(Answered) Question bank reconciliation ling corp makes all payments

Accounting

Question: Bank Reconciliation

Ling Corp., makes all payments by cheque and deposits all receipts intact. The following information is available from the cash records:

April 30th

Bank Reconciliation

Balance per bank $7,060

Add: Deposits in transit 1,540

Deduct: Outstanding Cheques (1,840)

Balance per books $6,760

Per Bank Per Books

Balance on May 31 $8,760 $9,405

May deposits 4,960 5,710

May cheques 3,880 3,000

May note collected (not included in May deposits 1,060

May bank service charge 26

May NSF cheque from customer, returned by bank 349

(recorded by bank as a charge)

Required: Noting that there is a timing lag between deposits and cheques being recorded in the books and when they are recorded in the bank, determine the following:

a) Outstanding deposits at May 31

b) Oustanding cheques at May 31

c) Prepare May 31 bank reconciliation, in the format found in illustration 7A-1, showing the balance per bank statement and the balance per books, as well as the correct cash balance. (see format illustration 7A-1)

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92533730
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - selected balance sheet and income statement

Question - Selected balance sheet and income statement information for Oracle Corporation follows. (Perform the required computations from the perspective of an Oracle shareholder. $ millions May 31, 2015 May 31, 2014 Op ...

Question - calculate social security taxes medicare taxes

Question - Calculate Social Security taxes, Medicare taxes and FIT for Jordon Barrett. He earns a monthly salary of $11,900. He is single and claims 1 deduction. Before this payroll, Barrett's cumulative earnings were $1 ...

Question - during 2016 gorilla corporation has net

Question - During 2016, Gorilla Corporation has net short-term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years' transactions included the ...

Question - vestorville company reported the following

Question - Vestorville Company reported the following results from last year's operations Sales 1,000,000 Variable expenses 300,000 Contribution margin 700,000 Fixed expenses 500,000 Net operating income 200,000 Average ...

Question - sunshine company purchased equipment for 100000

Question - Sunshine Company purchased equipment for $100,000 in 2012. The machinery originally had an estimated life of 8 years and a salvage value of $10,000. Sunshine used the straight-line depreciation method. In 2016 ...

Question solve the following questions by using excel

Question: Solve the following questions by using Excel formula. Show me your data 1. If you deposit $20,000 in a bank account that pays 15% interest annually, how much will be in your account after 6 years? 2. If you are ...

Question - the asset account office supplies had a

Question - The asset account, office supplies had a beginning balance of 5700. During the accounting period, office supplies were purchased, on account for 5100. A physical count, on the last day of the accounting period ...

Question 1why is it important to track investment property

Question: 1. Why is it important to track investment property, plant, and equipment? 2. How does the Accumulated Depreciation account play into the tracking of the value of Property, Plan, and Equipment? 3. Why is this i ...

Question - you are saving for a porsche carrera cabriolet

Question - You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $15,000 at the end of each year for the next 10 years. You expect to earn 8 perc ...

Question - computing a basket purchase allocation and

Question - Computing a Basket Purchase Allocation, and Recording Depreciation under Three Alternative Methods At the beginning of the year, Wong's Martial Arts Centre bought three used fitness machines from Hangar Inc. f ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert