The bank statement includes a fee of 105 for an nsf check

Reference no: EM13586982

On October 31, 2015, the bank statement for the checking account of Greater Media shows a balance of $11,570, while the company's records show a balance of $10,858. Information that might be useful in preparing a bank reconciliation is as follows:

a. Outstanding checks are $1,120.

b. The October 31 cash receipts of $575 are not deposited in the bank until November 2.

c. One check written in payment of utilities for $115 is correctly recorded by the bank but is recorded by Greater Media as a disbursement of $155.

d. In accordance with prior authorization, the bank withdraws $500 directly from the checking account as payment on a note payable. The interest portion of that payment is $50 and the principal portion is $450. Greater Media has not recorded the direct withdrawal.

e. Bank service fees of $50 are listed on the bank statement.

f.A deposit of $782 is recorded by the bank on October 13, but it did not belong to Greater Media. The deposit should have been made to the checking account of Videos Unlimited, a separate company.

g. The bank statement includes a fee of $105 for an NSF check. The check is returned with the bank statement and the company will seek payment from the customer.

Required: 1. Prepare a bank reconciliation for the Greater Media checking account on October 31, 2015. 2. Record the necessary cash adjustments.

Reference no: EM13586982

Questions Cloud

Type your question here techno enterprises is a : type your question here techno enterprises is a manufacturer of microchips its production process is complex and

A weight lifter puts an x-pound weight on each side of a : a weight lifter puts an x-pound weight on each side of a bar. a weight 5 pounds heavier than the first is then added to

Chesapeake sailmakers uses job order costing manufacturing : chesapeake sailmakers uses job order costing. manufacturing overhead is charged to individual jobs through the use of a

If fixed expenses increase by 10200 next year what amount : last year flynn company reported a profit of 72000 when sales totaled 522000 and the contribution margin ratio was 32.

The bank statement includes a fee of 105 for an nsf check : on october 31 2015 the bank statement for the checking account of greater media shows a balance of 11570 while the

Yukon bike corp manufactures mountain bikes and distributes : yukon bike corp. manufactures mountain bikes and distributes them through retail outlets in canada montana idaho oregon

On december 1 2013 davenport company sold merchandise to a : on december 1 2013 davenport company sold merchandise to a customer for 20000. in payment for the merchandise the

A dam can be lowered by 4 meters using spillway a in 4 : question a dam can be lowered by 4 meters using spillway a in 4 hours or by spillway b in 6 hours also lowering the

In a present value of an annuity of 1 table annual rate : for each of the following cases indicate a to what rate columns and b to what number of periods you would refer in

User Account

All Pages