Make a bank reconciliation for colwell estimating the

Assignment Help Accounting Basics

Reference no: EM13454384

As the new junior accountant at Colwell Company, you have been asked to prove the cash account balance at 12/31/12. You have obtained the following information:

a. The 12/31/12 bank statement shows a beginning balance of $38,783, receipts of $229,832, disbursements of $226,625, and an ending balance of $41,990.

b. There were deposits of $11,450 on 11/30/12 that did not reach the bank until December. On 12/31/12, deposits of $10,900 were mailed to the bank.

c. The list of outstanding checks totaled $29,831 at 11/30/12 and $33,450 at 12/31/12.

d. On 11/15/12, the bank made an error charging Colwell for a $1,000 withdrawal that should have been deducted from the account of Cromwell Company. Colwell is waiting for the bank to recognize the error.

e. On 12/20/12, Colwell wrote a check for $415.30, but recorded it as $451.30. The check cleared the bank in December.

f. Colwell's 12/22/12 deposit for $11,930 was recorded as $19,330.

g. The bank statement showed that deposited checks totaling $6,520 were dishonored during December.

h. Interest on a bank loan for the month of December charged by the bank but not recorded on the books amounted to $355.

i. The bank charged Colwell a $75 service charge for December.

Required:

(a) Prepare a bank reconciliation for Colwell, determining the correct cash balance.

(b) Prepare the journal entries required by Colwell at 12/31/12.

Reference no: EM13454384

Questions Cloud

Two piezometers have been placed along the direction of low : two piezometers have been placed along the direction of low in a confined aquifer that is 30.0 m thick. the

Estimate the revised balance of factory overhead account : thai bays computer system generated the following trial balance on december 31 2011. the companys manager knows

A student was comparing preserved specimens of three plant : a student was comparing preserved specimens of three plant species x y and z in a classroom . which statement is an

Draw a food-web for your meal in order to do this you will : you hit subway for lunch between classes. you order a ham sandwich on wheat bread with cheese lettuce and tomato and a

Make a bank reconciliation for colwell estimating the : as the new junior accountant at colwell company you have been asked to prove the cash account balance at 123112. you

A mineral is classified as an ore as long as a its rare and : 1. a mineral is classified as an ore as long as a. its rare and valuable b.it can be used for jewelry c.its profitable

Choose and explain one illustration of antibiotic : after reading materials about evolution and about antibiotic and pesticide resistance in the text the course materials

How will xavier record the issuance of the note receivable : xavier company has a customer that is just starting up and the customer wants to acquire merchandise but defer payment

Calculate the contribution margin for current and the next : mozena corporation has collected the following information after its first year of sales. sales were 1500000 on 100000

User Account

All Pages