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Homework answers / question archive / Group work : bank reconciliation statement Question: Alpha Company's bank statement for the month of May showed balance cash per bank of $22,300
Group work : bank reconciliation statement Question: Alpha Company's bank statement for the month of May showed balance cash per bank of $22,300. The company's Cash account in the general ledger had a balance of $25,415 at May 31. Other information is as follows: (1)Cash receipts for May 31 recorded on the company's books were $7,800 but this amount does not appear on the bank statement. (2)The bank statement shows a debit for $115 for bank charges and fees. (3) The total amount of checks that will be debited from the company account by the bank at May 31 amounted to $1,500. (4)The bank included a credit memorandum for $6,270 which represents collection of a customer's note by the bank for the company. principal amount of the note was $6,000 and interest was $270. Interest has not been accrued and collection fees $ 200. (5)The bank returned a check from a customer for $2,500 due to fund shortage. (6) Check No. 120 was correctly written and paid by the bank for $520. The cash payment journal reflects an entry for Check No. 120 as a debit to Accounts Payable and a credit to Cash in Bank for $250.
