14 Jul Chung Company deposits all cash receipts on the day when they are received and it makes all cash payments
Chung Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2011, its Cash account shows a $15,500 debit balance. Chung’s May 31 bank statement shows $13,800 on deposit in the bank. Prepare bank reconciliation for Chung Company using the following information.
a. May 31 cash receipts of $2,200 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement.
b. Outstanding checks as of May 31 total $1,600.
c. The May 31 bank statement included a $100 debit memorandum for bank services; Chung has not yet recorded the cost of these services.
d. In reviewing the bank statement, a $400 check written by Wald Company was mistakenly drawn against Chung’s account.
e. A debit memorandum for $600 refers to a $600 NSF check from a customer; Chung has not yet recorded this NSF check.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.