aes4003-p8-3a
TRANSCRIPT
(a) JAMES LOGAN COMPANY
Bank ReconciliationMay 31, 2008
Cash balance per bank statement ....................... $6,404.60
Add: Deposit in transit .......................................... $1,916.15Bank error—Bridgetown check ............... 800.00 2,716.15
9,120.75Less: Outstanding checks..................................... 576.25Adjusted cash balance per bank.......................... $8,544.50
Cash balance per books.......................................... $6,781.50
Add: Collection of note receivable($2,500 note plus $80 interest less $20 fee) ..............................................
2,560.00 9,341.50
Less: NSF check....................................................... $ 680.00Error in May 12 deposit($886.15 – $836.15) .................................. 50.00Error in recording check No. 1181.......... 27.00*Check printing charge ................................ 40.00 797.00
Adjusted cash balance per books ....................... $8,544.50
*$685 – $658
(b)
May 31 Cash ................................................................... 2,560
Miscellaneous Expense.................................... 20Notes Receivable .......................................
2,500Interest Revenue........................................ 80
31 Accounts Receivable—S. Grifton.................. 680Cash ...............................................................
680
31 Sales........................................................................ 50Cash ............................................................... 50
31 Accounts Payable—B. Trest ........................... 27Cash ............................................................... 27
31 Miscellaneous Expense.................................... 40Cash ............................................................... 40