The following information is available for Anderson Co. for June 30, 2019: The bank statement balance is $7,000 The general ledger cash account balance is $5,322 Outstanding checks totaled $1,500 Deposits in transit are $400 The bank service charge is $22 Collection of a note by bank, $650 plus $50 in interest income. Error by bank in processing a check – overcharge to Anderson's account of $100, to be corrected July 2, 2019 Required: 1. Based on the previous information, prepare a bank reconciliation for Anderson Co. at June 30, 2019. 2. Based on the previous reconciliation, prepare any necessary adjusting journal entries. 3. List one example of internal controls over cash.
The following information is available for Anderson Co. for June 30, 2019: The bank statement balance is $7,000 The general ledger cash account balance is $5,322 Outstanding checks totaled $1,500 Deposits in transit are $400 The bank service charge is $22 Collection of a note by bank, $650 plus $50 in interest income. Error by bank in processing a check – overcharge to Anderson's account of $100, to be corrected July 2, 2019 Required: 1. Based on the previous information, prepare a bank reconciliation for Anderson Co. at June 30, 2019. 2. Based on the previous reconciliation, prepare any necessary adjusting journal entries. 3. List one example of internal controls over cash.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
Related questions
Question
The following information is available for Anderson Co. for June 30, 2019:
The bank statement balance is $7,000
The general ledger cash account balance is $5,322
Outstanding checks totaled $1,500
Deposits in transit are $400
The bank service charge is $22
Collection of a note by bank, $650 plus $50 in interest income.
Error by bank in processing a check – overcharge to Anderson's account of $100, to be corrected July 2, 2019
Required:
1. Based on the previous information, prepare a bank reconciliation for Anderson Co. at June 30, 2019.
2. Based on the previous reconciliation, prepare any necessary
3. List one example of internal controls over cash.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning