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Problem 8-3AOn May 31, 2014, Reber Company had a cash balance per books of $6,942.50. The bank statement from New York State Bank on that date showed a balance of $6,565.60. A comparison of the statement with the cash account revealed the following facts.
1. The statement included a debit memo of $50.00 for the printing of additional company checks.2. Cash sales of $835.00 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $885.00. The bank credited Reber Company for the correct amount.3. Outstanding checks at May 31 totaled $773.25. Deposits in transit were $2,577.15.4. On May 18, the company issued check No. 1181 for $692 to Lynda Carsen on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Reber Company for $629.5. A $3,161.00 note receivable was collected by the bank for Reber Company on May 31 plus $90.00 interest. The bank charged a collection fee of $30.00. No interest has been accrued on the note.6. Included with the cancelled checks was a check issued by Stiner Company to Ted Cress for $961.00 that was incorrectly charged to Reber Company by the bank.7. On May 31, the bank statement showed an NSF charge of $670.00 for a check issued by Sue Allison, a customer, to Reber Company on account.
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