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hamara Systems most recently reconciled its bank balance on April 30 and reported two checks outstanding at that time, No. 1771 for $ 781 and No. 1780 for $ 1,425.90. The following information is available for its May 31, 2013, reconciliation.Additional Information Check No. 1788 is correctly drawn for $ 654 to pay for May utilities; however, the recordkeeper misread the amount and entered it in the accounting records with a debit to Utilities Expense and a credit to Cash for $ 644. The bank paid and deducted the correct amount. The NSF check shown in the statement was originally received from a customer, W. Sox, in payment of her account. The company has not yet re-corded its return. The credit memorandum is from a $ 7,400 note that the bank collected for the company.The bank deducted a $ 50 collection fee and deposited the remainder in the companys account. The collection and fee have not yet been recorded. Required:
1. Prepare the May 31, 2013, bank reconciliation for Shamara Systems.
2. Prepare the journal entries (in dollars and cents) to adjust the book balance of cash to the reconciled balance. Analysis Component
3. The bank statement reveals that some of the prenumbered checks in the sequence are missing. Describe three possible situations to explainthis.Shamara Systems most recently reconciled its bank balance on April
Calaveras Tire exchanged machinery for two pickup trucks. The book value and fair value of the machinery were $20,000 (original cost of $65,000 less accumulated depreciation of $45,000) and $17,000, respectively. To equalize fair values, Calaveras..
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