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Business, 22.04.2020 01:51 davisnaziyahovz5sk

The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $12,350. The bank statement indicated a balance of $15,930 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items:
Checks outstanding totaled $17,865.

A deposit of $9,150, representing receipts of July 31, had been made too late to appear on the bank statement.

The bank had collected $6,095 on a note left for collection. The face of the note was $5,750.

A check for $390 returned with the statement had been incorrectly recorded by Stone Systems as $930. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account.

A check drawn for $1,810 had been incorrectly charged by the bank as $1,180.

Bank service charges for July amounted to $80.

Required:

1. Prepare a bank reconciliation.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash.

3. If a balance sheet were prepared for Stone Systems on July 31, 20Y5, what amount should be reported as cash?

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The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $12,350. The bank statem...

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