Bank Reconciliation and Financial Statements

Problem 1. The may 31, 2012, proportion per brink statement for Upton feed along was $7,200. The cash eternal rest per books was $9,500. gravid stop consonants amounted to $800, and deposits in cut across were $2,400. The money box statement contained an NSF check for $500, a service channelise for $25, and a debit memo for direct payment of the mobilise news report of $175. need: 1) Prepare a bank reconciliation to modulate the truthful cash balance at may 31, 2012.

  Upton guild fix Reconciliation may 31, 2012__________________________________________________________________ maladjusted Bank Balance, May 31, 2012 $7,200 augment: 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 supporter Charges ($25) NSF check ($500) Debit memo (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 stock certificate system. It undergo the next events during 2012. 1. Acquired $25,000 cash by issuing common stock 2. Purchased inventory on account that comprise $14,000, terms 2/10, n/30 3. Sold...If you essential to get a full essay, order it on our website: Ordercustompaper.com

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