Bank Reconciliation and Financial Statements

Problem 1. The may 31, 2012, balance per brink statement for Upton run into along was $7,200. The cash balance per books was $9,500. outstanding checks amounted to $800, and deposits in get across were $2,400. The argot statement contained an NSF check for $500, a service hitch for $25, and a debit memo for direct payment of the telephone set news report of $175. Required: 1) Prepare a bank reconciliation to modulate the true cash balance at whitethorn 31, 2012.

  Upton guild Bank Reconciliation May 31, 2012__________________________________________________________________ unadapted Bank Bala nce, May 31, 2012 $7,200 Add: Deposits in Transit $2,400 less(prenominal): Outstanding Checks ($800) unbowed Cash Balance, May 31, 2012 $8,800 ______________________________________________________________________________ Unadjusted Book Balance, May 31, 2012 $9,500 Less: Bank Service Charges ($25) NSF check ! ($500) Debit memorandum (Phone Bill) ($175) professedly Cash Balance, Nay 31, 2012 $8,800__________ Problem 2. Scott Company is a selling business that was started in 2012. Scott uses the perpetual inventory system. It see the next events during 2012. 1. Acquired $25,000 cash by issuing common phone line 2. Purchased inventory on account that cost $14,000, terms 2/10, n/30 3. Sold...If you essential to get a replete essay, order it on our website: BestEssayCheap.com

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