balance: 93,000

    Adjusting Entry
    Debit Credit
    Cash in Bank 30,000
    Notes Receivables 30,000

    Bank Service Charge 2,000


    Cash in Bank 2,000
    any

    BANK BALANCE 108,000


    Deposit In transit 80,000
    188,000
    Oustanding check
    No. 102 15,000
    No. 105 30,000
    No. 107 50,000 -95,000

    Adjusted Bank Balance: 93,000


    Sensible Company

    BOOK BALANCE 110,000 BANK BALANCE


    Add: CM for notes receivables 45,000 Add: Deposit In transit
    Total: 155,000 Book Error
    Less: NSF check 10,000 Total:
    DM for Service check 5,000 Less: Oustanding Check
    Book Error 27,000 42,000 No. 770
    No. 775
    Adjusted Book Balance: 113,000 No. 777

    Adjusted Bank Balance:

    Adjusting Entry
    Debit Credit
    Cash in Bank 45,000
    Service Charge 5,000
    Notes Receivables 50,000

    Bank Service Charge


    Bank Service Charge 5,000
    Cash in Bank 5,000

    NSF Check
    Accounts Receivables 10,000
    Cash in Bank 10,000

    Bank Error
    Accounts Payable 27,000
    Cash in Bank 27,000
    NK BALANCE 135,000
    60,000
    8,000
    203,000

    20,000
    30,000
    40,000 90,000

    Bank Balance: 113,000


    Xanthous Company

    BOOK BALANCE 2,840,000 BANK BALANCE


    Add: CM for notes receivables 270,000 Add: Deposit In transit
    Total: 3,110,000 Total:
    Less: DM for service charge -5000 Less: Oustanding check
    No. 116 60,000
    Adjusted Book Balance: 3,105,000 No. 122 180,000
    No. 124 120,000
    No. 125 250,000

    Adjusted Bank Balance:

    Adjusting Entry
    3,265,000 2,840,000 2840000
    450,000
    3,715,000

    610,000

    3,105,000
    Chivalry Company

    BOOK BALANCE 1,405,000 BANK BALANCE


    Add: CM for notes receivables 2,650,000 Add: Deposit In transit
    Book Error 45,000 Total:
    Total: 4,100,000 Less: Oustanding check
    Less: DM for service charge 5000 Erroneous Deposit
    NSF Check 220,000
    Preauthorized Payment 245,000 Adjusted Bank Balance:

    Adjusted Book Balance: 3,630,000


    BALANCE 5,630,000
    750,000
    6,380,000
    1,650,000
    1,100,000 2,750,000

    3,630,000
    Zodiac Company

    BOOK BALANCE 1,100,000 Adjusting Entry


    Add: CM for notes receivables 60,000
    Oustanding Check Cash in Bank
    No. 1331 40,000 Notes Receivables
    No.1332 30,000
    No. 1334 60,000 Bank Service Charge
    No. 1335 10,000 140,000 Cash in Bank
    Total: 1,300,000
    Less: DM Service Charge 5,000 Accounts Receivables
    NSF Check 25,000 Cash in Bank
    Undeosited Collections 270,000 300,000
    Balance per Bank April 30 1,000,000
    Adjusting Entry
    Debit Credit
    60,000 Note Collected
    60,000

    5,000 Bank Service Charge


    5,000

    25,000 NSF Check


    25,000

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