Laymon boat companys bank statement for the month of

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Reference no: EM13609981

Laymon Boat Company's bank statement for the month of September showed a balance per bank of $7,000. The company's Cash account in the general ledger had a balance of $5,459 at September 30. Other information is as follows:

(1) Cash receipts for September 30 recorded on the company's books were $5,700 but this amount does not appear on the bank statement.

(2) The bank statement shows a debit memorandum for $40 for check printing charges.

(3) Check No. 119 payable to Mann Company was recorded in the cash payments journal and cleared the bank for $248. A review of the accounts payable subsidiary ledger shows a $36 credit balance in the account of Mann Company and that the payment to them should have been for $284.

(4) The total amount of checks still outstanding at September 30 amounted to $6,000.

(5) Check No. 138 was correctly written and paid by the bank for $409. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $490.

(6) The bank returned an NSF check from a customer for $360.

(7) The bank included a credit memorandum for $1,560 which represents collection of a customer's note by the bank for the company; principal amount of the note was $1,500 and interest was $60. Interest has not been accrued. Instructions (a) Prepare a bank reconciliation for Laymon Boat Company at September 30. (b) Prepare any adjusting entries necessary as a result of the bank reconciliation. 1) Cash receipts for September 30 recorded on the company's books were $5,700 but this amount does not appear on the bank statement. Add 5,700 to bank balance. 2) The Bank Statement shows a debit memorandum for 40 dollars for checking charges Debit Credit Credit Fees 40 Cash 40 3) Check No. 119 payable to acme was recorded in the cash payments journal and cleared the bank for $248. A review of the accounts payable subsidiary ledger shows a $36 credit balance in the account of bimore Company and that the payment to them should have been for $284. 4) The total amount of checks still outstanding at November 30 amounted to $5,800. Subtract from the bank balance. 5) Check No. 138 was correctly written and paid by the bank for $409. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $490. Add $81 to the general ledger Cash account Debit Credit Cash 81 Accounts Payable 81 6) The bank returned an NSF check from a customer for $560. Subtract 560 from the general ledger Cash account. Debit Credit Accounts Receivable 560 Cash 560 7) The bank included a credit memorandum for $1,560 which represents collection of a customer's note by the bank for the company; principal amount of the note was $1,500 and interest was $60. Interest has not been accrued. Add 1,560 to general ledger Cash account Debit Credit Cash 1,560 Notes Receivable 1,500 Interest Revenue 60 Need help with 4 and 5 I feel they are wrong? Thanks unlike most i do the work i just like getting them right.

Reference no: EM13609981

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