Question

ACCT: 2100 Spring 2018 Chapter 6 Take-Home Quiz he bank statement and cash activity for the month of June for Greyhound Corporation are provided below Capital Bank Statement Balance at 5/31/17: $46,074.00 Withdrawals Deposits Date Check Number Amount $642.70 1,523.50 158.40 4,762.30 763.10 417.50 Date mou 4015 4017 4007 1-Jun 8,470.00 1,568.00 154.25 845.15 457.60 251.65 d 35.00 375.80 784.50 5-Jun 6-Jun 10-Jun 10-Jun 15-Jun 4024 15-Jun 4025 F315.60 22-Jun INT A35 20-Jun 26-Jun 30-Jun 30-Jun 1,006.10 765.90 15.00 1,568.50 4023 4028 27-Jun sc Senke 4034 뎌 Di 39i6INT Interest Greyhound Company General Ledger Cash Payments- Cash Receipts Date Check Number Amount 3-Jun 1,568.00 154.25 845.15 475.60 251.65 315.60 375.80 784.50 1,008.30 123.45 358.45 Amount 4024 763.10 4,762.30 4025417.50 4023 1,006.10 4027 678.25 765.90 695.15 4031 231.50 4034 1,568.50 02K.3 9-Jun 12-Jun 16-Jun 15-Jun 20-Jun 25-Jun 4028 4030 24-Jun 26-Jun 27-Jun 30-Jun Your analysis of the bank statement and company records revealed the following additional information:

Answer 1

1. June 30th ending cash balance as per books = $46,330.60

Working:

Cash balance as at 5/31/2017		50,958.15
Add: Cash receipts:
03-Jun		1,568.00
07-Jun		154.25
08-Jun		845.15
08-Jun		475.60
14-Jun		251.65
15-Jun		315.60
20-Jun		375.80
25-Jun		784.50
27-Jun		1,008.30
27-Jun		123.45
30-Jun		358.45
Total Receipts		6,260.75
Less: Payments:
07-Jun	4024	763.10
09-Jun	ETF	4,762.30
12-Jun	4025	417.50
16-Jun	4023	1,006.10
18-Jun	4027	678.25
19-Jun	4028	765.90
24-Jun	4030	695.15
24-Jun	4031	231.50
26-Jun	4034	1,568.50
Total Payments		10,888.30
Cash balance as at 6/30/2017		46,330.60

2. June 30th ending cash balance as per bank = $47,077.35

Working:

Cash balance as per bank at 5/31/2017		46,074.00
Add: Cash deposits:
01-Jun		8,470.00
06-Jun		1,568.00
10-Jun		154.25
11-Jun		845.15
15-Jun		457.60
17-Jun		251.65
22-Jun	Interest	35.00
23-Jun		375.80
27-Jun		784.50
Total Deposits		12,941.95
Less: Payments:
02-Jun	4015	642.70
05-Jun	4017	1,523.50
07-Jun	4007	158.40
09-Jun	EFT	4,762.30
10-Jun	4024	763.10
15-Jun	4025	417.50
17-Jun	NSF	315.60
20-Jun	4023	1,006.10
26-Jun	4028	765.90
30-Jun	SC	15.00
30-Jun	4034	1,568.50
Total Payments		11,938.60
Cash balance as per bank at 6/30/2017		47,077.35

3.

Balance as per bank	47,077.35	Balance as per cash book	46,330.60
Add:		Add:
NSF check	315.60	Interest	35.00
Service charge	15.00	Checks not cleared
Wrong entry for cash deposit in books	18.00	4001	647.30
cash deosits not credited:		4005	298.35
		4027	678.25
27-Jun	1008.30	4030	695.15
27-Jun	123.45	4031	231.50
30-Jun	358.45
	1838.80		2585.55
Less:		Less:
Interest	35.00	NSF check	315.60
Checks not cleared		Service charge	15.00
4001	647.30	Wrong entry for cash deposit in books	18.00
4005	298.35	cash deosits not credited:
4027	678.25
4030	695.15	27-Jun	1008.30
4031	231.50	27-Jun	123.45
		30-Jun	358.45
	2585.55		1838.80
Balance as per cash book	46330.60	Balance as per bank book	47077.35

4.

	Account Title	Debit	Credit
6/30/17	Accounts Receivable	315.60
	Bank		315.60
	(NSF check accounted)
6/30/17	Bank charges	15.00
	Bank		15.00
	(Service charge debited by bank)
6/30/17	Bank	35.00
	Interest Revenue		35.00
	(Interest credited by bank)
6/30/17	Cash	18.00
	Bank		18.00
	(Entry dated 8th June for depodit corrected)