Reference no: EM132873495
Question - Alpha company provided the following information for the month of December:
Cash balance per ledger 5,000,000
Cash balance per bank statement 5,500,000
Proceeds of bank loan discounted on
December 1 for one year at 14% 516,000
Undeposited collections on December 31 300,000
Check of Omega company had been incorrectly deducted by bank from Alpha Company account 50,000
Check of Alpha Company in payment of an account payable had been recorded by the depositor as 20,000. The correct amount is 200,000
The ledger account for cash was the only cash account kept by the entity. It included a petty cash account comprised of the following items:
Currency and coin 4,000
Supplies 2,000
Transportation 3,000
Postage 1,000 10,000
Deposit of Omega Company credited by the bank to the account of Alpha company 130,000
Deposit of December 27 omitted from bank statement 150,000
Outstanding checks 544,000
Required -
a. Prepare bank reconciliation on December 31.
b. Prepare one journal entry only necessary to adjust the cash account.
Record the entrance of furley
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